A program under consideration by the Capital Crossroads Special Improvement District could be the envy of central business district's all over the country.
"More than 40,000 Downtown workers could receive free bus service under a plan to free up thousands of parking spaces and increase the renting of office space," reports Kimball Perry.
The free bus service would cost $5 million for about 2.5 years of free rides. The funds necessary for the program would come from "550 owners of properties in the Capital Crossroads Special Improvement District, who would pay 3 cents per square foot of space per year," reports Perry.
An earlier test program found that free transit passes doubled the number of bus commuters in the district. The program is designed to benefit property owners in the district, who are facing office vacancy rates of 19 percent and falling rents. If the free bus pass program is opened to all 41,165 people who work in the district, according to Perry, "Capital Crossroads estimates that it would free up 2,400 parking spaces — about four parking garages — and allow for 2,900 more people to work in the district."
Hat tip to Angie Schmitt for sharing the article.
FULL STORY: Building owners might subsidize free bus passes for 40,000 Downtown workers
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