TRANSIT OWNERSHIP STUDY FOR THE CITY OF NORFOLK, VIRGINIA

THE PURPOSE OF THIS STUDY IS TO DETERMINE THE FEASIBILITY OF THE PUBLIC ACQUISITION OF THE TANGIBLE PROPERTY OF THE VIRGINIA TRANSIT COMPANY (VTC) IN NORFOLK, AND TO DEVELOP A SHORT-RANGE TRANSIT DEVELOPMENT PROGRAM FOR THE AREA SERVED BY THE VTC. THE 1967-1971 FINANCIAL STATEMENTS WERE ANALYZED AND IT WAS FOUND THAT NET INCOME DECREASED FROM $111,322 IN 1967 TO A LOSS OF $3,299 IN 1971. THESE LOSSES WERE EXPECTED TO INCREASE, GIVING THE VTC NO CHOICE BUT TO DISCONTINUE ITS PRIVATELY-OWNED OPERATION. IT WAS RECOMMENDED THAT THE TANGIBLE PROPERTY OF THE VTC, WHICH WAS CONSIDERED ADEQUATE FOR A TRANSIT SYSTEM SERVING NORFOLK, BE PURCHASED AT A PRICE REASONABLE CLOSE TO THE APPRAISED VALUE OF $1,908,000. IT WAS DECIDED THAT A REGIONAL TRANSPORTATION DISTRICT (RTD) SHOULD BE FORMED TO ASSUME OWNERSHIP. IF THIS CANNOT BE ACCOMPLISHED, EITHER AS A MULTI-MEMBER RTD OR A CITY RTD, THEN IT WAS SUGGESTED THAT OWNERSHIP BY THE CITY OF NORFOLK SHOULD BE EFFECTUATED. BEST SUITED TO THE CURRENT NEED WOULD BE OPERATION UNDER A MANAGEMENT CONTRACT WITH A PROFESSIONAL MANAGEMENT COMPANY. A SHORT-RANGE TRANSIT PROGRAM DESIGNED TO INCREASE RIDERSHIP WAS PREPARED. IT WAS ESTIMATED THAT IT WOULD REQUIRE ABOUT EIGHT MONTHS TO TWO YEARS TO CONSTRUCT A COMPLETELY NEW TRANSIT FACILITY AND TO PURCHASE MAJOR QUANTITIES OF NEW EQUIPMENT. SECTION XVI OF THIS REPORT PRESENTS A DETAILED PLAN OF ACTION AND TIMETABLE FOR THE PUBLIC ACQUISITION AND IMPROVEMENT OF THE TANGIBLE PROPERTY OWNED BY THE VTC. /UMTA/

  • Supplemental Notes:
    • Contract VA-09-0004 UMTA-VA-09-0004-72-1
  • Corporate Authors:

    Burke, Ralph H & Assoc

    ,    
  • Publication Date: 1972-12

Media Info

  • Pagination: 192 p.

Subject/Index Terms

Filing Info

  • Accession Number: 00202234
  • Record Type: Publication
  • Source Agency: Urban Mass Transportation Administration
  • Report/Paper Numbers: Final Tech
  • Files: TRIS, USDOT
  • Created Date: May 15 1982 12:00AM