Comprehensive Transportation Plan - March 2019

ACTION PLAN

INTRODUCTION The success of the Town of Morrisville Comprehensive Transportation Plan will hinge on the effective collaboration of local, regional and State officials to implement its projects and policies in a meaningful way. The recommendations in the plan build upon many historic and ongoing efforts by the Town to improve the transportation network through facility improvements, close coordination with agency partners, and Town policies. Completion of this plan represents an important step toward implementing multimodal improvements that affect travel safety, mobility, development patterns, and the aesthetics of the Town of Morrisville. This chapter lays out a simple set of recommendations to help local staff continue to focus their efforts and seek strategic opportunities to expedite the implementation of this plan. Responsible Agencies To successfully implement this plan, responsible agencies have been identified that can influence and authorize recommendations. Some of the recommended improvements will be implemented at the local level through the development review process. Major infrastructure improvements most likely will be a product of State and federal funding; however, transportation improvement funds are limited and competition for them is great. The majority of responsibility for implementing these recommendations will be a coordinated effort between NCDOT, CAMPO, the Town of Morrisville, and private developers. Implementation The core of the implementation strategy for this document is contained within this chapter, which lays out a concrete set of steps to implement the vision of the Town of Morrisville Comprehensive Transportation Plan . Through well-guided transportation and land use policies as well as leveraging strategic partnerships, each set of recommendations becomes a set of achievable goals with a basis in realistic expectations. FUNDING OPPORTUNITIES The funding to implement the recommendations in the Town of Morrisville Comprehensive Transportation Plan will likely come from a combination of local, State, and federal programs, as well as through the receipt of development contributions. The Town of Morrisville has taken the initiative to explore future funding options and their viability for the area through the Blue Ribbon Commission on Transportation Funding. The findings of this group and their implications for the Town are documented within this chapter. The construction of a comprehensive transportation network can occur through incremental adoption of local policies and initiatives supplemented by State and federal programs and assistance from the private sector. It will be important for the Town of Morrisville, in collaboration with Wake County and CAMPO, to continue pursuing funding resources to implement the recommendations of this plan. The Town of Morrisville has long understood this reality. Through the creation of the Blue Ribbon Commission on Transportation Funding , the Town prepared a report exploring this issue. The report, published in December 2014, provided a review of potential transportation financing strategies and funding sources drawn from examples both locally and in other peer communities. The report then assessed the viability of these financing strategies and funding sources for use within the Town of Morrisville. The financing strategies and funding sources considered as a part of this study are identified and defined in Tables 5-1 and 5-2 . Table 5-1: Potential Transportation Financing Strategies FINANCING STRATEGY DEFINITION

A form of financing with generally lower interest rate than other municipal debt that is secured by the Town's unlimited taxing power, full faith, and credit. Generally the only form of financing that requires a voter referendum. A form of financing that does not require voter approval (via referendum) and is secured by non-tax revenue or property. Secured by and paid for by user revenues, such as user fees or tolls on roadways. Secured by additional property tax revenue produced by private development. Also known as Tax Increment Financing.

General Obligation Bonds

Installment-Purchase Debt

Revenue Bonds

Tax Increment Debt

Special Assessment Debt Financing secured by and paid for from assessments levied against private property. Source: Town of Morrisville Blue Ribbon Commission on Transportation Funding Report, page i, December 2014.

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