Value Capture Strategies for the Funding of Rail Construction and Operation

UIC Project Information


NuRail Project IDNURail2012-UIC-R08
Project TitleValue Capture Strategies for the Funding of Rail Construction and Operation
UniversityUniversity of Illinois at Chicago
Project ManagerSchlickman
Principal InvestigatorSchlickman, Smith
PI Contact InformationPhone: (312) 355-3656 Email: sschlick@uic.edu
Funding Source(s) and Amounts Provided (by each agency or organization)$220,444 CN and UIC OVCR funds; $220,444 USDOT RITA
Total Project Cost$440,888
Agency ID or Contract NumberDTRT12-G-UTC18 (Grant 1)
Start Date2012-06-01
End Date2015-01-31
Location
Brief Description of Research ProjectAs Federal and State capital support for fixed guideway projects has become more uncertain, project sponsors have been forced to look for alternate sources of funds. One of those sources is a group of tactics commonly referred to as value capture. There are several tactics by which project sponsors can capture value created by transportation facility expansion and/or renewal. Many projects, both domestic and foreign, have attempted to use value capture tactics to help fund transportation improvements. This project seeks to answer one question: How can a transit system better blend its investment in its fixed guideway system with community development plans adjacent thereto and value capture strategies to help induce the best development outcomes and thereby maximize the value capture return to the transit authority to help finance the infrastructure investment? In order to answer this question this project will examine three different aspects of value capture as it pertains to rail facilities. First, the actual methods of value capture will be delineated via an in-depth literature review. Said methods will be defined and assigned categories for the purpose of aiding in the second phase of the study: case studies of domestic and international projects utilizing value capture tactics to fund transportation improvements. Finally, our project team will endeavor to identify the necessary steps and conditions required to implement a value capture strategy with emphasis being placed on the importance of intergovernmental cooperation and steps to eliminate the current disconnect between community development planners/the community at large and developers necessary for value capture arrangements to achieve success.
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Final ReportNURail2012-UIC-R08_Final_Report_Transit_Value_Capture_Coordination_Case_Studies.pdf