Land value capture finance for transport accessibility: a review

Medda, Francesca

doi:10.1016/j.jtrangeo.2012.07.013

Cited by 147 publications

(125 citation statements)

References 39 publications

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“…see [7,13,14]) as an extremely critical factor when it comes to the successful implementation of value capture financing mechanisms. Regardless their crucial role, stakeholders have not been examined in the context of VCF policies as thoroughly as this important role would justify.…”

Section: Literature Reviewmentioning

confidence: 99%

“…The basic principles of this method are that the private entity is responsible for compensating the public entity though payments or cost sharing agreements and that all parties are involved in the process voluntary, although the result is a legally binding agreement. A main difference of joint development, in comparison to betterment tax and TIF, is that it does not require identifying the direct and indirect impact of transportation infrastructure in order to be implemented, as in the case of the two aforementioned mechanisms [7,72].…”

Section: Mamca Step 1: Definition Of the Problem And Identification Omentioning

confidence: 99%

“…The basic notion of value capture is that the value increment that results from public investment on infrastructure could be Bcaptured^(partially or totally) in order to recover the capital costs of the investment or reinvest in the area [7]. Although initially the term value capture referred to pure Bland value capture^, over the years it has been given a broader meaning, including today all the strategies which aim at financing through location -based value [8].…”

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

Financing urban transportation infrastructure in a multi-actors environment: the role of value capture

Roukouni

Macharis

Basbas

et al. 2018

Eur. Transp. Res. Rev.

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Purpose A family of innovative financial mechanisms and tools for urban public transport, based on the value increment caused by enhanced accessibility, are lately gaining much popularity as a solution to the challenges posed by public financial resources' shrinkage: Value Capture Finance (VCF). The effectiveness of applied transport financing policies depends significantly on the level of agreement among stakeholders, making collaboration a prerequisite for success. The research presented herein assesses alternative financing options for urban public transportation which are based on the VCF concept. Method The Multi -Actor Multi-Criteria Analysis (MAMCA) developed by Macharis [1] is used. The methodology is unique in its field, as it includes in-depth involvement of all relevant stakeholders and reveals their way of thinking.

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Section: Literature Reviewmentioning

confidence: 99%

Section: Mamca Step 1: Definition Of the Problem And Identification Omentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

Financing urban transportation infrastructure in a multi-actors environment: the role of value capture

Roukouni

Macharis

Basbas

et al. 2018

Eur. Transp. Res. Rev.

View full text Add to dashboard Cite

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“…For a comprehensive annotated bibliography (see Smith et al [9]). Regarding mass transit system, Medda [10] has categorized them in three main groups: Betterment tax, Accessibility Increment Contribution and Joint Development. The research presented herein focuses on the first one, the betterment tax, a special tax that is levied to properties which benefit from the increased accessibility.…”

Section: Literature Reviewmentioning

confidence: 99%

Public acceptance in financing urban transportation projects using the Value Capture concept

Basbas

Mintsis

Taxiltaris

et al. 2015

WIT Transactions on the Built Environment

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The need for transportation infrastructure and services continuously increases in urban areas worldwide but at the same time the availability of public resources is shrinking. This paper refers to the potential use of alternative financing strategies for transportation infrastructure, which are based on the Value Capture Finance (VCF) concept. A factor which has a significant role in the potential success or failure of VCF implementation is public acceptance. The objective of the present paper is thus to examine the potential introduction of a VCF for the financing of Thessaloniki's metro system in Greece. More specifically, a questionnaire-based survey was conducted, focusing on the public acceptance factor. The case study is the area around a central metro station, located in the heart of the urban complex. The research presented is based on a questionnaire-based survey which took place in spring 2014 and was addressed to visitors of the area around the planned metro station. The majority of the survey's participants consider that the urban environment is very likely to be upgraded due to the enhancement of accessibility as an effect of the new metro station. Nevertheless, the public's enthusiasm is reduced significantly when the discussion reaches their willingness to pay in order to cover a part of the project's construction cost.

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“…Cities in North America, Europe, Canada, Australia, New Zealand, and a few cities in Asia and Africa have opted for induced land value capture (VC) mechanisms as an alternate funding to build rail transit systems [4][5][6]. Land value capture refers to a type of innovative public financing, in which increases in land values generated by a new public infrastructure investment are all or in part "captured" through a land related tax or any other active or passive mechanisms, such as betterment charges, tax increment financing, air rights sale, property development, to pay back such an investment [7]. In other words, VC, in a broader sense, opposes the windfall gains derived out of public infrastructure creation accrued to a privileged few as unearned income, but argues for redistribution of such gains fully or partially to fund public investment and also to compensate social-costs often resulting from these investment negativities [8].…”

Section: Introductionmentioning

confidence: 99%

Participatory Sustainability Approach to Value Capture-Based Urban Rail Financing in India through Deliberated Stakeholder Engagement

2015

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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

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Land value capture finance for transport accessibility: a review

Cited by 147 publications

References 39 publications

Financing urban transportation infrastructure in a multi-actors environment: the role of value capture

Financing urban transportation infrastructure in a multi-actors environment: the role of value capture

Public acceptance in financing urban transportation projects using the Value Capture concept

Participatory Sustainability Approach to Value Capture-Based Urban Rail Financing in India through Deliberated Stakeholder Engagement

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