Using the Economic Value Created by Transportation to Fund Transportation (2014)

Below is the uncorrected machine-read text of this chapter, intended to provide our own search engines and external engines with highly rich, chapter-representative searchable text of each book. Because it is UNCORRECTED material, please consider the following text as a useful but insufficient proxy for the authoritative book pages.

107 Glossary of Value Capture MeChanisMs What is Value Capture? Value capture is an innovative financing tool that allows recovery of part of the value created to real estate and commerce. It can be implemented in many ways to fund transportation. We are seeking examples of value capture applications in any of the following 10 categories. 1. Impact Fees: Monetary charges or fees associated with costs incurred with extension of public services for private develop- ments and will include: – System charges. – Traditional developer impact fees. 2. Land Value Tax or Split Rate Property Tax: A tax on unimproved portion of land only. 3. Negotiated Developer Exactions: Fees, charges or any requirement placed on developers for in-kind contributions of facilities. 4. Air Rights: Refers to the sale of development rights for land adjacent to or above a transportation facility. 5. Joint Development: A public–private partnership where a private-sector partner either provides the transportation facility or makes a financial contribution to offset the public cost. 6. Special Assessment Districts (SADs): Special districts created to finance a public improvement. These will include benefit districts of the broadest variety such as: – Transportation Benefit Districts (TBD). – Transportation Improvement Districts (TID) and all other improvement districts as long as the mechanisms have been or are being used for funding transport projects. 7. Tax Increment Finance (TIF): Use taxes levied on incremental increase in property values resulting from an improvement. The taxes are used to fund improvements usually through repayments of bonds. These will include all categories such as: – Allocation Districts (TAD). – Transportation related Reinvestment Zones (TRZs). – Revitalization Districts (as long as the mechanisms have been or are being used for funding transport projects). 8. Sales Tax Districts: Small increments in sales taxes levied in special districts. This will include categories such as Transporta- tion Development Districts (TDD). 9. Transportation Utility Fees (TUF): Fees assessed on properties based on amount of trips generated and will include: – Mobility fees. – Road user fees. 10. Other mechanisms will include all other related to land, real estate, or sales tax options including: – Local option sales tax used for funding transportation. – Other mechanisms that are not covered in the nine broad included categories. Respondent Information Please enter the date (MM/DD/YYYY): Please enter your contact information.* Name: ______________________________________________________________________________________ Agency/Organization: _________________________________________________________________________ City & State: ________________________________________________________________________________ Telephone: ___________________________________________ E-mail: ______________________________________________ appenDiX a survey Questionnaire

108 Synthesis Questionnaire 1) Please provide as much information as you can on any of the following value capture mechanisms that have been used in your state or region. This question represents the core content of this survey. Depending on the web browser you are using, you may need to use the scroll bar at the bottom to view all columns. Mode State Legislation, Statute or Ordinance Allowing for the Use of the Mechanism (Please provide a brief description, title or web link) Examples in Your State/Region (List cities and project types) Contacts for TRB Follow-up (Please provide names, e-mails, and phone numbers, if available) Additional Comments (including any specific benefits, if applicable) Highway Transit Multimodal Impact Fee ( ) ( ) ( ) Land Value Tax (LVT) or Split Rate Property Tax ( ) ( ) ( ) Negotiated Developer Exactions ( ) ( ) ( ) Tax Increment Financing (TIF) ( ) ( ) ( ) Air Rights ( ) ( ) ( ) Joint Development ( ) ( ) ( ) Transportation Utility Fee ( ) ( ) ( ) Special Assessment Districts (SAD) ( ) ( ) ( ) Sales Tax Districts or Sales Tax Revenue Bonds ( ) ( ) ( ) Other Mechanisms (use the comment box) ( ) ( ) ( ) 2) Please use the space below to provide any important web links to case examples, case example documents, and further discussion on specific benefits to region or state. THANK YOU FOR YOUR TIME! Principal Investigator Contact Information Sharada R. Vadali (Ph.D.) Associate Research Scientist Texas A&M Transportation Institute e-mail: s-vadali@ttimail.tamu.edu Tel: 979.845.3325 Fax: 979.845.6008 http://tti.tamu.edu