Meeting_Body
PLANNING AND PROGRAMMING COMMITTEE
AUGUST 19, 2020
Subject
SUBJECT: VALUE CAPTURE ASSESSMENT
Action
ACTION: RECEIVE AND FILE
Heading
RECOMMENDATION
Title
RECEIVE AND FILE Value Capture Assessment.
Issue
ISSUE
Staff has prepared a Value Capture Assessment, which is the initial step in a broader Value Capture Strategy, that identifies and quantifies value capture potential along Metro transit corridors and sets out next steps, including working with municipalities in an attempt to realize multi-beneficial impacts of Metro's transit investments.
Background
BACKGROUND
Value capture enables communities to recover and reinvest land value increases that result from public investment, such as the expansion of the County's transportation system envisioned under Measures R and M. The opportunity for value capture is high in areas near Metro's current and planned transit infrastructure as there is potential for increased density and investment (if it does not already exist), and the resulting higher land value. The additional funding from value capture can help Metro and other stakeholders make betterments to stations; accelerate and/or enhance existing and new transit infrastructure; fund the local agency contribution for Metro transit projects; and realize transit-oriented communities.
Metro staff outlined a broad Value Capture Strategy for the Metro Board in July 2019 that begins with an assessment of value capture opportunities along existing and new transit corridors. The initial assessment has identified a rough estimate of the financial opportunity using tax increment and special tax districts, and the station locations that have the greatest potential.
Metro Station Locations
Metro's service territory currently has 93 rail stations in service. Much of the land surrounding the stations has been developed as the landowners have taken advantage of a higher level of density, both with and without the involvement of municipalities or other...
Click here for full text