Next June, 45,000 Downtown workers and residents will be able to get free COTA passes, under a program aimed at easing parking problems by reducing the number of people who drive to work alone.

"I'm feeling really good about this," Cleve Ricksecker said.

Ricksecker is executive director of Capital Crossroads Special Improvement District, an association of private Downtown property owners that strives to improve and promote Downtown.

The plan was suggested earlier this year, but it took time to find enough money to pay for the program over 2 1/2 years.

Property owners within a Special Improvement District Downtown have committed about $1.3 million. Those 550 property owners agreed to assess themselves 3 cents per square foot of property to help pay for the bus passes.

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"This has never been done in the United States with this funding mechanism," COTA chief financial officer Jeffrey Vosler told the transit agency's board on Wednesday.

Money raised by those private property owners will help pay the $40.50 annual per-person fee that COTA will charge the district for the unlimited-use bus passes. The normal COTA fee for those passes would be $744 annually.

If everyone eligible used the program, it would cost about $4.5 million over 2 1/2 years, Ricksecker said, but that's not expected.

In addition to the property owners paying $1.3 million, Ricksecker expects another $750,000 from bus passes bought by employers inside the district for their employees who work outside the district. He mentioned Nationwide Insurance, Franklin County and the city of Columbus as examples.

Another $1 million is expected to be raised from local businesses and $1.5 million is expected from grants, Ricksecker said.

Vosler said the Mid-Ohio Regional Planning Commission has guaranteed funding for up to about $3 million for the program, scheduled to begin June 1, 2018.

That funding, though, won't be cash and will be spread over the 2 1/2 years of the program. In effect, MORPC has guaranteed the money so the program can proceed. MORPC's in-kind contributions, spokeswoman Terri Flora said Wednesday, will come from services that MORPC already provides to other entities such as planning and surveying.

"These are not new funds," Flora said. "We will use existing programs. Right now, we are still working out the details."

Ricksecker expects $1 million from corporate donations.

"We have a local (fundraising) campaign — I can't talk about that yet — but we'll soon announce significant support from private employers," Ricksecker said. "I'm confident we'll raise that money."

The Capital Crossroads Special Improvement District is generally bordered by Nationwide Boulevard on the north, 5th Street on the east, Fulton Street on the south and Civic Center Drive on the west.

MORPC's contribution, Ricksecker stressed, has yet to be approved by that agency's board, but he expects it to happen. MORPC, he added, wants Capital Crossroads to continue to raise funds to lessen the planning commission's contribution.

The passes will be valid for any COTA bus on any COTA route. The pass program is being created to cut down on one-passenger work commutes Downtown. It's hoped that will alleviate the tight parking situation Downtown that many private employers say is causing vacant office space.

Office rents, Capital Crossroads found, are down 28 percent since 2002 and the vacancy rate is 19 percent. With more people riding buses, fewer cars would need to park all day Downtown, freeing up an estimated 2,400 parking spaces — equal to four parking garages. That would provide space for more workers to park, allowing businesses to expand and fill vacant office space.

Capital Crossroads estimates that 83 percent of Downtown workers currently drive to work, 10 percent carpool and 5 percent ride the bus.

"This is a truly transformative program," Flora said, "that is at the heart of transportation."

kperry@dispatch.com

@kimballperry