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Transportation Innovation Series: Transit Value Capture Coordination - Best Practices and Recommendations
Date:
08/19/2015,
1:00pm to 2:00pm
First Speaker:
Stephen E.
Schlickman
Organization:
University of Illinois at Chicago
Address:
USDOT Headquarters West Building, Conference Center Rooms 8-10
Washington, DC 20590
United StatesOST-R Office:
Office of Research, Development and Technology
Event Category:
Transit authorities are being challenged to rely more on local sources of funding to develop and renew their infrastructure. Federal transit official have urged the transit industry to use value capture strategies to fund their capital investments. Value capture allows transit authorizes to monetarily regain some of the value that their investments provide to private property owners and businesses. The literature provides extensive review on the various tax based tools that can be used to achieve value capture. What is not well covered in the literature are the coordination challenges transit authorities face in implementing value capture strategies. This study addresses that topic.
Specifically, this study consists of a literature review, case studies of four the United States’ oldest and largest rail transit systems (Chicago, New York City, San Francisco and Washington, D.C.), and recommendations based on the information collected. The study shows that transit authorities need to effectively coordinate with local government entities that control value capture taxing authority and the development community to achieve the best outcome from a successful value capture endeavor. Preliminary results indicate that the most successful projects involve a very close working relationship with local taxing authorities. In addition, findings based on interviews with developers indicate a high willingness-to pay for clearly stated transit benefits. An important key to successful coordination is for the transit authority to be represented by a person or office that is experienced in both transit investment benefits and understands and can work directly with the private real estate development industry.
Sponsored by: Office of the Assistant Secretary for Research and Technology (OST-R), University Transportation Centers Program
DISCLAIMER: The views, opinions, findings and conclusions reflected in this presentation are the responsibility of the authors only and do not represent the official policy or position of the USDOT/OST-R, or any State or other entity.
For more information, contact Denise E. Dunn at denise.e.dunn@dot.gov
Sign language interpreters will be available for deaf participants who wish to attend this event. If you need a reasonable accommodation, please emaildrc.interpreters@dot.gov or phone at 202-366-9433 / TTY: 202-366-6242 at least 3 business days prior to the event.