Assessing Value Capture Risks: A Primer

March 2022

TABLE OF CONTENTS

LIST OF FIGURES

LIST OF TABLES

LIST OF BOXES

« PreviousNext »

References

1. Federal Highway Administration. Value Capture: Capitalizing on the Value Created by Transportation. Value Capture Implementation Manual. Washington, DC: U.S. Department of Transportation, 2019.

2. Irwin, T. Government Guarantees: Allocating and Valuing Risk in Privately Financed Infrastructure Projects. s.l.: The World Bank. Washington DC, 2007.

3. Molenaar, Keith, Anderson, Stuart and Schexnayder, Cliff. Guidebook on Risk Analysis Tools and Management Practices to Control Transportation Project Costs. Washington, D.C.: National Cooperative Highway Research Program, 2010. NCHRP Report 658.

4. Aldrete Sanchez, Rafael M., Tucker, Richard L. and McCullough, B. Frank. Feasibility Evaluation Model for Toll Highways. Austin: Southwest Region University Transportation Center, 2005. SWUTC/05/467502-1.

5. HM Treasury. The Orange Book: Management of Risk - Principles and Concepts. Guidance: Orange Book. [Online] 2020. [Cited: September 25, 2021.] https://www.gov.uk/government/publications/orange-book.

6. Federal Highway Administration. Guidebook for Risk Assessment in Public Private Partnerships. 2013.

7. National Research Council. The Owner's Role in Project Risk Management. Washington, DC: The National Academies Press, 2005.

8. Walewski, John and Gibson, G. Edward. International Project Risk Assessment: Methods, Procedures, and Critical Factors. Austin: Center Construction Industry Studies, The University of Texas at Austin, 2003.

9. Aldrete, Rafael M., et al. Tools for Port TRZs and TRZs for Multimodal Applications. 2017. Report 0-6890-1.

10. Dorozik, Leon, StrÄ…k, Tomasz and MiciuÅ‚a, Ireneusz . Risk Assessment Methodology in Public Financial Institutions. [ed.] Jorge Rocha, Sandra Oliveira and César Capinha. Risk Management and Assessment. s.l.: IntechOpen, 2020.

11. Duca, John. Subprime Mortgage Crisis: 2007-2010. Federal Reserve History. [Online] Federal Reserve Bank, November 22, 2013. [Cited: September 28, 2020.] https://www.federalreservehistory.org/essays/subprime-mortgage-crisis.

12. TIF Reform Task Force. Final Report of the TIF Reform Task Force. Springfield: Illinois General Assembly, 2018.

13. The Housing Crisis, Foreclosures, and Local Tax Revenues. Alm, James and Leguizamo, Sebastian. s.l.: Elsevier Science Direct, 2018, Regional Science and Urban Economics, Vol. 70, pp. 300-311. ISSN 0166-0462.

14. Congressional Research Service. COVID-19 and the U.S. Economy. Congressional Research Service Reports. [Online] May 11, 2021. [Cited: September 28, 2020.] https://crsreports.congress.gov/product/pdf/R/R46606. R46606.

15. Siripurapu, Anshu. The Economic Effects of Working From Home. Council on Economic Relations. [Online] Council on Economic Relations, July 16, 2020. [Cited: September 28, 2021.] https://www.cfr.org/in-brief/economic-effects-working-home.
16. Standard & Poors Dow Jones Indices. S&P CoreLogic Case-Shiller Home Price Indices. S&P Down Jones Indices. [Online] S&P Global. [Cited: September 29, 2021.] https://www.spglobal.com/spdji/en/index-family/indicators/sp-corelogic-case-shiller/sp-corelogic-case-shiller-composite/#overview.

17. Yarbrough, J. INSIGHT: Covid-19 Fallout Could Lead to Lower Commercial Property Taxes. [Online] July 14, 2020. https://news.bloombergtax.com/daily-tax-report-state/insight-covid-19-fallout-could-lead-to-lower-commercial-property-taxes.

18. Greg, David. Unpaid Property Taxes Leap in New York City as Tenants and Landlords Struggle. [Online] August 27, 2021. https://www.thecity.nyc/2021/2/23/22298066/unpaid-property-taxes-new-york-city-tenants-landlords-covid.

19. Carroll, Peter. Sizing the Risk of Property Tax Revenue Disruption to Municipalities. [Online] May 4, 2020. https://www.corelogic.com/intelligence/buy-stories/sizing-the-risk-of-property-tax-revenue-disruption-to-municipalities/.

20. DeLisle, James R. Fundamentals of Real Estate: A Behavioral Approach - Chapter 4: Real Estate Risk Management. Personal website of Professor James R. DeLisle, Ph.D. [Online] [Cited: September 20, 2021.] https://jrdelisle.com/jrd_text/.

