David King discusses the potential for better understanding how to implement value capture by studying "value capture gone wrong," including several examples of transit value capture. The folks at the Bacon's Rebellion blog point out the attractiveness of value capture funding over other methods of transportation finance. Bruce Katz at Brookings suggests that value capture can fill gaps in local government budgets that will be created by the pullback in federal spending.
It was a few years ago that UTA got the authority to conduct several pilots where the transit agency co-invested with developers on projects occurring on agency-owned land. In my interviews with the staff there, they informed me that it took a whole new skill set at the transit agency to assess the risks and form the partnerships. At the time, they were still waiting to assess the results. Perhaps the results are in. UTA is seeking the authority to invest in five more projects along their rail lines.
Another blog post from the folks at Strongtowns focuses on the political economy of transportation funding and demonstrates the organization's philosophical leaning toward value capture.
One last observation on the current approach: it has long astonished me that we culturally abhor the concept of value capture. When my hometown was bypassed, Mn/DOT made millionaires out of a number of people who had done nothing but have the good fortune to inherit land at key spots along the chosen corridor. Did we, in our desperate lack of funds, ask for even a tiny portion of that wealth back to pay for the improvements that created their good fortune? Of course not.
Value capture conversations are always happening! For example, here is a podcast conversation between Rick Rybeck and the folks at StrongTowns talking about local infrastructure investment. Rick and his father, Walter, both advocate for land value capture. Walter Rybeck has written on transit value capture since the 1970's when he was focused on land value capture around Metrorail projects in the Washington D.C. region (for example, here is a piece reprinted online) . This father-son duo is a great source of interesting conversations about transit value capture.
Ian Carlton is a transportation and land use expert specializing in transit-oriented development (TOD). He helps clients - including transit agencies, planning departments, and landowners - optimize real estate development around transit.
Special thanks to Burt Gregory at Mithun for permission to use the Portland Streetcar image above.