Samenvatting literatuur Land and Real Estate Markets 2024: Smart Governance, Finance and Business Models
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Cours
Land and Real Estate Markets (MPL035)
Établissement
Radboud Universiteit Nijmegen (RU)
Consist the following literature
- Adams, D. & Tiesdell, S. (2013) Shaping Places – Urban Planning, Design and Development. London: Routledge; Chapters 4, 5, 10, 11 and 12
- Buitelaar, E. & Bregman, A. (2016) Dutch land development institutions in the face of
crisis: trembling pillars in the ...
Inhoudsopgave
KAVV-methode Root & Krabben Between structures and norms .......................................................... 2
KAVV-methode Krabben A property Right Approach to Externality Problems ...................................... 6
KAVV-methode Adams H4 Real estate values and the state .................................................................. 9
KAVV-methode Adams H5 The real estate development process ........................................................ 11
KAVV-methode Adams H10 Shaping markets- making plans and reforming institutions .................... 15
KAVV-methode Adams H11 Shaping markets by strategic transformation .......................................... 18
KAVV-methode Adams H12 Regulating markets .................................................................................. 22
KAVV-methode Parker The uses and abuses of Elnior Ostroms concept of commons in urban
theorizing............................................................................................................................................... 25
KAVV-methode Mees Cool public and private responsibilities for the protection of vulnerable citizens
against extreme heat............................................................................................................................. 28
KAVV-methode Kresse Value capture ideals and practice .................................................................... 30
KAVV-methode Buitelaar&Bregman Dutch land development institutions in the face of crisis .......... 33
KAVV-methode Gerritsen Energy and strategic energy planning ......................................................... 36
KAVV-methode Kaza & Curtis The Land Use Energy Connection .......................................................... 38
KAVV-methode Filho Cycle highway effects: assessing modal choice to cycling in the Netherlands ... 41
KAVV-methode Needham C4 The Statutory Powers for Realising those Land-use Plans..................... 43
KAVV-methode Needham C5 Realising the Land-use Ambitions in Practice ........................................ 47
KAVV-methode Needham C8 An Assessment of Dutch Spatial Planning ............................................. 50
KAVV-methode Hobma C15 Land Acquisition....................................................................................... 52
KAVV-methode Hobma C17 Tenders .................................................................................................... 54
KAVV-methode Hobma C18 Public-Private partnerships...................................................................... 56
,KAVV-methode Root & Krabben Between structures and norms
Hoofdvraag: This paper explores Tax increment financing (TIF) as a potential financial
instrument to facilitate investment in localised public infrastructure (Netherlands).
Kerncitaat: technically and politically possible to apply future property tax streams to local
redevelopment budgets in the Netherlands. But later returned to traditional strategies and
means.
Argumentatie:
TIF is a financial instrument in which local investment is capitalised in the property and the
future property tax increment is captured over an extended period, thereby involving a degree
of cost and benefit distribution between contemporary and future users.
Verband:
Vraag:
,Abstract
Aim of paper is to assess the institutional (mis)fit of tax increment financing for the Dutch spatial
planning financial toolkit. Using an institutional oriented assessment framework they analyse the
interconnectivity of Dutch municipal finance and spatial planning structures and practices.
- The application of tax increment financing (TIF) would be more constrained by socio-political
than technical dimensions
- Such an instrument may not achieve the policy goal of shifting financial risk away from local
government (corporatist Dutch planning culture)
- Enduring norms tend to be resistant to change (despite apparent institutional space to
consider alternative instruments)
Introduction
- Physical instruments: instruments acts on land and buildings in relation to development
approval and building processes.
- Financial instruments: acts upon the financial circumstances within which people make
decisions. (taxes, grants)
o TIF: capture the expected future property tax value increment generated from local
area investment, rather than utilising physical instruments such as land acquisition.
Property taxes: potential revenue stream for local infrastructure based on 3 distinct characteristics
(long-term stable, degree of local control, income stream that focuses on benefits and costs)
Key characteristics of Tax increment financing (TIF)
TIF is a bounded value capturing instrument designed to ‘earmark the related increment of property
tax in a proclaimed area to fund public investments.
- Duration varies; typically 25years
- Premised on the idea that the provision of new infrastructure in the designated area will
increase property values.
- Policy rationale: ‘but for’. Private sector investment would not occur would the government
not intervene.
- Critiques
o Financial risk represents a substantial issue. The degree of financial risk is connected
to the financing strategy
Market Based
• Revenue bonds
• Developer funded
Municipality backed
• General obligation bonds
• Municipality borrows from bank
o Flaws can cause benefits to developers and cross-jurisdictional tax revenue
absorption issues
- Positive
o May send a positive signal to market players attracting private investors
o Self-financing tool for urban infrastructure by facilitating efficient use of public
resources
So, TIF is a financial instrument in which local investment is capitalised in the property and the future
property tax increment is captured over an extended period, thereby involving a degree of cost and
, benefit distribution between contemporary and future users. This mechanism earmarks a revenue
stream for investment in a range of spatially bounded public investments. It is a locally-based
mechanism embedded within a regulatory framework based on defined criteria, public consultation,
and approval from designated authorities.
Conceptual approach
Institutions: structures and norms
Institutions are important to public finance and spatial planning. Formal institutions give access to
resources and provide a degree of agency. The interaction between formal and informal institutions
is dynamic and creates the condition that organizations and actors must negotiate on a perpetual
basis to achieve their objectives.
Types of governance
Governance: both a binder and an embodiment of the complex interactions between formal and
informal rules.
- Complex process
- Netherlands: corporatists model of governance (involvement of civil society organisations)
o Poldermodel
o In this model its difficult to maintain fiscal discipline to achieve compromises
Case study: The Netherlands
Dutch planning and development practice
Local municipal government has a dual role
- Control the planning and land development process
- Steer the process to achieve planning objectives
Municipalities duty to supply serviced land as it was needed.
- Advantage: provided substantial amount of public control to achieve spatial planning goals
and public goods
- Achieved by levering the residual value through the land development process and
reinvesting the funds into a range of public infrastructure investments.
- Development-led characterisation
Dutch municipal finance
- Key income sources
o National level: municipal fund
Equalisation formula-based system
o Activities in the land market
o Taxes, fees, levies
- Role of property taxes
o Conventional source of income for municipalities
o Not to pay for local services but as buffer to equalise for the small problems in the
distribution of the funds.
So property taxes play a minor role in the overall municipal financing system
while the national distribution system plays the primary role.
- Disconnection between property taxes and financial support for local area investments.
o Significant implication for implementation TIF
Inconsistent with perceived function (general purposes)
Reduces flexibility
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