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NYC 9/11 Public Portal Document

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estate taxes, or from taxes on value increments (land value only, or on land plus already existing improvements), or from taxes on transfers of real property as lump sum, or by tax increment financing o special benefit assessments or assessment districts; applied across-the-board, may include linkage programs o developer fees; imposed as a lump sum or recurring on a phased-in formula basis o negotiated exactions: monetary, contributions or in-lieu of fees negotiated on a project-specific basis, often with bonuses offered in exchange Value capture financing is to be distinguished from cost­ sharing or cost recovery financing which can take the form of lease arrangements with private developers for operations or maintenance of system facilities, or negotiated agreements to share or recover the initial cost of publicly providing a benefit-generating improvement. These approaches do not necessarily reflect the value or incidence of the surplus benefit created by the transit improvement. It should be noted, however, that value capture financing need not be limited solely to private property. Publicly owned land adjacent to transit stations or well situated in transit corridors will also benefit from transit improvements. Increases in the sales value or redevelopment potential of such property can be figured into the value capture.

Transport Impact Studies for the Regional Plan Association

When the first Regional Plan for New York and Its Environs was still in its planning stages, Regional Plan Association received a memorandum from Columbia University economist Robert Murray Haig. Haig proposed a most remarkable (and generally forgotten) approach to making an urban plan. He suggested that the plan be drawn on a scientific basis, so as to minimize the total cost of transportation and land rent for the households and businesses located in the Region. This proposal is remarkable because it called for a global optimization of the costs and benefits of a plan, many years before such an idea was even widely discussed, let alone actively considered. It is also remarkable because Haig apparently had no conception of the difficulty of solving such a problem, even if it could be more accurately formulated. Mathematical programming and the widespread use of computers were still thirty and more years in the future. In the final analysis, Haig’s contribution to the plan was a much more modest analysis of locational trends in selected industries.

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