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«92250 FINANCING TRANSIT-ORIENTED Public Disclosure Authorized DEVELOPMENT WITH LAND VALUES Adapting Land Value Capture in Developing Countries ...»

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OVERVIEW

Public Disclosure Authorized

92250

FINANCING

TRANSIT-ORIENTED

Public Disclosure Authorized

DEVELOPMENT WITH

LAND VALUES

Adapting Land Value Capture in Developing Countries Hiroaki Suzuki, Jin Murakami, Yu-Hung Hong, and Beth Tamayose Public Disclosure Authorized Public Disclosure Authorized

OVERVIEW

Financing Transit-Oriented Development with Land Values Adapting Land Value Capture in Developing Countries Hiroaki Suzuki Jin Murakami Yu-Hung Hong Beth Tamayose This booklet contains the Overview and a list of contents from the forthcoming book, Financing Transit-Oriented Development with Land Values: Adapting Land Value Capture in Developing Countries (doi: 10.1596/978-1-4648-0149-5). A PDF of the final, full-length book, once published, will be available at https://openknowledge.worldbank.org/ and print copies can be ordered at https://publications.worldbank.org/. Please use the final version of the book for cita- tion, reproduction and adaptation purposes.

© 2015 International Bank for Reconstruction and Development / The World Bank 1818 H Street NW, Washington, DC 20433 Telephone: 202-473-1000; Internet: www.worldbank.org Some rights reserved 1 2 3 4 17 16 15 14 This work is a product of the staff of The World Bank with external contributions. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judg- ment on the part of The World Bank concerning the legal status of any territory or the endorse- ment or acceptance of such boundaries.

Nothing herein shall constitute or be considered to be a limitation upon or waiver of the privileges and immunities of The World Bank, all of which are specifically reserved.

Rights and Permissions This work is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) http://creativecommons.org/licenses/by/3.0/igo. Under the Creative Commons Attribution license, you are free to copy, distribute, transmit, and adapt this work, including for commercial

purposes, under the following conditions:

Attribution—Please cite the work as follows: Suzuki, Hiroaki, Jin Murakami, Yu-Hung Hong,

and Beth Tamayose. 2015. “Financing Transit-Oriented Development with Land Values:

Adapting Land Value Capture in Developing Countries.” Overview booklet. World Bank, Washington, DC. License: Creative Commons Attribution CC BY 3.0 IGO Translations—If you create a translation of this work, please add the following disclaimer along with the attribution: This translation was not created by The World Bank and should not be considered an official World Bank translation. The World Bank shall not be liable for any content or error in this translation.

Adaptations—If you create an adaptation of this work, please add the following disclaimer along with the attribution: This is an adaptation of an original work by The World Bank.

Views and opinions expressed in the adaptation are the sole responsibility of the author or authors of the adaptation and are not endorsed by The World Bank.

Third-party content—The World Bank does not necessarily own each component of the content contained within the work. The World Bank therefore does not warrant that the use of any third-party-owned individual component or part contained in the work will not infringe on the rights of those third parties. The risk of claims resulting from such infringement rests solely with you. If you wish to re-use a component of the work, it is your responsibility to determine whether permission is needed for that re-use and to obtain permission from the copyright owner. Examples of components can include, but are not limited to, tables, figures, or images.

All queries on rights and licenses should be addressed to the Publishing and Knowledge Division,

The World Bank, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2625; e-mail:

pubrights@worldbank.org.

Cover photo: © Japan Railway Construction, Transport and Technology Agency (2013). Used with permission; further permission required for reuse.

Contents Contents of Financing Transit-Oriented Development with Land Values iv Acknowledgments v About the Authors ix Abbreviations xi Glossary xiii Message to City Leaders xvi

–  –  –

iv Acknowledgments T his book was written by Hiroaki Suzuki of the World Bank, Jin Murakami of the City University of Hong Kong, Yu-Hung Hong of the Massachusetts Institute of Technology, and Beth Tamayose of the University of California, Los Angeles.

It draws on case studies of Hong Kong SAR, China; Tokyo, Japan; New York City, NY, United States; Washington, DC, United States; London, United Kingdom; Nanchang, China; Delhi, India; Hyderabad, India; and São Paulo, Brazil.

