Abstract
Value capture seeks to generate revenue by extracting a portion of the gains in the value of land that result from improvements to transportation networks. In this paper we identify value capture strategies, including land value taxes, tax increment financing, special assessments, transportation utility fees, development impact fees, negotiated exactions, joint development, and air rights. We evaluate each of the policies according to four criteria: efficiency, equity, sustainability, and feasibility. The value capture concept is placed within a more general framework of transportation finance that emphasizes the relationship between different types of charges and groups of beneficiaries from transportation investments.