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In this book, the authors argue for instigated property exchange--a concept applied in a land-assembly method commonly known in the literature as land readjustment.
The land readjustment method of land assembly has an extensive international history, but is virtually unknown to professional planners and real estate developers in the United States. Its potential benefits are many. It promises to produce efficient development patterns, maximize value creation, minimize population displacement, fund the construction of project-related infrastructure and public facilities and protect the rights of property owners. Decades of experience in Japan and Germany, among other countries, have shown land readjustment to be a flexible tool adaptable to many development scenarios and cultural contexts. As part of a joint effort with planners from the Metropolitan Area Planning Council (MAPC), the regional planning body serving the 101 cities and towns of Metropolitan Boston, this investigation seeks to provide insight into the financial economics of land readjustment and to provide guidance on how the tool could be employed in Massachusetts. A case is made for the use of land readjustment in urban redevelopment scenarios in Massachusetts. As socio-demographic changes put pressure on our urban cores, the need for strategic redevelopment of urbanized areas will be reinforced. The land readjustment mechanism can simultaneously address the needs of affected communities and the development goals of the municipality in a consensus-based environment. This investigation uses the Four Corners area of Dorchester in Boston as a hypothetical case study for land readjustment in an urban redevelopment context. A comparative financial analysis is produced to contrast the net economic benefits created by a conventional piecemeal land assembly with as-of-right development to those created by a comprehensive land readjustment process through which community development goals are achieved. The investigation concludes with a discussion of the distribution of these economic benefits. The financial analysis tool created by the researcher is provided in the accompanying spreadsheet.
"Attention to value capture as a source of public revenue has been increasing in the United States and internationally as some governments experience declines in revenue from traditional sources and others face rapid urban population growth and require large investments in public infrastructure. Privately funded improvements by land-owners can increase the value of their land and property. Public actions, such as investments in infrastructure, the provision of public services, and planning and land use regulation, can also affect the value of land and property. Value capture is a means to realize as public revenue some portion of that increase in value through various revenue-raising instruments. This book, based on the Lincoln Institute of Land Policy's sixth annual land policy conference in May 2011, examines the concept of value capture, its forms, and applications. The first section, on the conceptual framework and history of value capture, reviews its relationship to compensation for partial takings; the long history of value capture policies in Britain and France; and the remarkable expansion of tax increment financing in California. The second section reviews the application of particular instruments of value capture, including the conversion of rural to urban land in China, town planning schemes in India, and community benefit agreements. The third section focuses on ends instead of means and examines the use of value capture by community land trusts to provide affordable housing, the use of land development to finance transit, and the use of various fees to fund airports. The final section explores potential extensions of value capture mechanisms to tax-exempt nonprofits and to the management of state trust lands in the United States."--Publisher's website.
Regenerating Urban Land draws on the experience of eight case studies from around the world. The case studies outline various policy and financial instruments to attract private sector investment in urban regeneration of underutilized and unutilized areas and the requisite infrastructure improvements. In particular, each case study details the project cycle, from the scoping phase and determination of the initial amount of public sector investment, to implementation and subsequent leveraged private-sector funds. This manual analyzes rates of return on the investments and long-term financial sustainability. Regenerating Urban Land guides local governments to systematically identify the sequence of steps and tasks needed to develop a regeneration policy framework, with the participation of the private sector. The manual also formulates specific policies and instruments for expanding private sector participation; structuring effective administrative and legal frameworks; utilizing land readjustment/assembly methods; determining duration of contracts, adequate phasing, and timeline; and balancing the distribution of risk and sustainability measures.
In dealing with scarce land, planners often need to interact with, and sometimes confront, property right-holders to address complex property rights situations. To reinforce their position in situations of rivalrous land uses, planners can strategically use and combine different policy instruments in addition to standard land use plans. Effectively steering spatial development requires a keen understanding of these instruments of land policy. This book not only presents how such instruments function, it additionally examines how public authorities strategically manage the scarcity of land, either increasing or decreasing it, to promote a more sparing use of resources. It presents 13 instruments of land policy in specific national contexts and discusses them from the perspectives of other countries. Through the use of concrete examples, the book reveals how instruments of land policy are used strategically in different policy contexts.
The European Academy of Land Use and Development (EALD) organizes annual symposiums on topics related to the interactions between people and the land in both rural and open environment. This book contains articles of experts from 14 different European countries with different professional background. It covers the following generalized topics: Interactions between landscape transformation and the structure of social systems and ecosystem services - the role of institutions and stakeholders in land use change - the various impacts of land use changes - coordination requirements in land use planning - approaches to address specific challenges in land management - stumbling blocks of integral land management.