FINANCING COMMUNITY FACILITIES: A CASE STUDY OF THE PARKS AND RECREATIONAL GENERAL OBLIGATION BOND MEASURE OF SAN JOSE, CALIFORNIA

This study of the City of San Jose’s Parks and Recreation General Obligation (GO) Bond Measure seeks to identify the politics-, management-, and planning-related lessons learned by the City as it developed its community facilities using the GO bonds proceeds. The study finds that these lessons include: be conservative in what you promise the residents; be prepared for changes in economic environment by identifying supplementary funding sources should the primary source not yield adequate funds; make sure that the jurisdiction is organizationally capable of handling the increased workload; and prepare detailed project plans prior to the bond issuance.Community Infrastructure and Services; Municipal Bonds; Public Finance

A Decision-Support Framework For Using Value Capture to Fund Public Transit: Lessons From Project-Specific Analyses, Research Report 11-14

Local and state governments provide 75 percent of transit funds in the United States. With all levels of governments under significant fiscal stress, any new transit funding mechanism is welcome. Value capture (VC) is one such mechanism. Based on the “benefits received” principle, VC involves the identification and capture of public infrastructure-led increase in land value. While the literature has extensively demonstrated the property-value impacts of transit investments and has empirically simulated the potential magnitude of VC revenues for financing transit facilities, very little research has examined the suitability of VC mechanisms for specific transit projects. This report aims to fill this research gap by examining five VC mechanisms in depth: tax-increment financing (TIF), special assessment districts (SADs), transit impact fees, joint developments, and air rights. The report is intended to assist practitioners in gauging the legal, financial, and administrative suitability of VC mechanisms for meeting project-specific funding requirements

HIGH-SPEED RAIL IN THE MIDWEST UNITED STATES: POTENTIAL FOR SUCCESS

This paper assesses the potential for successful provision of high-speed rail (HSR) in the Midwestern United States, and concludes by identifying major lessons that other states and regions in the United States interested in developing HSR can draw from Midwest’s experience. These lessons include development of a vision for national HSR; identification of a dedicated federal source of funding for HSR; securing strong local political leadership; involvement of private railroads; development of consensus on the benefits of HSR; ensuring that the state and local governments are ready to commit their share; and development of synergistic relationships with the airline, and local transit companies.High Speed Rail; Midwestern USA, Incremental HSR; Chicago HUB.

Non-linear and weakly monotonic relationship between school quality and house prices

This study provides evidence for a non-linear and weakly monotonic relationship between school quality and house prices. Using Fremont, California, as the study area, the regression analysis shows that homeowners are unwilling to pay a premium for an increase in school quality from low to medium quality. However, they are willing to pay a) a large premium when all schools are top-quality schools and b) a premium for access to nationally-renowned schools, which is in addition to the premium for top-quality schools. These findings have important land use policy significance because they provide new insights into the homeowner’s residential location choice and highlight the need to consider school quality in a jurisdiction’s land use and zoning decisions

Value Capture to Fund Public Transportation: The Impact of Warm Springs BART Station on the Value of Neighboring Residential Properties in Fremont, CA

This study estimates households’ willingness to pay for single-family houses and condominiums/townhouses located within 2 miles of Warm Springs (WS) BART Station in Fremont, CA. The study finds that, compared to the houses sold in the referent category (2 to 5 miles away and sold during the pre-project-announcement period of 2000-2001), an average-priced single-family house within two miles of the WS BART Station was higher in price by 9% to 15%. The total property value increment for the single-family houses is large enough to fund the $802 million Warm Springs BART Extension Project cost five times over