21. Texas Comptroller of Public Accounts. Texas Property Tax Assistance Property Classification Guide. s.l.: Texas Comptroller of Public Accounts, 2014.

22. Mueller, Glenn R. Predicting Long-Term Trends and Market Cycles in Commercial Real Estate (No. 388). s.l.: Wharton School Samuel Zell and Robert Lurie Real Estate Center, University of Pennsylvania, 2001.

23. Wieland, David. Assessing Three Types of Risk In Real Estate. Forbes. [Online] Forbes, August 5, 2020. [Cited: October 25, 2021.] https://www.forbes.com/sites/forbesrealestatecouncil/2020/08/05/assessing-three-types-of-risk-in-real-estate/?sh=76dd141e6a30.

24. Urban Land Institute (ULI). The Cap at Union Station. ULI Development Case Studies. 2005.

25. —. Union Station Los Angeles, California, A Strategy for Renewing the Union Station District. 2011.

26. Chen, James. Investopedia. Rust Belt. [Online] September 20, 2021. [Cited: November 3, 2021.] https://www.investopedia.com/terms/r/rust-belt.asp.

27. Shvili, Jason. WorldAtlas. Rust Belt States. [Online] July 7, 2021. [Cited: November 3, 2021.] https://www.worldatlas.com/geography/rust-belt-united-states.html.

28. McClelland, Edward and McClelland, Ted. Nothin' But Blue Skies: The Heyday, Hard Times, and Hopes of America's Industrial Heartland. s.l.: Bloomsbury Publishing USA, 2013.

29. Millsap, Adam A. Forbes. The Rust Belt Didn't Adapt and It Paid the Price. [Online] January 9, 2017. [Cited: November 04, 2021.] https://www.forbes.com/sites/adammillsap/2017/01/09/the-rust-belt-didnt-adapt-and-it-paid-the-price/?sh=301072a67a3d.

30. Troncale, Bernard. WHICH WAY FORWARD? AL.com. March 29, 2019, 2019.

31. Competitive Pressure and the Decline of the Rust Belt: A Macroeconomic Analysis. Alder, Simeon, Lagakos, David and Ohanian, Lee. w20538, Cambridge, MA : National Bureau of Economic Research, 2014.

32. City of Phoenix. Annual Development Impact Fee Report FY 2019-20 (Pre-Audit). City of Phoenix. [Online] September 11, 2020. [Cited: April 2, 2021.] https://www.phoenix.gov/pddsite/Documents/Impact%20Fee%20Report%20FY%202019-20.pdf.

33. Federal Highway Administration. Capital Improvement Programming: Using Value Capture to Fund Transportation Capital Improvements. 2021. Report No. FHWA-HIN-21-002.

34. Aldrete, Rafael M., et al. Transportation Reinvestment Zones: Texas Legislative History and Implementation. s.l.: Transportation Policy Researh Center, Texas A&M Transportation Institute, 2016. PRC 15-36 F.

35. Federal Highway Administration. Transportation Reinvestment Zones: Using Value Capture to Fund Transportation Capital Improvements. Federal Highway Administration. Washington, DC: Federal Highway Administration, 2021.

36. Billings, Randy. Portland Buses to Display Marijuana Ads Despite Objections. Portland Press Herald. October 2, 2013.

37. Nelson, Laura J. Transit Officials Backtrack on Controversial Policy to Sell Naming Rights for Metro Stations. Los Angeles Times. February 27, 2017.

38. Cervero, Robert, Ferrell, Christopher and Murphy, Steven. Transit-Oriented Development and Joint Development in the United States: A Literature Review. [Online] 2002. http://onlinepubs.trb.org/onlinepubs/tcrp/tcrp_rrd_52.pdf. TCRP research results digest, (52).

39. Doty, Mark. Unbuilt Dallas. American Institute of Architects Dallas. [Online] [Cited: September 10, 2021.] https://www.aiadallas.org/v/columns-detail/Unbuilt-Dallas/qj/.
40. López-Ghio, Ramiro, Salazar Echavarría, Carlos and Schloeter, Luis. Tax Increment Financing for Urban Projects. An Alternative to Fund Infrastucture in Latin American Cites? s.l.: Inter-American Development Bank, 2020. IDB-MG-672.

41. Minnesota Legislature. Minnesota House Research Department. The But-For Test. [Online] October 2015. [Cited: October 7, 2021.] https://www.house.leg.state.mn.us/hrd/issinfo/tif/butfor.aspx.

42. Does Chicago’s Tax Increment Financing (TIF) Program Pass the ‘But-For’ Test? Job Creation and Economic Development Impacts Using Time-Series Data. Lester, William T. 4, s.l.: Urban Studies, 2014, Vol. 51.

43. Merriman, David. Improving Tax Increment Financing (TIF) for Economic Development. s.l.: Lincoln Institute of Land and Policy, 2018. ISBN 978-1-55844-378-5.

