Guide to Value Capture Financing for Public Transportation Projects (2016)

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106 1. New buildings, particularly at higher densities and intensity of land use than those that may have preceded them, may require a broad array of supportive infrastructure. This includes new streets, drainage facilities, and wet and dry utilities, including potable water and wastewater treatment plant capacity. Trunk utility lines (such as sewer mains), lift stations, surface transportation improvements, and electrical distribution capacities may need to be developed or expanded at a significant distance from the development site itself. Each of these undertakings requires planning and coordination. Regulatory entitlement, including plan modifications, zoning, permits, approvals, and development agreements required to effect such develop- ment, may entail significant investment of time and expense. The researchers have referred to these efforts occurring generally before the development begins as “predevelopment.” 2. Senior debt is debt that must be repaid first. It has priority over other debt, such as subordinate or junior debt. 3. For more information on the U.S. DOT’s Build America Bureau, please see https://www.transportation.gov/ buildamerica. 4. For more information on encouraging TOD that is broadly inclusive of affordable housing, please see The Mixed-Income Transit-Oriented Development Action Guide funded by the FTA, http://mitod.org/tools.php. 5. For more information on availability payments, please see http://www.financingtransportation.org/funding_ financing/financing/other_finance_mechanisms/availability_payments.aspx. 6. The mill rate, also referred to as the millage rate, is a figure representing the amount per $1,000 of the assessed value of property, which is used to calculate the amount of property tax. 7. MTR Corporation Limited is commonly referred to as MTR Corporation or MTRC. This report will refer to the corporation as MTRC and to the rail system as MTR. 8. In some cases, MTRC may purchase properties or lease rights from HKSAR, but these are not arm’s-length transactions and are also at below-market prices. 9. Assuming that HKSAR’s cost basis in land transferred to MTRCL does not exceed its share of profits. 10. HKSAR state formally owns all land. The government leases land to private parties for development. Notes

Abbreviations and acronyms used without definitions in TRB publications: A4A Airlines for America AAAE American Association of Airport Executives AASHO American Association of State Highway Officials AASHTO American Association of State Highway and Transportation Officials ACI–NA Airports Council International–North America ACRP Airport Cooperative Research Program ADA Americans with Disabilities Act APTA American Public Transportation Association ASCE American Society of Civil Engineers ASME American Society of Mechanical Engineers ASTM American Society for Testing and Materials ATA American Trucking Associations CTAA Community Transportation Association of America CTBSSP Commercial Truck and Bus Safety Synthesis Program DHS Department of Homeland Security DOE Department of Energy EPA Environmental Protection Agency FAA Federal Aviation Administration FAST Fixing America’s Surface Transportation Act (2015) FHWA Federal Highway Administration FMCSA Federal Motor Carrier Safety Administration FRA Federal Railroad Administration FTA Federal Transit Administration HMCRP Hazardous Materials Cooperative Research Program IEEE Institute of Electrical and Electronics Engineers ISTEA Intermodal Surface Transportation Efficiency Act of 1991 ITE Institute of Transportation Engineers MAP-21 Moving Ahead for Progress in the 21st Century Act (2012) NASA National Aeronautics and Space Administration NASAO National Association of State Aviation Officials NCFRP National Cooperative Freight Research Program NCHRP National Cooperative Highway Research Program NHTSA National Highway Traffic Safety Administration NTSB National Transportation Safety Board PHMSA Pipeline and Hazardous Materials Safety Administration RITA Research and Innovative Technology Administration SAE Society of Automotive Engineers SAFETEA-LU Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (2005) TCRP Transit Cooperative Research Program TDC Transit Development Corporation TEA-21 Transportation Equity Act for the 21st Century (1998) TRB Transportation Research Board TSA Transportation Security Administration U.S.DOT United States Department of Transportation

TRA N SPO RTATIO N RESEA RCH BO A RD 500 Fifth Street, N W W ashington, D C 20001 A D D RESS SERV ICE REQ U ESTED ISBN 978-0-309-44599-3 9 7 8 0 3 0 9 4 4 5 9 9 3 9 0 0 0 0 G uide to V alue Capture Financing for Public Transportation Projects TCRP Research Report 190 TRB