This book provides cities with strategies and methodologies for applying land value capture financing schemes for capital-intensive transit and transit-related investments, based on the successful experiences of Mass Transit Railway Corporation in Hong Kong SAR, China, and Japanese railway companies in Tokyo metropolitan areas.
Transit-oriented development (TOD) seeks to maximize access to mass transit and nonmotorized transportation with centrally located rail or bus stations surrounded by relatively high-density commercial and residential development. New Urbanists and smart growth proponents have embraced the concept and interest in TOD is growing, both in the United States and around the world. New Transit Town brings together leading experts in planning, transportation, and sustainable design—including Scott Bernstein, Peter Calthorpe, Jim Daisa, Sharon Feigon, Ellen Greenberg, David Hoyt, Dennis Leach, and Shelley Poticha—to examine the first generation of TOD projects and derive lessons for the next generation. It offers topic chapters that provide detailed discussion of key issues along with case studies that present an in-depth look at specific projects. Topics examined include: the history of projects and the appeal of this form of development a taxonomy of TOD projects appropriate for different contexts and scales the planning, policy and regulatory framework of "successful" projects obstacles to financing and strategies for overcoming those obstacles issues surrounding traffic and parking the roles of all the actors involved and the resources available to them performance measures that can be used to evaluate outcomes Case Studies include Arlington, Virginia (Roslyn-Ballston corridor); Dallas (Mockingbird Station and Addison Circle); historic transit-oriented neighborhoods in Chicago; Atlanta (Lindbergh Center and BellSouth); San Jose (Ohlone-Chynoweth); and San Diego (Barrio Logan). New Transit Town explores the key challenges to transit-oriented development, examines the lessons learned from the first generation of projects, and uses a systematic examination and analysis of a broad spectrum of projects to set standards for the next generation. It is a vital new source of information for anyone interested in urban and regional planning and development, including planners, developers, community groups, transit agency staff, and finance professionals.
This book seeks to enhance understanding of the impacts of project setup and its implementation environment on project performance by leveraging information from the study of a rich set of European transport infrastructure project cases. It puts forward a system’s view of project delivery and aims to serve as a strategic tool for decision makers and practitioners. The proposed approach is not limited to specific stakeholder views. On the contrary, it allows stakeholders to formulate their own strategies based on an holistic set of potential implementation scenarios. Furthermore, by including cases of projects that have been influenced by the recent financial crisis, the book aims to capitalise on experiences and provide guidelines as to the design and implementation of resilient projects delivered both through traditional as well as Public Private Partnership (PPP) models. Finally, the book proposes a new Transport Infrastructure Resilience Indicator and a corresponding project rating system that can be assessed with an eye to the future, ultimately aiming to support the successful delivery of transport infrastructure projects for all stakeholders involved.
Urban transport systems are essential for economic development and improving citizens' quality of life. To establish high-quality and affordable transport systems, cities must ensure their financial sustainability to fund new investments in infrastructure while also funding maintenance and operation of existing facilities and services. However, many cities in developing countries are stuck in an "underfunding trap" for urban transport, in which large up-front investments are needed for new transport infrastructure that will improve the still small-scale, and perhaps, poor-quality systems, but revenue is insufficient to cover maintenance and operation expenses, let alone new investment projects. The urban transport financing gap in these cities is further widened by the implicit subsidies for the use of private cars, which represent a minority of trips but contribute huge costs in terms of congestion, sprawl, accidents, and pollution. Using an analytical framework based on the concept of "Who Benefits Pays," 24 types of financing instruments are assessed in terms of their social, economic and environmental impacts and their ability to fund urban transport capital investments, operational expenses, and maintenance. Urban transport financing needs to be based on an appropriate mix of complementary financing instruments. In particular for capital investments, a combination of grants †“from multiple levels of government†“ and loans together with investments through public private partnerships could finance large projects that benefit society. Moreover, the property tax emerges as a key financing instrument for capital, operation, and maintenance expenses. By choosing the most appropriate mix of financing instruments and focusing on wise investments, cities can design comprehensive financing for all types of urban transport projects, using multi-level innovative revenue sources that promote efficient pricing schemes, increase overall revenue, strengthen sustainable transport, and cover capital investments, operation, and maintenance for all parts of a public transport system, "from the sidewalk to the subway."
"TRB's Transit Cooperative Research Program (TCRP) Report 129: Local and Regional Funding Mechanisms for Public Transportation explores a series of transit funding mechanisms with a primary focus on traditional tax- and fee-based funding; and common business, activity, and related funding sources. The report includes an online regional funding database that provides an extensive list of funding sources that are in use or have the prospect of being used at the local and regional level to support public transportation. A user manual for the database is also available online"--Publisher's description.
