Abstract: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 b… Show more
“…The examination of the potential revenue from the Wuhan case could help policy makers understand the alternative options to finance the subway system. We recommend national and local governments in China to adopt various value capture policies, such as special district taxation (Zhao and Larson, 2011) and deliberated stakeholder engagement (Jillella et al, 2015), to reduce the deficits of rail transit investment and maintenance. However, there are several policy barriers, such as the current absence of annual property taxes and the practice of auctioning swathes of land (Zheng et al, 2014).…”
Section: Value Capture Potentialmentioning
confidence: 99%
“…TOD (Transit Oriented Development) planning policy and Value Capture mechanisms have been recognised as effective methods to promote the sustainability of urban rail transit around the world (Batt, 2001;Cervero and Murakami, 2009;Jillella et al, 2015;Zhao and Larson, 2011). Research on the relationship between transit investment and the urban property market is the vital foundation for transit-based policy and TOD planning.…”
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International licence Newcastle University ePrints -eprint.ncl.ac.uk
“…The examination of the potential revenue from the Wuhan case could help policy makers understand the alternative options to finance the subway system. We recommend national and local governments in China to adopt various value capture policies, such as special district taxation (Zhao and Larson, 2011) and deliberated stakeholder engagement (Jillella et al, 2015), to reduce the deficits of rail transit investment and maintenance. However, there are several policy barriers, such as the current absence of annual property taxes and the practice of auctioning swathes of land (Zheng et al, 2014).…”
Section: Value Capture Potentialmentioning
confidence: 99%
“…TOD (Transit Oriented Development) planning policy and Value Capture mechanisms have been recognised as effective methods to promote the sustainability of urban rail transit around the world (Batt, 2001;Cervero and Murakami, 2009;Jillella et al, 2015;Zhao and Larson, 2011). Research on the relationship between transit investment and the urban property market is the vital foundation for transit-based policy and TOD planning.…”
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International licence Newcastle University ePrints -eprint.ncl.ac.uk
“…[73][74][75][76][77]), as well as on authors' experience and discussions with experts from all over the world during several International Conferences and Workshops in which the authors have participated.…”
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.
“…Korean steel-making companies have suffered numerous difficulties due to the uncertainty and risks of overseas SPPs [1]. Stakeholders are consistently exposed to risks when managing a project at any stage in the engineering, construction, procurement, or sustainment life-cycles [2][3][4][5]. The risks can lead to project failure [6].…”
This paper focuses on an investment decision-making process for sustainable development based on the profitability impact factors for overseas projects. Investors prefer to use the discounted cash-flow method. Although this method is simple and straightforward, its critical weakness is its inability to reflect the factor volatility associated with the project evaluation. To overcome this weakness, the Value-at-Risk method is used to apply the volatility of the profitability impact factors, thereby reflecting the risks and establishing decision-making criteria for risk-averse investors. Risk-averse investors can lose relatively acceptable investment opportunities to risk-neutral or risk-amenable investors due to strict investment decision-making criteria. To overcome this problem, critical factors are selected through a Monte Carlo simulation and a sensitivity analysis, and solutions to the critical-factor problems are then found by using the Theory of Inventive Problem Solving and a business version of the Project Definition Rating Index. This study examines the process of recovering investment opportunities with projects that are investment feasible and that have been rejected when applying the criterion of the Value-at-Risk method. To do this, a probabilistic alternative approach is taken. To validate this methodology, the proposed framework for an improved decision-making process is demonstrated using two actual overseas projects of a Korean steel-making company.
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