Meeting_Body
PLANNING AND PROGRAMMING COMMITTEE
JULY 17, 2019
Subject
SUBJECT: VALUE CAPTURE STRATEGY
Action
ACTION: RECEIVE AND FILE
Heading
RECOMMENDATION
Title
RECEIVE AND FILE Value Capture Strategy (Attachment A).
Issue
ISSUE
Value capture can generate additional funding resources from increased land values or through taxing authority such as special assessments. The opportunity for value capture is particularly high in areas with proximity to Metro's current and planned transit infrastructure. Staff will undertake a Value Capture Assessment as part of a broader Value Capture Strategy that will allow Metro to identify and quantify value capture potential along transit corridors and create opportunities to partner with municipalities to realize multi-beneficial impacts of Metro's transit investments.
Background
BACKGROUND
The Metro can have an important role in supporting and partnering with municipalities to realize value capture strategies around both existing and in-development transit corridors. The Transit Oriented Communities Policy adopted by the Board of Directors (Board) in June 2018 has five goals, one of which is to "capture value created by transit."
Value capture can generate additional funding resources from increased land values or through taxing authority such as special assessments. The opportunity for value capture is particularly high in areas with proximity to Metro's current and planned transit infrastructure. The additional funding resources realized through value capture can help Metro, municipalities and stakeholders realize a number of benefits, including:
* Funding betterments, acceleration and/or enhancements to existing and new transit infrastructure;
* Improving active transportation infrastructure;
* Funding the local agency contribution for transit projects (the "3% contribution"); and
* Realizing transit oriented communities by supporting equitable development that:
o expands and preserves the supply of...
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