Steve Yiu, Rebecca Wong, Lam Chan, and Eureka Cheng (MTR Corporation) provided assistance in preparing the Hong Kong SAR, China, case study.





The Tokyo, Japan, case study was developed with support from numerous individuals and organizations: Takeshi Nakawake, Wataru Tanaka, Kiyoyoshi Okumori, Shigeru Yokoo, Takashi Uchiyama, and Taro Minato (Nikken Sekkei, Ltd.); Hironori Kato (The University of Tokyo); Hisao Uchiyama (Tokyo University of Science); Masafumi Ota, Munehiko Shibuya, and Toshiyuki Tanaka (Tokyu Corporation);

Katsunori Uchida and Tamotsu Kamei (Tokyu Land Corporation);

Hideaki Oohashi, Hiroshi Namekata, Tokunori Tachiki, Takashi Goto, Yoshio Nemoto, Kichiro Watanabe, Hiroshi Ii, and Kimio Higaki (Chiba Prefectural Government); Seiji Nakata (Mitsui Fudosan Co., Ltd.);

Kimihiro Kuromizu (City of Yokohama); Hiroyuki Sugata, Mitsutoshi Haniahara, and Hideyuki Kudo (Japan Railway Construction, Transport and Technology Agency); Hiroya Masuda (Nomura Research Institute);

Kiyoshi Yamasaki (Value Management Institute, Inc); Takashi Nakamura and Katsuya Amano (Tokyo City University); Seiichiro Akiumura (Japan Transportation Planning Association Research Institute); Ryosuke Fukae

–  –  –

and Joshua Pristaw (GTIS Partners); Carlos Henrique Malburg and André Luiz Teixeira dos Santos (BNDES); Julio Lopes (Rio de Janeiro State Secretary of Transport); Vicente de Paula Loureiro (Rio de Janeiro State Secretariat of Public Works); and Waldir Peres (AMTU-RJ).

The Tokyo Development Learning Center (TDLC) assisted with the organization of the workshop on Financing Transit with Land Values and the interviews in Tokyo with support from Tomoyuki Naito and Rumi Horie.

Peer reviewers included Valerie Joy Eunice Santos (World Bank), Francesca Medda (Quantitative and Applied Spatial Economic Research Laboratory, University College London), Robert Cervero (University of California, Berkeley), and P. Christopher Zegras (Massachusetts Institute of Technology). Additional comments were provided by Om Prakash Agarwal (World Bank) and Joshua Gallo and Lauren Wilson (PPIAF).

This book was supported by the following World Bank operational staff: Bernardo Guatimosim Alvim, Georges Bianco Darido, Nupur Gupta, Fabio Hirschhorn, Holly Krambeck, Paul Kriss, Augustin Maria, Barjor E.

Mehta, Satoshi Ogita, Gerald Paul Ollivier, Xuan Peng, Shigeyuki Sakaki, Yi Yang, Ruifeng Yuan, and Jingyi Zhang.

Adelaide Barra, Fernando Armendaris, and Vivian Cherian (World Bank) provided logistical and administrative assistance. This work was supported by the World Bank Urban and Disaster Risk Management Department under the overall guidance of Zoubida Allaoua, Sameh Wahba, and Ellen Hamilton.

Preparation of this book was funded by the Public-Private Infrastructure Advisory Facility (PPIAF) and the Cities Alliance. PPIAF is a multi-donor technical assistance facility aimed at helping developing countries improve the quality of their infrastructure through private sector involvement.

For more information on the facility, visit http://www.ppiaf.org. The Cities Alliance is a global partnership for urban poverty reduction and the promotion of the role of cities in sustainable development. The overall strategic objectives of the Cities Alliance are to support cities in providing effective local government, an active citizenship, and an economy characterized by both public and private investment. For more information on its activities, visit http://www.citiesalliance.org.

The publication of Financing Transit-Oriented Development with Land Values was managed by the World Bank’s Publishing and Knowledge Division under the supervision of Patricia Katayama and with the help of Mark Ingebretsen. Michael Alwan provided layout and graphics support.

The book was edited by Communications Development Inc., led by Bruce Ross-Larson and including Jonathan Aspin and Jack Harlow.

