Value Capture for Transportation Finance: Technical Research Report
Center for Transportation Studies, University of Minnesota, 2009 - Impact fees - 373 pages
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.
What people are saying - Write a review
We haven't found any reviews in the usual places.
The Need for Alternative Transportation Revenue Sources
14 other sections not shown
air rights development applied bonds building charges Chula Vista construction costs created development agreement development impact fees development rights economic development effect equity feasibility franchise fund high-occupancy vehicle lane highway housing implemented increase investment joint development projects jurisdictions land value tax lease legislation levied light rail limited ment Minneapolis municipality negotiated exactions operate parcel payment percent political Portland Streetcar potential property owners property tax property values public entity public-private partnerships rail real estate redevelopment require Research residential property road authority sewer special assessment districts split-rate tax STAT streetcar Subd subdivision tax capacity tax increment financing Technical report TIF districts Tokyu Corporation toll facility Transit-oriented development transportation facilities transportation finance transportation improvement transportation infrastructure transportation utility fees trips types urban users value capture policies value capture strategy value taxation zone