TRANSIT-ORIENTED DEVELOPMENT AS AN ECONOMIC GROWTH AND ECONOMIC DEVELOPMENT STRATEGY

            WHEREAS, transit has the potential to reenergize regions and communities by increasing property values and tax revenue, increasing access to jobs, and strengthening the economic outlook; and

            WHEREAS, transit stations are central to placemaking efforts, enhancing the built environment that creates community, stimulating interaction, and promoting significant economic development, commonly known as transit-oriented development; and

            WHEREAS, transit-oriented development brings numerous benefits, such as increased and retained property values, reduced cost of living, increased business activity, decreased auto dependence, and reduced traffic congestion; and

            WHEREAS, transit-oriented development that provides residential opportunities to members of all socio-economic strata, coupled with increased commercial and business development along a transit corridor provides value capture opportunities, including increased transit ridership which allows transit agencies to recover more costs from the farebox, and lease revenues from joint development; and

            WHEREAS, given the economic potential of transit-oriented development, it is in the interest of States and local communities to promote transit-oriented development,

            NOW, THEREFORE BE IT RESOLVED, that The United States Conference of Mayors supports the promotion of transit-oriented development, including additional federal tax and other financial incentives, to bolster market values and boost transit ridership, leading to increased economic vibrancy and sustainable growth within cities and regions across the nation.