Innovation in Public Transport Finance Property Value Capture [Paperback]

With all levels of governments currently, and for the foreseeable future, under significant fiscal stress, any new transit funding mechanism is to be welcomed. Value capture (VC) is one such mechanism, which involves the identification and capture of a public infrastructure-led increase in property value. This book reviews four major VC mechanisms: joint development projects; special assessment districts; impact fees; and tax increment financing; all of which are used to fund transit in the United States. Through the study of prominent examples of these VC mechanisms from across the US, this book evaluates their performance focusing on aspects such as equity, revenue-generating potential, stakeholder support, and the legal and policy environment. It also conducts a comparative assessment of VC mechanisms to help policy makers and practitioners to choose one, or a combination of VC mechanisms. Although the book focuses on the US, the use of the VC mechanisms and the urgent need for additional revenue to fund public transportation are world-wide concerns. Therefore, an overview of the VC mechanisms in use internationally is also provided.

Mathurs book offers a unique look at the nexus of public finance and transport infrastructure. Using a mix of well-chosen case studies from across the United States and around the globe, Mathur analyzes some of the best practices in transport finance, and draws lessons for scholars and practitioners on how to use value capture to support these urban investments. - Tim Chapin, Florida State University, USA

At a time when governments at all levels are facing daunting fiscal crises, value capture mechanisms have been touted as an approach that could help fund desperately-needed transit in our cities and regions. What has been missing until now is a comprehensive and comparative assessment of the full potential of value capture. Shishir Mathur has written a book that masterfully combines theory and practice to explcÜ