An Act To Create Corridor Districts for the Purpose of Funding Transportation and Transit Services
CONCEPT DRAFT SUMMARY
This bill is a concept draft pursuant to Joint Rule 208.
This bill proposes to provide for a more predictable and stable environment to fund transit and mobility needs, including passenger rail, ferries and bus, bike and pedestrian routes, by allowing the creation of multimunicipal, multijurisdictional transportation districts along defined transportation corridors and to form service sharing and revenue partnerships. The corridor districts will have the authority to bond infrastructure; raise funds for operations, capital investment and maintenance of facilities; purchase, own and lease real estate, including station and station area infrastructure financing; and support downtown infrastructure financing strategies, transit corridor infrastructure financing strategies and regional transportation initiatives.
A local referendum will be required in each municipality desiring to participate in a transit partnership. District membership will be identified by criteria specific to a defined transportation corridor. The districts will provide inducements for expanding, retaining businesses and attracting new investments and provide adequate revenues to support critical state and local transportation services.