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47 Throughout the course of this research, the research team found that coordination among diverse stakeholders early in the project planning process yielded positive results. Addition- ally, early legwork that set the stage for value capture through legislation and rulemaking was essential to ensure that projects could readily access value capture tools when needed. Fol- lowing is a step-by-step list of considerations, grouped into categories and in order of being most useful to transit agencies, developers, and other stakeholders, for understanding how to undertake transit value capture. This step-by-step list assumes that various value capture mechanisms are allowable under local and state laws and that a transportation mode has been selected for the project. Step 1: Understand what is possible â¢ Engage legal counsel to make a list of all possible value capture mechanisms that can be used for the project. â¢ Review Table 3, major value capture mechanisms, for a list of value capture options deployed in the United States. â¢ Explore strategic land parcels near the project area that may be used for joint development and other mechanisms. Pay particular attention to parcels that are owned by the local government or another pub- lic entity. â¢ Identify possible stakeholders and partners (public, private, and institutional) that could serve as a start- ing point for strategic partnerships and investments. Step 2: Select promising mecha- nisms for further exploration â¢ Review Table 5, value capture mechanisms by station type, to help identify value capture mechanisms that may be most appropriate for the project. â¢ Consider existing land uses, density, demographics, and other economic considerations when selecting mechanisms. â¢ If applicable, use the needs of the project as selec- tion criteria for the value capture mechanisms. For example, if up-front capital costs are needed, then a financing option that offers a large infusion of funds up front is more appropriate. If operations and main- tenance funds are needed, then an assessment that provides long-term, dedicated funding streams may be more applicable. A p p e n d i x A Considerations Checklist
48 Guide to Value Capture Financing for public Transportation projects Step 3: Evaluate promising mechanisms to ascertain value capture potential â¢ Coordinate with public agencies such as the areaâs metropolitan planning organization, planning depart- ments, redevelopment agencies, transit agencies, and departments of assessment and taxation, to gather needed data and initiate conversations. â¢ Establish appropriate criteria and assumptions for estimating and evaluating value capture mechanisms. Include assumptions for growth, inflation, catchment areas, assessment levels, and so forth. â¢ Evaluate promising mechanisms to get a back-of- the-envelope estimate. Step 4: Decide on the most appropriate mechanism(s) that will further the project â¢ Create selection criteria for the value capture mech- anisms based on feasibility, appropriateness of the revenue generated in relation to project needs, stake- holder support, and so forth. â¢ Include major stakeholders in discussions and up-front coordination. â¢ For large, complex projects, consider establishing a task force to help with decision making and providing recommendations. Step 5: Engage with wide array of stakeholders and the public â¢ Engage wider array of stakeholders and the public, and include ample time for this process and workshops, as needed. Step 6: Initiate and establish value capture mechanism(s) â¢ All tasks in this step are dependent on the specifics of the project and what is needed to utilize the selected value capture mechanism.