About the Authors Principal Authors Hiroaki Suzuki is the former lead urban specialist of the Urban and Resilience Management Unit of the Urban and Disaster Risk Management Department at the World Bank. Currently, he is a lecturer at the Graduate School of Engineering, University of Tokyo; the National Graduate Institute for Policy Studies (GRIPS); and the Graduate School of Politics, Hosei University. He has more than 30 years of operational experiences within the infrastructure and public sectors and at the World Bank and the Overseas Economic Cooperation Fund, Japan (now the Japan International Cooperation Agency [JICA]). He specializes in the areas of sustainable urban development, transport and land use integration, municipal finance, and innovative urban infrastructure financing. He is the lead author of Eco2 Cities: Ecological Cities as Economic Cities (2010); its implementation guide, Eco2 Cities Guide: Ecological Cities as Economic Cities (2012); and Transforming Cities with Transit: Transit and Land-Use Integration for Sustainable Urban Development (2013), all published by the World Bank.

He earned a master of science degree in management from the Massachusetts Institute of Technology (MIT) Sloan School of Management.

Jin Murakami is an assistant professor in the Department of Architecture and Civil Engineering at City University of Hong Kong. He specializes in the areas of transportation and economic development, development strategy and spatial planning in globalization, and public finance and land policy. His research focuses principally on spatial and financial matters to increase city-regions’ global competitiveness and local livability. He earned his PhD in city and regional planning from the University of California, Berkeley. He is a lead author, Working Group III, of chapter 12, “Human

–  –  –

CEPAC Certificate of Additional Construction Potential DDA Delhi Development Authority DMRC Delhi Metro Rail Corporation FAR floor area ratio HMR Hyderabad Metro Rail Ltd.

LVC land value capture MTR mass transit railway PPP public-private partnership R+P Rail Plus Property program implemented by MTR Corporation, Limited (Hong Kong SAR, China)

xiGlossary

Air right sale. One of the development-based LVC instruments. Governments sell development rights extended beyond the limits specified in land use regulations (e.g., FAR) or created by regulatory changes to raise funds to finance public infrastructure and services.

Bus rapid transit (BRT). High-quality bus-based services that mimic many of the features of high-capacity metrorail systems but at a fraction of the cost. Buses most closely resemble metrorail services when they operate on specially designated lanes or have physically separated lanes for their exclusive use. Grade separation of busways at critical intersections and junctures also expedites flows. BRT systems often include bus stations instead of stops to provide weather protection and allow passengers to pay before boarding.

Central business district (CBD). Areas where cities’ major businesses (financial institutions, stores, major convention and sport facilities, hotels, etc.) are concentrated. CBDs produce agglomeration economies.

Eminent domain. Regulatory power granted to governments or public agencies, which allows them to take private property for public projects or interests, subject to appropriate compensation.

Floor area ratio (FAR). Ratio of a building’s total floor area to the size of the land on which it is built. The higher the FAR, the higher the density. Also referred to as floor space ratio (FSR) or floor space index (FSI).

Greenfield development. New development that takes place on lands that were not previously developed as urban land including agricultural, rural, and unused land.

xiii xiv Glossary

–  –  –

Redevelopment/regeneration. Type of development that seeks to reinvest in already developed areas, typically targeting parcels that are underutilized (e.g., vacant or abandoned properties); often considered part of an economic development scheme.

Sprawl. Pattern of development characterized by uniform low density, lack of a distinctive core, poor accessibility, dependence on automobiles, and uncontrolled and noncontiguous land expansion.

State leasehold system. Land holding system under which lands are owned by the States and the lands are leased by the States to individuals or firms for a fixed duration, with lease fees and other conditions. The rights enjoyed by lessees can vary with specific lease conditions, but terms frequently allow for the right to assign the lease to another or allocate the residual value of the lease. Development and use rights are likely to be restricted by the States.

Transfer of development rights (TDR). Ability to effectively buy and sell “air rights” (i.e., rights to fully develop the maximum allotted vertical envelope— or “air space”—of properties) within the limit of their FAR allotment or the unused development rights that remain when a particular building does not use up its FAR allotment; typically applies only to certain parcels, and the rights often can only be transferred to specific “receiving” parcels.



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