Finance Plan Fact Sheet

March, 1999

Highway Improvements
State and federal funding sources will build the two lane parkway required for the Entrance to Aspen.

Light Rail Funding
Funding a light rail system from Rubey Park to Brush Creek Road would rely on several sources. Required funding is available using existing revenues. In other words, the Entrance to Aspen light rail system can be built without raising taxes.

Cost
For funding purposes, the Entrance to Aspen light rail includes two distinct sections. From Rubey Park to the Airport and from the Airport to Brush Creek Road.

Rubey Park to Airport
     $57 Million (1999 dollars)
Airport to Brush Creek Rd
     $13.5 million (1999 dollars)

The segment from the Airport to Brush Creek Rd. is eligible for federal funding through the authorization granted last year in the TEA-21 legislation.
The segment from Rubey Park to the Airport will be funded using local existing revenues. This local funding also serves as the match for federal funding of valleywide transit improvements. Since the $57 million is in 1997 dollars, one must adjust upward based on expected inflationary increases by the year of construction. In 2001 dollars, the cost is expected to be $65 million.

Funding
The City of Aspen proposes the following financing plan.

Existing 1/2 cent
Transit Sales Tax              $ 33 million

Existing Aspen Parking
& General Revenues         $ 18 million
(Financed)

Cumulative Reserves
from above fund                $ 14 million
(Cash)

Total                                  $ 65 million


Elections
A county vote will be required to use 1/2 cent transit sales tax funds. A city vote will be required to use City of Aspen parking and general fund revenues.