File #: 2020-0335   
Type: Informational Report Status: Filed
File created: 5/5/2020 In control: Planning and Programming Committee
On agenda: 8/19/2020 Final action: 8/19/2020
Title: RECEIVE AND FILE Value Capture Assessment.
Sponsors: Planning and Programming Committee
Indexes: Community Facilities District, Informational Report, Landowners, Safety, Strategic planning, Tax Increment Financing, Transit Oriented Community, Transit Oriented Development, Value capture
Attachments: 1. Attachment A - Value Capture Strategy Report Executive Summary.pdf, 2. Presentation
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...

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