Unlocking Land Values for Urban Infrastructure Finance (Trends and Policy Options (Ppiaf))

CONTENTS......Page 6
FOREWORD......Page 10
ACKNOWLEDGMENTS......Page 14
ABOUT THE AUTHOR......Page 16
ABBREVIATIONS......Page 18
OVERVIEW......Page 20
1. INTRODUCTION TO LAND-BASED FINANCING OF URBAN INFRASTRUCTURE......Page 36
Subject of the Book......Page 37
Land-Based Infrastructure Finance and Public-Private Partnership......Page 45
The Risks of Land-Based Financing......Page 46
Organization of the Book......Page 48
2. LINKING PRINCIPLES TO LAND-FINANCE INSTRUMENTS: DEVELOPED-COUNTRY EXPERIENCE......Page 50
Benefit Capitalization and Value Capture......Page 51
Developer Exactions and Impact Fees......Page 64
Land Asset Management and Land Sales......Page 67
Lessons for Land Asset Management......Page 69
3. LAND-BASED INFRASTRUCTURE FINANCE IN DEVELOPING COUNTRIES......Page 74
Developer Investment in Infrastructure: New Cities in Cairo, Egypt......Page 75
Betterment Levies: Bogotá and Cali, Colombia......Page 80
Value Capture via Land Sale for Major Projects: China and India......Page 83
Sale of Development Rights: São Paulo, Brazil......Page 95
Developer Exactions and Impact Fees: Santiago, Chile......Page 96
4 BALANCE SHEET ADJUSTMENTS AND LAND ASSET MANAGEMENT......Page 100
Converting Municipally Owned Land to Municipal Infrastructure......Page 101
Municipal and State Land Sales: Istanbul, Turkey......Page 103
Transnet: Sale of the Victoria and Albert Waterfront in South Africa......Page 105
Mumbai Metropolitan Regional Development Authority: Bandra-Kurla Complex in Mumbai, India......Page 109
Land Auctions at the Urban Fringe: Cairo, Egypt......Page 114
Fort Bonifacio Land Sale and Development: Metro Manila, the Philippines......Page 117
5 CONCLUSIONS, RECOMMENDATIONS, AND REFLECTIONS......Page 122
Opportunities for Public Policy......Page 125
Risks and Limitations to Land Financing......Page 129
REFERENCES......Page 132
INDEX......Page 138
BOX 2.1 New Town Land Financing in Orestad, Denmark......Page 53
BOX 2.2 Implementation of Betterment Levies in Poland and in Sydney, Australia......Page 58
BOX 2.3 Land Finance and the Reconstruction of Paris......Page 62
BOX 2.4 Impact Fee System in Phoenix, Arizona......Page 66
BOX 2.5 World Trade Center and Infrastructure Investment, Port Authority of New York and New Jersey......Page 70
BOX 3.1 Madinaty: Infrastructure Development through Public-Private Partnership in New Cairo, Egypt......Page 79
BOX 3.2 Proposed Valorización Program in Cali, Colombia......Page 84
TABLE 1 Magnitude of Land Financing in Select Projects of Developing Countries......Page 22
TABLE 2 Land-Financing Instruments......Page 33
TABLE 1.1 Representative Capital Budget......Page 38
TABLE 1.2 Land-Value Gains and Infrastructure Costs in Recife, Brazil......Page 42
TABLE 2.1 Composition of Municipal Assets in Dallas, Texas......Page 68
TABLE 3.1 Share of Valorización in Municipal Revenues in Bogotá and Cali, Colombia, 1980–90......Page 81
TABLE 3.2 Urban Airport Investment in India......Page 88
TABLE 3.3 Rules for the Acquisition and Resale of Public Land in Select Asian Locations......Page 91
TABLE 4.1 Importance of Land Assets in Changsha, Hunan Province, China, 2002......Page 102
TABLE 4.2 Public Property Sales in Istanbul, Turkey, 2003–07......Page 104
TABLE 4.3 Summary of the Project to Sell Victoria and Albert Waterfront in South Africa......Page 106
TABLE 4.4 Summary of the Bandra-Kurla Complex Project in Mumbai, India......Page 111
TABLE 4.5 Land Sales by Mumbai Metropolitan Regional Development Authority at Bandra-Kurla Complex in Mumbai, India......Page 112
TABLE 4.6 Summary of the Land Auction Project in Cairo, Egypt......Page 116
TABLE 4.7 Summary of the Fort Bonifacio Land Sale and Development in Metro Manila, the Philippines......Page 118
TABLE 5.1 Magnitude of Land Financing in Select Projects of Developing Countries......Page 123
TABLE 5.2 Land-Financing Instruments......Page 127