RA-CTOD issues a new value capture report
Reconnecting America’s Center for Transit-Oriented Development (RA-CTOD) is a national nonprofit organization dedicated to providing best practices, research and tools to support market-based transit-oriented development.
The center just released a new report entitled “Capturing the Value of Transit (PDF).” Here is the opening remarks:
“Over the past decade, it has become increasingly clear that the presence of transit can increase property values and result in valuable development opportunities. In this era of constrained transit funding and widespread demand for new and expanded transit systems, policy makers, transit planners and elected officials are increasingly interested in harnessing a portion of the value that transit confers to surrounding properties to fund transit infrastructure or related improvements in station areas. This idea, known as “value capture,” is much discussed in planning, transit, and local government circles. However, confusion abounds. Where does the value come from? What is the best way to measure it? And, most importantly, what is the best way to capture this value?”
The report focuses on four value capture strategies: Assessment Districts, Tax Incremental Financing, Joint Development, and Development Impact Fees. (In our value capture project, we adds two additional options: land-value taxes and exaction.)
The website presents several additional reports of related interest:
❑ Alternatives to TOD Funding
❑ The Effects of Rail Transit on Property Values: A Summary of Studies (Draft)
❑ Financing Transit-Oriented Development