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Pages 13-23

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From page 13...
... illustrate the dynamic relationships between various entities, value creation, and value capture in five steps. Subject to market constraints, new transportation capacity and access create opportunity for increased real estate development.
From page 14...
... Transit infrastructure investment, value creation, and value capture (Step 3 of 5)
From page 15...
... To the extent that value capture imposes an additional cost burden on real property, care must be taken that the amount of value captured does not exceed consumers' perceived transit-related value premium. In an efficient real estate market, value capture exceeding consumer's increased willingness to pay for transit amenities will create a competitive disadvantage and disincentivize investment in development and value creation.
From page 16...
... Value Capture Mechanism Exclusive Application Joint Application Air rights Impact fees Joint development Land value taxation Naming rights Negotiated exactions Parking fees Sales tax districts Special assessments districts TIF Adapted from Vadali, 2014. Table 3.
From page 17...
... to develop land owned or controlled by the transit agency or local government, often within half a mile of the transit facility. Like other value capture mechanisms, joint development seeks to capture what would otherwise be private benefits created through public infrastructure (Zhao and Das, 2012)
From page 18...
... Not all practitioners would consider parking increments value capture since they are not necessarily capturing the increased value of parking. Special Assessment Districts: Community Development Districts, FL When developers of master-planned communities in Florida first started to employ community development districts (CDDs)
From page 19...
... The Kansas City Downtown Streetcar Transportation Development District (which enabled a districtwide sales tax) was formed pursuant to the Missouri Transportation Development District Act, Special Assessment Districts: Red Line Benefit Assessment Districts: Los Angeles, CA The Red Line was the Los Angeles Metro Rail system's first heavy rail line.
From page 20...
... Value capture revenues will be generated by this new real estate development. The TIF district around the project is expected to generate $1.4 billion over 45 years (APTA, 2015a)
From page 21...
... . 2.2 Value Capture Participants Three major participants in projects with value capture are defined in the following sections: the transit agency, developer, and local government.
From page 22...
... . 2.4 Transit-Influenced Development and Value Value capture opportunities may be associated with many types of transit-influenced development or with other transportation infrastructure investment.
From page 23...
... This includes existing properties located beyond the typical one-half-mile radius of a transit station, where value is often captured through special assessment districts, impact fees, or other techniques. The real estate in this area may be of a more traditional format, including office buildings constructed in park-like settings, such as along the Dulles Metrorail, or singlefamily detached homes as proposed in Miami (Scurr and Page, 2015)


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