Increasingly, cities around the world are seeking innovative financial mechanisms to build rail transit projects. Land value capture (VC) is a financing mechanism to fund urban rail transit. Often VC mechanisms are viewed only as a financing tool applied in relation to increased land values from the administration and legislation perspectives, without actively involving the community in the process. The lack of such participation has resulted in the under collection of the true value established. The transit beneficiary community and city tax payers are especially important stakeholders in this process as their willingness to participate is really critical to the overall VC success and transport outcome. This paper introduces a participatory sustainability approach to enable a more deliberated stakeholder engagement intervention across the VC life cycle. A four-step "Participatory Strategic Value Capture (PSVC)" framework is proposed offering step-by-step guidance toward facilitating a meaningful stakeholder dialogue, deliberation, and collaboration around the stated engagement interests. The PSVC framework, applied to the proposed Bangalore sub-urban rail project in India, has demonstrated the importance of stakeholder engagement using deliberated participatory approaches from a win-win perspective. OPEN ACCESSSustainability 2015, 7 8092
Emerging cities of the 21st century are attempting to build rail transit as a key driver to maintain their city’s competitiveness and help catalyze livable and sustainable development opportunities around station areas. Indian cities are doing this in a big way with about 50 cities embracing urban metro rail transit systems. The rail projects are approved politically but need financing to build such highly capital-intensive rail transit systems. The use of value capture (VC) mechanisms is gaining momentum across cities worldwide as a solution to transit funding and financing. The first cities in India are now deploying various VC based financing mechanisms. This paper therefore aims to review the experiences of VC based innovative financing practices in selected Indian cities. The research summarizes the key issues and lessons learned from these experiences to help define the way forward. The paper finally concludes that VC prac-tices in India are still at an embryonic stage but the results are encouraging with huge untapped potential to co-create rail transit centered sustainable growth. Moreover, the review findings and lessons learned will help enhance the understanding of the challenges in emerging transit cities of developing countries.
Urban rail transit is emerging around the world as a catalyzing developmental solution to enable 21st century sustainable cities. However, these transit systems are capital intensive and cities worldwide are seeking innovative funding and financing mechanisms. Recently, land based value capture (VC) mechanisms have emerged as a pioneering solution to fund urban rail projects. This chapter introduces the VC concept and provides global best practice. The chapter aims to help enhance the understanding and rationale behind VC approaches through assessing the transit impacted accessibility value proposition and various VC mechanisms to capture the value created. A six-step Strategic Value Capture (SVC) framework is proposed which offers a step-by-step guidance to help define the VC based urban rail transit funding and financing processes from VC planning to VC operations.
Urban rail transit is emerging around the world as a catalyzing developmental solution to enable 21st century sustainable cities. However, these transit systems are capital intensive and cities worldwide are seeking innovative funding and financing mechanisms. Recently, land based value capture (VC) mechanisms have emerged as a pioneering solution to fund urban rail projects. This chapter introduces the VC concept and provides global best practice. The chapter aims to help enhance the understanding and rationale behind VC approaches through assessing the transit impacted accessibility value proposition and various VC mechanisms to capture the value created. A six-step Strategic Value Capture (SVC) framework is proposed which offers a step-by-step guidance to help define the VC based urban rail transit funding and financing processes from VC planning to VC operations.
Increasingly cities around the world are seeking innovative financial mechanisms to build urban rail transit projects. Land value capture (VC) is a financing mechanism to fund urban rail transit. Often VC mechanisms are viewed only as a financing tool applied in relation to increased land values from the administration and legislation perspectives, without actively involving the community in the process. The lack of such participatory approaches has resulted in the under collection of the true value established. The transit beneficiary community and city tax payers are especially important stakeholders in this process as their willingness to participate is really critical to the overall VC success and transport outcome. This paper introduces a participatory sustainability approach identifying various stakeholder engagement interventions, and a set of appropriate deliberative democracy techniques across the VC life cycle. A four-step "Participatory Strategic Value Capture (PSVC)" framework is proposed offering step by step guidance toward facilitating a meaningful stakeholder dialogue, deliberation and collaboration around the stated engagement interests. The PSVC framework, applied to the proposed Bangalore suburban rail project in India, has demonstrated the importance of stakeholder engagement in order to enable sustainable development community goals and review VC strategies from a winwin perspective.
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