44. Atlanta BeltLine. The Atlanta BeltLine 2030 Strategic Implementation Plan : FINAL REPORT. Atlanta: City of Atlanta, 2013.

45. Large Redevelopment Initiatives, Housing Values and Gentrification: The Case of the Atlanta Beltline. Immergluck, Dan. 8, s.l.: SAGE Publishing, 2009, Urban Studies Journal, Vol. 46, pp. 1723-1745.

46. Atlanta BeltLine, Inc. Affordable Housing. [Online] 2021. [Cited: September 30, 2021.] https://beltline.org/category/programs/affordable-housing-programs/.

47. Bates, Lisa K. Gentrification and Displacement Study: Implementing an Equitable Inclusive Development Strategy in the Context of Gentrification. Urban Studies and Planning Faculty Publications and Presentations. [Online] May 2013. [Cited: November 12, 2021.] https://doi.org/10.15760/report-01.

48. Federal Highway Administration. Frequently Asked Questions – Transportation Reinvestment Zones and Tax Increment Reinvestment Zones. Value Capture: Capitalizing on the Value Created by Transportation. [Online] July 2020. [Cited: May 1, 2021.] https://www.fhwa.dot.gov/ipd/value_capture/defined/value_cap_faq_tr_tir_zones.aspx.

49. McRae, Dan. Quick Takes: TADs–What to Do After the BeltLine Case. [Online] Seyforth Shaw Attorneys LLP, February 21, 2008. [Cited: October 1, 2021.] https://www.danmcrae.com/quicktakes/qt_08-feb21.pdf.

50. Department of Planning and Development. Tax Increment Financing, Program Guide. s.l.: City of Chicago, 2020.

51. Jacobs, Joel. How Chicago’s Controversial TIF Program Took Over a Third of the City. MEDILL Reports Chicago. [Online] Northwestern University, February 22, 2020. [Cited: November 12, 2021.] https://news.medill.northwestern.edu/chicago/how-chicagos-controversial-tif-program-took-over-a-third-of-the-city/.

52. Kerth, Rob and Meiffren, Celeste. Cleaning up Tax Increment Financing, Rethinking Chicago’s Troubled Redevelopment Program. s.l.: Illinois PIRG Education Fund, 2012.

53. Tax Increment Financing Reform Panel. Findings and Recommendations for Reforming the Use of Tax Increment Financing in Chicago: Creating Greater Efficiency, Transparency and Accountability. s.l.: City of Chicago, 2011.

54. City of Chicago. Mayor Lightfoot Announces Major Reforms to the City’s Approach to Allocating Tax Increment Financing (TIF) Funds. Chicago: Office of the Mayor. [Online] City of Chicago, February 5, 2020. [Cited: November 13, 2021.] https://www.chicago.gov/city/en/depts/mayor/press_room/press_releases/2020/february/TIFReforms.html.

55. Texas Department of Transportation. Local Government Project Management Guide. Texas Department of Transportation. [Online] August 19, 2021. [Cited: November 12, 2021.] https://ftp.txdot.gov/pub/txdot/lgp/procedures/guide.pdf.

56. Construction Industry Institute. Pre-project Planning Handbook. Austin: Construction Industry Institute, 1995. CII Special Report.

57. Federal Highway Administration. Value Capture: Making the Business and Economic Case - A Primer. Washington, DC: U.S. Department of Transportation, 2021.

58. Dregne, Matthew P. Managing the Risks of Tax Increment Financing. The Municipality Magazine. June, 2018.

59. Protecting Low Income Residents During Tax Increment Financing Redevelopment. Erickson, Kristen. s.l.: WASH. U. J. L. & POL’Y 203, 2011, Vol. 36.

60. Dworkin, Julie. Tax Increment Financing (TIF) Funding and Affordable Housing: An Analysis of Current Tax Increment Financing Resources and City of Chicago TIF-Funded Housing 1995-2008. s.l.: Chicago Coalition for the Homeless, 2009.

61. Dabrowski , Ted and Klingner, John. Chicago Tax Increment Financing Districts Take Nearly $500 Million in Yearly Tax Revenues Away from Other Local Governments. s.l.: Illinois Policy Institute, 2017.

62. Atlanta BeltLine, Inc. Atlanta BeltLine. A Committed Team Making the Vision a Reality. [Online] 2021. [Cited: September 7, 2021.] https://beltline.org/atlanta-beltline-inc-team/.

63. Arizona State Legislature. 9-463.05.

64. Frost, Douglas and Dovalina, Ray. City of Phoenix Impact Fees. January 22, 2021.

65. Aldrete, Rafael M. Capturing the Value of Transportation to Finance Transportation: Case Studies from Texas. NACTO Designing Cities Regional Conference. Phoenix, 2013.


« PreviousNext »