Emerging Value Capture Innovative Urban Rail Funding and Financing

Jillella, Satya Sai Kumar; Sitharam, T. G.; Matan, Anne; Newman, Peter

doi:10.4018/978-1-5225-0084-1.ch006

Cited by 2 publications

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“…Existing Indian urban rail systems are facing a financial deficit as they are highly dependent on fare box revenue and conventional budgetary support from the government, as has been the case globally. Urban rail agencies have significantly struggled to recover even operating costs through fare box revenue as it is inherently limited due to equity demands (Flyvberg, 2007;Jillella, Matan, Sitharam, & Newman, 2016;Sharma, Newman, & Matan, 2015). This has resulted in fare increases in Delhi Metro and proposed fare increases in Mumbai Metro which have created community and political dissension.…”

Section: The Problem Of Urban Rail Fundingmentioning

confidence: 99%

Financing Indian Urban Rail through Land Development: Case Studies and Implications for the Accelerated Reduction in Oil Associated with 1.5 °C

Sharma¹

2018

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Urban travel demand and oil dependence need dramatic change to achieve the 1.5 °C degree target especially with the electrification of all land-based passenger transport and the decarbonizing of electric power. In this article we investigate the transition of ‘oil-based automobile dependence’ to ‘urban rail plus renewable energy’ to cater for transport demand in Indian cities. India is perceived to be a key driver of global oil demand in coming decades due to the potential increase in car use driven by a fast growing national average income. However, it is possible that India could surprise the world by aggressively pursuing an electrified transit agenda within and between cities and associated supporting local transport with electric vehicles, together with renewable power to fuel this transport. The changes will require two innovations that this article focuses on. First, innovative financing of urban and intercity rail through land-based finances as funding and financing of such projects has been a global challenge. Second, enabling Indian cities to rapidly adopt solar energy for all its electrified transport systems over oil plus car dependence. The article suggests that Indian cities may contribute substantially to the 1.5 °C agenda as both policies appear to be working.

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Section: The Problem Of Urban Rail Fundingmentioning

confidence: 99%

Financing Indian Urban Rail through Land Development: Case Studies and Implications for the Accelerated Reduction in Oil Associated with 1.5 °C

Sharma¹

2018

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Land Value Capture Tools: Integrating Transit and Land Use through Finance to Enable Economic Value Creation

Sharma¹,

Newman²

2020

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Cities in the 21 st century are wanting urban rail linked to Transit Oriented Development (TOD) for economic, social and environmental outcomes. However, traditional sources of funding and planning governance are failing due to the limitations of government accessed capital and even where urban rail is built, TOD's are not always created due to a lack of integrative governance. This paper shows how private finance and expertise can be both the source of rail capital and the integrative governance force required for cooperative partnership-based TOD's. We call this TFUL-transit, finance and urban land development. A range of tools for land value capture (LVC) are outlined that are used to provide TFUL outcomes though some are better than others for creating economic value in the resulting TOD's. The differences are shown to be related to the need to integrate financial capital, political capital and social capital; in particular this is due to how much private investment and expertise is incorporated into the LVC process along with the usual community and government processes. Case studies from developed and emerging cities are outlined for each of the four groups of LVC tools: Fully Public: Land-Based Levies; Partially Private: Tax Increment Financing; Partially Public: Special Improvement Districts; and Fully Private: Entrepreneur Rail Development. The conclusions drawn from this analysis support the significance of private sector involvement from the concept stage for TFUL projects to enable wider economic value creation and land value capture opportunities.

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Emerging Value Capture Innovative Urban Rail Funding and Financing

Cited by 2 publications

References 12 publications

Financing Indian Urban Rail through Land Development: Case Studies and Implications for the Accelerated Reduction in Oil Associated with 1.5 °C

Financing Indian Urban Rail through Land Development: Case Studies and Implications for the Accelerated Reduction in Oil Associated with 1.5 °C

Land Value Capture Tools: Integrating Transit and Land Use through Finance to Enable Economic Value Creation

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