Community Development, Reports and Publications

Land Value Capture Subject of Lincoln Land Institute Forum

 

Municipalities, counties, regions and states across the United States need to pay more attention to how to capture the increased value of land and how best to plow it back into thoughtful, policy-based and politically-sensitive projects, experts from across the nation told a forum May 23 at the Charles Hotel in Cambridge, MA.

Policy Director David Fink and Interim Executive Director Howard Rifkin attended the forum, which was sponsored by the Lincoln Institute of Land Policy. The forum, which included experts from Harvard University, the University of Nebraska, Brigham Young University, Trinity College and other institutions, explored ways that various jurisdictions as far as China, Singapore and Amsterdam have used the rising value of land to finance key projects.

In some cases, they have taxed privately held land and redistributed the higher property taxes resultin from that rising value through Tax Increment Financing or other vehicles, or they have taken land by eminent domain or purchased it and leased the public land for economic growth to harvest the income for projects.

The issue is of immediate importance in Connecticut, where development of the Springfield-Hartford-New Haven commuter rail line and the New Britain-Hartford Busway will likely increase land values in areas adjacent to stations and related locations. How the state and its municipalities seeks to parlay those higher land values into transit amenities, additional affordable and mixed-income housing options, mixed-use developments and other municipal improvements will be a major factor in the ultimate economic success of the state and its towns but also in developing ridership for the new transit lines.

 
 

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