What are some typical value capture techniques?
• Air Rights – Air rights are a form of value capture that involves the establishment of development rights above a transportation facility that generates an increment in land value. Similar to joint development, air right agreements provide a relatively small amount of revenue. However, they can provide some or all of the initial capital costs for a specific project. • Development Exactions – These are requirements, for example in the form of fees or provisions to construct infrastructure, placed on a developer to offset the public cost of development as a condition for municipal approval. • Joint Development – This arrangement between a public entity and a private developer allows for the development of certain asset to the benefit of both, often the adjacent land or property of a transit facility or highway corridor. In many cases, these developments occur on federally funded land. A private partner either provides the facility itself or makes a financial contribution to offset its
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