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Journal of Transport and Land Use

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Published

2012-04-16

Issue

Vol. 5 No. 1 (2012)

Section

Articles

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How to Cite

Zhao, Z. J., Das, K. V., & Larson, K. (2012). Joint Development as a Value Capture Strategy in Transportation Finance. Journal of Transport and Land Use, 5(1), 5–17. https://doi.org/10.5198/jtlu.v5i1.142

Joint Development as a Value Capture Strategy in Transportation Finance

Zhirong Jerry Zhao

University of Minnesota

Kirti Vardhan Das

University of Minnesota

Kerstin Larson

University of Minnesota

DOI: https://doi.org/10.5198/jtlu.v5i1.142

Keywords: Transportation finance, value capture

Abstract

This article examines joint development as a value capture strategy for funding public transportation. We start from the concept of joint development, its rationale, a brief history, and the extent of its use. Joint development projects in Hong Kong, Taiwan, Tokyo, and Thailand are profiled, as well as domestic examples in Washington, DC, New York, NY, and Portland, OR, etc. Then we provide a framework to classify joint development models by ownerships (public or private) and by types of transaction (real property or development rights). Next, joint development is evaluated along four revenue criteria including efficiency, equity, sustainability and feasibility. Finally, we summarize the advantages and disadvantages of joint development as a transportation finance strategy, and provide recommendations for policy consideration or implementation.

Author Biographies

Zhirong Jerry Zhao, University of Minnesota

Assistant Professor, Humphrey Institute of Public Affairs

Kirti Vardhan Das, University of Minnesota

Research Assistant, Humphrey Institute of Public Affairs

Kerstin Larson, University of Minnesota

Research Assistant, Humphrey Institute of Public Affairs

Current Issue

The Journal of Transport and Land Use is published and sponsored by the University of Minnesota Center for Transportation Studies and is the official journal of the World Society for Transport and Land Use (WSTLUR).

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