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This digest summarizes the literature review of TCRP Project H-27, "Transit-Oriented Development: State of the Practice and Future Benefits." This digest provides definitions of transit-oriented development (TOD) and transit joint development (TJD), describes the institutional issues related to TOD and TJD, and provides examples of the impacts and benefits of TOD and TJD. References and an annotated bibliography are included. This digest was written by Robert Cervero, Christopher Ferrell, and Steven Murphy, from the Institute of Urban and Regional Development, University of California, Berkeley.
Demand for housing in urban areas is growing in the United States. Cities are increasingly safe, making them attractive places to live. Property values are rising in dense, walkable areas with access to public transportation. These trends combine to make possible an innovative funding practice called value capture: when some of the ascending property values can be directed toward public transit improvements. Land is more valuable when located near high?quality public transit infrastructure. Recent APTA research shows that, during the Great Recession, properties near public transit were more financially stable than properties located further away. Areas near public transit outperformed their regions as a whole by 41.6 percent. Research by public transit agencies and planning departments confirms that proximity to public transportation can increase property values. Around public transit infrastructure there is an opportunity for more value capture, and those revenues from public transportation?accessible locations will be more stable than general property tax revenues. Value capture instruments allow jurisdictions to collect revenue in specific areas and direct that revenue towards specific improvements. Value capture is being used for a wide spectrum of projects, from targeted neighborhood street improvements to new public transit infrastructure.
As vehicles become more fuel-efficient and overall levels of travel stagnate in response to increases in fuel prices, conventional sources of revenue for transportation finance such as taxes on motor fuels have been put under increasing pressure. One potential alternative as a source of revenue is a set of policies collectively referred to as value capture policies. In contrast to fuel taxes and other instruments that impose charges on users of transportation networks, value capture policies seek to generate revenue by extracting a portion of the gains in the value of land that result from improvements to transportation networks. In this report we identify a set of eight policies that contain elements of the value capture approach. These policies include land value taxes, tax increment financing, special assessments, transportation utility fees, development impact fees, negotiated exactions, joint development, and air rights. We evaluate each of the policies according to four criteria: 1) efficiency, which relates to how well the policies allocate scarce resources, 2) equity, which describes the fairness of resource allocation among different strata of society, 3) sustainability, which refers to the ability of the policy to serve as an adequate, reliable source of transportation revenue, and 4) feasibility, which refers to the degree of political and administrative difficulty associated with each policy. Since these policies are targeted toward use at the state and local level in Minnesota, we conclude by examining some legal and administrative issues related to the implementation of each policy with special reference to Minnesota.
Discusses city authority to levy special assessments for local improvements like streets, waterworks, sanitary sewer and more. It defines special assessments, gives a synopsis of the procedure, discusses challenges by property owners, levying and collecting assessments, borrowing, making corrections, and applicability to tax exempt and railroad properties.