This a controversial subject but Dallas is going to experiment with it in a new rail corridor and see how it works out, they produced a real interesting report (see link below). Makes for interesting reading on the history of value capture as a funding source as well as some ideas of how they intend to tackle this new project.
http://www.nctcog.org/trans/spd/transitrail/CtnBlt/CottonBelt-iFi-FinalReport.pdf
Power point presentation:
http://www.nctcog.org/trans/spd/transitrail/CtnBlt/TexITE9-20-12v3.pdf
I made the link live for you (all you need to do is hit the “Enter” key after you paste the link into your post and it will be a live link when you hit “POST”).
Bump.
I started having misgivings about this piece of work when I saw them trying to defend Roosevelt’s high-speed highway proposal of the late '30s. (In their defense, they do mention that there will be some kind of concession, rather than additional charge, to the people immediately adjacent to or otherwise inconvenienced by the existence of the rail infrastructure … but then they don’t seem to be considering it further.)
Getting developers to pay a ‘fair share’ of infrastructure developments that benefit them – directly or indirectly – is scarcely a new subject, although at least some of the people involved with producing the report seem to assume it is (well, 'it’s new to YOU, folks… ;-})
The major thing of value they propose is the use of the smart-card infrastructure, both to tie the fare paid to the individual customer’s location (or his or her municipality’s contribution to the various costs), and to establish which communities or projects are most benefiting from the transit infrastructure. (A project I did many years ago also involved extending a facility like this to area businesses and other services that might be associated with rail transportation, to give a clearer picture of the cognate benefits).
Their knowledge of the realities of real-estate development seem a little weird. And I was not at all reassured that they slipped in that little mention of how they were making development safe for ‘foreign investment capital’ and then a bit later, failed to mention how the access process or appeals process for ongoing appraisal would be conducted.
I well remember the crap that was pulled on us after the ‘fair market value’ rule in establishing real-estate comps … and then tax rates derived from those comps… was instituted in New Jersey. This was at the time that Eddie Murphy bought the Sykes house, essentially tore it down and built a huge complex, etc. (perhaps Joe Piscopo,
Welp, looks like they are going to try this out…
Here on the DC Metro, the term of phrase “value capture” is the monetization of discarded farecards that are less than the station entry fee.
Isn’t it possible to add value to fare cards in DC?
Overmod,
I’m sure you are well aware that New Jersey has the highest property taxes in the country. There is a stream of retired people leaving the state because of the property taxes.
John