Local Investment Criteria
Attentive to the importance of local economic development, planning and investments, TRAC will consider the dollar value of local existing, built-out attributes including:
- The percentage of acres served by local streets, water and sewer, and electricity.
- The square-footage of industrial, warehouse, commercial and institutional buildings.
- The percentage of road routes served by fixed transit routes.
- The percentage of square footage of existing buildings that are currently vacant.
Additionally, TRAC will consider the monetized value of public investments or commitments for new, non-project infrastructure and private investments in the existing facilities with a 5-year time horizon form the date of the TRAC application.
Project applicants will report local attributes and investments within a one mile "rectangular" buffer around the primary roadway segment being improved. Applicants should use the following formula to establish the amount of acres within one-mile project area buffer:
(Length of the Primary Segment in Miles + 2 Miles) X 2 Mile Width X 640 square acres
The total of the monetized amount of the infrastructure and building attributes as well as the public and private investment will be divided by the project costs to establish a ratio of local investment per million dollars of project cost.