Value Capture Strategies as Economic Development Tools: Tapping Value Capture Strategies to Improve Aging Infrastructure and Spur Economic Development
Thursday, February 9, 2023 6:00:00 PM UTC - 9:00:00 PM UTC
With the interstate highway system in its seventh decade, it is nearing the end of its useful service life with deteriorated condition and required modernization. Crumbling viaducts and other unsafe conditions call for costly emergency maintenance and an urgent fix. But rebuilding is complicated by rising construction costs, higher engineering and safety standards, scant funding, and other emerging factors. While the Federal Government underwrote most of the cost of building the interstate system in the 1950s and 1960s, State and local governments now provide about 80 percent of public infrastructure funding. With the perspectives on land use, transportation, and equity also evolving, many cities are finding themselves at a crossroads when it comes to aging highways: remove or rebuild? Over the next decade, these aging highways will need to be replaced, reconstructed, removed, or otherwise changed. The decision will be focused of what comes after to maximize the economic impact of the infrastructure investments, generate new tax revenues, grow businesses and jobs, and strengthen the livability and vitality of communities and regions. Utilize Value Capture to monetize the future new property tax and economic activities revenues to supplement funding needed of rebuilding aging infrastructure. The four value capture techniques best suited for this type of project are: tax increment financing; special assessment districts; development impact fees; and development agreements. Value capture techniques recover a portion of the increased property tax revenues and value of increased economic activity. The webinar on February 9th, 2023 features experts experienced with these value capture techniques to share their experiences, lessons learned, and key takeaways. Come with your questions about these programs and initiatives and walk away with some next steps for applying and tips for putting the concepts into action! Seats are limited, register today to reserve your slot. TARGET AUDIENCE: This webinar series is intended for States, cities, counties, tribes, and metropolitan and rural transportation professionals looking for innovative funding and financial strategies to pay for transportation projects. Anyone involved in development or administration of value capture techniques is welcomed.
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