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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.
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.
"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.
Developing Asia's demand for high-quality, integrated infrastructure requires a steady but equitable supply of land. However, obtaining rights over land can be complicated by hurdles imposed by geography, settlement patterns, conflicting cultures, sociopolitical factors, and land use problems unique to each country. This timely volume identifies policies that can balance the rights and interests of first nations' peoples, informal settlers, and rural landowners against the development imperatives of land procurement for the greater public good. It provides instructive case studies of the state of Asian land registration, eminent domain, and redevelopment in situations of vulnerable communities. The collected chapters also propose and assess some promising models that might be customized to local conditions, such as long-term land leasing with options to buy. This is a companion volume to ADBI Press' pioneering series of titles (all available through Brookings Press)--Infrastructure for a Seamless Asia; Financing Infrastructure in Asia and the Pacific: Capturing Impacts and New Sources; and Principles of Infrastructure: Case Studies and Best Practices. This volume will be of interest to policymakers, practitioners, academics, and students.
The report examines a variety of specific instruments and applications in municipalities throughout the region under three categories: property taxation and betterment contributions; exactions and other direct negotiations for charges for building rights or the transfer of development rights; and large-scale approaches such as development of public land through privatization or acquisition, land readjustment, and public auctions of bonds for purchasing building rights. It concludes with a summary of lessons learned and recommends steps that can be taken in three spheres: Learn from Implementation Experiences Increase Knowledge about Theory and Practice Promote Greater Public Understanding and Participation
A firm premise of urban redevelopment is the need for public action to deal with the practical problems of urban land assembly: numerous small parcels, fragmented ownership, and balkanized derivative interests, all of which hinder spontaneous market-driven transformations. Relying on the process of eminent domain to assemble land has been the stalwart convention of urban revitalization as practiced in the U.S. during the decades following World War II. Nonetheless, the use of eminent domain powers is fraught with obvious political problems. Because it is politically unpopular, public officials typically use it only as a last resort, and they are on the defensive from the first announcement of condemnation intentions. Because it is inherently controversial, ensuing litigation inevitably delays projects, sometimes terminally so. While government often prevails in judicial contests of condemnation, the process is not without its costs, as evident in the Kelo case, which intensified rather than diminished the controversy in the court of public opinion. Given that the condemnation process is so cumbersome and costly, inherently litigious, and full of political risks, what other policy options exist to effectuate public ambitions that call for land assembly? In particular, what is the applicability of land readjustment schemes to public/private redevelopment projects commonly pursed in U.S. cities today? In this paper I explore the lessons learned from the redevelopment of Times Square at 42nd Street, where 13 acres of prime, if blighted, land was assembled by the customary method of condemnation. This experience vividly argues for a more efficient strategy, though in such large-scale redevelopment project where issues of overall control and the redefinition of land uses are often paramount, land readjustment schemes may be difficult to apply. Land readjustment, however, may be a useful mechanism to rationalize land-use patterns in failed subdivisions, obsolete cooperative apartment houses, older inner-city suburbs or neighborhoods blighted by failed projects of any kind. In these situations, land readjustment is potentially a much more efficient process than governmental site ownership precisely because the original owners are retained as participants, thereby eliminating the need for an Request-For-Proposal (RFP) process to choose redevelopers. The process creates either salable publicly owned parcels or public improvements, both potentially at no cost to the public, while at the same time improving property values and thus, the tax base. Land readjustment schemes are complex. They require large up-front expenditures of time and cost, tricky valuations of contributed interests and determinations of cost-equivalent land, and holdouts; in addition, the length of time it takes to execute a readjustment scheme defines owners' opportunity cost of pooling their land interests. To discuss the application of a land-readjustment model to urban land assembly for public/private redevelopment, I review three core policy issues (the creation of new economic interests, the balance of public objectives and private interests, and the implications for public finance of a voluntary land-pooling system) and discuss the perceived difficulties arising from the politics of development opposition and the fragmented character of city property markets. Where these politics obstacles are not dominant, land readjustment schemes hold greater potential application. In particular, the model of a joint-stock development corporation holds much promise in cities and states where the politics of development are less fractious and more consensual.