Land value capture to fund public transportation infrastructure: Examination of joint development projects' revenue yield and stability

摘要

This paper examines joint development projects' ability to generate revenue for transit agencies. Using interviews, and primary and secondary text, the paper studies five joint development projects nationwide and finds that revenue yield and stability from joint development projects vary widely. The paper argues that joint development projects benefit from supportive land use and zoning, and clear policy objectives and political direction. Finally, inflation-adjusted minimum guaranteed revenues and gross revenue sharing help enhance revenue yield and stability.