Unlocking Land Values to Finance Urban Infrastructure

by George E. Peterson

Overview

Land-based financing of urban infrastructure is growing in importance in the developing world. Why is it so difficult to finance urban infrastructure investment, when land values typically increase by more than the cost of investment?

Product Details

BN ID:	2940000195079
Publisher:	World Bank Publications
Publication date:	10/30/2008
Sold by:	Barnes & Noble
Format:	eBook
File size:	1 MB

Table of Contents

Foreword ix

Acknowledgments xiii

About the Author xv

Abbreviations xvii

Overview 1

1 Introduction to Land-Based Financing of Urban Infrastructure 17

Subject of the Book 18

Land-Based Infrastructure Finance and Public-Private Partnership 26

The Risks of Land-Based Financing 27

Organization of the Book 29

2 Linking Principles to Land-Finance Instruments: Developed-Country Experience 31

Benefit Capitalization and Value Capture 32

Developer Exactions and Impact Fees 45

Land Asset Management and Land Sales 48

Lessons for Land Asset Management 50

3 Land-Based Infrastructure Finance in Developing Countries 55

Developer Investment in Infrastructure: New Cities in Cairo, Egypt 56

Betterment Levies: Bogota and Cali, Colombia 61

Value Capture via Land Sale for Major Projects: China and India 64

Sale of Development Rights: Sao Paulo, Brazil 76

Developer Exactions and Impact Fees: Santiago, Chile 77

4 Balance Sheet Adjustments and Land Asset Management 81

Converting Municipally Owned Land to Municipal Infrastructure 82

Municipal and State Land Sales: Istanbul, Turkey 84

Transnet: Sale of the Victoria and Albert Waterfront in South Africa 86

Mumbai Metropolitan Regional Development Authority: Bandra-Kurla Complex in Mumbai, India 90

Land Auctions at the Urban Fringe: Cairo, Egypt 95

Fort Bonifacio Land Sale and Development: Metro Manila, the Philippines 98

5 Conclusions, Recommendations, and Reflections 103

Opportunities for Public Policy 106

Risks and Limitations to Land Financing 110

References 113

Index 119

Boxes

2.1 New Town Land Financing in Orestad, Denmark 34

2.2 Implementation ofBetterment Levies in Poland and in Sydney, Australia 39

2.3 Land Finance and the Reconstruction of Paris 43

2.4 Impact Fee System in Phoenix, Arizona 47