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> Helping local jurisdictions and transit — _ -- agencies take a long -term view of development opportunities around transit Santa Rosa's corridors, in particular minimizing "lost Downtown Station Area Specific Plan opportunities" and assisting in longer - term The city of Santa Rosa's Downtown Station Area Specific landbanking of key sites if current market Plan for the Sonoma Marin Area Rail Transit (SMART) was dynamics won't support higher density uses. adopted in October 2007. Funded by an MTC Station Area Planning grant, the plan area encompasses 650 acres around > Encouraging — and helping fund — transit the future station and creates the potential for over 3,400 new supportive aspects of a development that housing units. go above and beyond what the market will typically produce in a given area (e.g. higher In order to make the community's vision a reality, over densities, lower parking ratios). $50 million in identified capital improvements have been identified to date, including: > Providing "first in" funding for projects that > improving local roadway connectivity, can be "patient money" and allow local adding parks for new residents, upgrading essential jurisdictions to leverage additional public and utilities, private financing. > improving bicycle and pedestrian infrastructure, > Helping local jurisdictions negotiate > and possible development of a shared -use, managed innovative parking management strategies parking garage. with developers. Based on the financial analysis conducted in 2006, there are > Helping local jurisdictions develop inclusive large- scale, up -front improvements which the city cannot community outreach processes and address fund through current (or future) fees structures, tax increment equity issues such as gentrification and financing, or bonding, while private capital is not going to be affordable housing. able to cover these costs — especially given the near -term real estate market. REVISED TLC PROGRAM GOALS' The regional agency interests in TOD outlined above should be reflected in MTC's programs and policies. This suggests a revision of the TLC Program Goals to respond to the regional imperatives for increased TOD and infill. Specifically, an expanded TLC Program must support the development of livable communities that will: > Improve the affordability of the region by allowing residents to own fewer autos and spend less on transportation. > Reduce greenhouse gas emissions from both housing and transportation. > Respond to the region's changing demographics by building the types of communities that will meet the needs of current and future residents. > Encourage walking, bicycling and transit by making these modes of travel safe, attractive, and convenient. 2 These goals are also listed together with a set if program objectives in Appendix A. Barriers 'o rJD and Regional Funding Needs 17