RTD Board of Directors May 14, 2013

Overview of Real Property Responsibilities Real Property –Acquire and dispose of real property required for mass transit purposes –Manage property agreements with other public and private entities including: Leases Licenses Easements TOD Responsibilities – Participate in station area planning activities with local jurisdictions and coordinate with TOD projects on non-RTD property – Conduct TOD research and monitor development activity regionally – Promote the implementation of TOD on RTD land through Public/Private partnerships with developers and jurisdictions

Regulations Governing Real Property State Regulations (Colorado Revised Statute (CRS) “Regional Transportation Act”) –Provides RTD authority to condemn property for mass transit use RTD Regulations (RTD Resolution No. 10 Series of 1984) –Disposition of property rights requires Board approval of a disposition plan Federal Regulations (Code of Federal Regulations (CFR), Title 49, Part 24) –Projects using federal funds must comply with the Uniform Act FTA Circular (FTA C D Grant management requirements –Requires that property be competitively bid in most circumstances and that federal share must be reimbursed at fair market value

Other Policy and Operational Considerations for RTD Real Property Management Financial Current and future operational needs Transit-oriented development opportunities and goals

RTD surveyed multiple agencies locally and nationally including: –General Services Administration (GSA) –Colorado Department of Transportation (CDOT) –Metropolitan Atlanta Rapid Transit Authority (MARTA) –Bay Area Rapid Transit (BART) –Washington Area Transit Authority (WMATA) All agencies emphasize obtaining fair market value for land None of the agencies include marketing as part of their disposition procedures Peer Agency Approaches to Real Property Management

Public vs Private Approach to Real Estate Public Approach Federal, state and other requirements for disposition Fair market value appraisal required Less likely and typically limited funds to invest to improve property Can’t issue a standard commercial real estate contract – little flexibility Private Approach No requirements for disposition No fair market value appraisal required More likely to invest more available funds in property to improve value Typically issue a standard commercial contract – more flexibility Financial pressures (loans, cash flow, property taxes) give greater incentive for immediate sale

Planned Modifications to RTD’s Real Property Management 1.Review and refine inventory of surplus and underutilized property 2.Conduct assessment of excess and underutilized real property 3.Develop a marketing plan for select surplus and underutilized property

QUESTIONS? Bill Sirois Senior Manager, Transit-Oriented Development and Planning Coordination Susan Altes Manager, Real Property Capital Programs