The transfer of Tax Increment Financing (TIF) as an urban policy for spatially targeted economic development

Squires, Graham; Lord, Alexander

doi:10.1016/j.landusepol.2011.12.007

Cited by 46 publications

(18 citation statements)

References 27 publications

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“…Public private partnership [Orłowski 2011;Węgrzyn 2013], economic (enterprise) special zones [Goodhall 1985], value capture financing [Bassett 2009;Medda, Modelewska 2011;Squires 2012;Squires, Lord 2012] are deployed alongside 'gap financing' instruments. Several studies [OECD 2006;European Investment Bank 2013;World Bank 2014] underline the importance of infrastructural investment for economic growth and development.…”

Section: Introduction -Study Justification Aim Methodologymentioning

confidence: 99%

The impact of financing strategies on efficiency of a municipal development project / Wpływ strategii finansowania na opłacalność gminnego projektu deweloperskiego

Wojewnik‐Filipkowska¹

2016

Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu

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Section: Introduction -Study Justification Aim Methodologymentioning

confidence: 99%

The impact of financing strategies on efficiency of a municipal development project / Wpływ strategii finansowania na opłacalność gminnego projektu deweloperskiego

Wojewnik‐Filipkowska¹

2016

Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu

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“…Also levied in specific areas, the Tax Increment Financing (TIF) enables local authorities to borrow against its revenues for the financing of new transit-based urban projects. It has been a popular tool in the US (291 TIF districts in 51 cities in 2007, according to Medda, 2012); after receiving a ‘trans-Atlantic conversion’ (Squires and Lord, 2012), it has become one of the funding channels of the London Crossrail project. Tax and fee-based instruments, however, have been adopted in very few countries, and generally cover a minor portion of the total cost of infrastructure (Chapman, 2017).…”

Section: Transport Finance Lvc and Urban Governancementioning

confidence: 99%

The political economy of transit value capture: The changing business model of the MTRC in Hong Kong

Aveline-Dubach

Blandeau²

2019

Urban Studies

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The mechanism of land value capture (LVC) for financing urban transport, which supports the cost of transit infrastructure through the revenues of land and property, has generated a substantial body of research. However, the literature on transit-related LVC has paid little attention to the politics and strategies of value capture. This article intends to shift the focus towards the governance of LVC, based on the case study of the Mass Transit Railway Corporation (MTRC) in Hong Kong. It argues that the evolving balance of power within Hong Kong’s growth coalition has entailed a transformation of the MTRC’s business model, prompting the transit agency to shift from the development of new real estate projects to the management of existing property assets. This work provides empirical evidence of an emerging ‘management-based’ value capture strategy, which is adapted to steady or slow growing urban contexts.

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“…a levy agreement) (Crook and Whitehead, 2002;Squires and Hall, 2013;Squires, 2013;Monk et al, 2005). Whilst similarly we see risk generated by housing policy trends encouraging riskier monetary instrument use, such as through Tax Increment Financing (TIF) (Squires and Lord, 2012;Squires and Hutchison, 2014) and Infrastructure Finance Bonds (IFB) that connects to housing policy . The latter monetary instruments centre on a principle of taking wants and needs now, rather than in the futurei.e.…”

Section: Driver 2 -Fiscal To Monetary Approaches -As Innovation?mentioning

confidence: 99%

Towards Financial Risk and Housing Policy Trends

Squires¹

2018

25th Annual European Real Estate Society Conference

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Institutions providing access to housing in all tenures have become further entrenched and exposed to financial risk. Literature on housing policy trends and financial risk cover drivers such as liberalisation, monetary approaches, innovation, political commitment, and asset management. A conceptual model is put forward for framing housing policy trends that engage with financial risk (what risk and whose risk)tested against national cases of United States, China, United Kingdom and New Zealand. Secondary literature findings for the New Zealand case show that there is tendency to focus on the downside financial risk of known probabilities, rather than seek out unknown upside financial risks that may have escaped detection. Furthermore, it is argued that contemporary housing policy trends have incentivised institutions to take on greater financial risk. Further empirical work will generate primary data to quantitatively model in the New Zealand case, what and why there is financial risk, and institutional responses to housing policy trends.

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The transfer of Tax Increment Financing (TIF) as an urban policy for spatially targeted economic development

Cited by 46 publications

References 27 publications

The impact of financing strategies on efficiency of a municipal development project / Wpływ strategii finansowania na opłacalność gminnego projektu deweloperskiego

The impact of financing strategies on efficiency of a municipal development project / Wpływ strategii finansowania na opłacalność gminnego projektu deweloperskiego

The political economy of transit value capture: The changing business model of the MTRC in Hong Kong

Towards Financial Risk and Housing Policy Trends

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