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Value Capture Funding in the Netherlands

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Value Capture Funding in the Netherlands VALUE CAPTURE FUNDING IN THE NETHERLANDS A study into the application of value capture funding instruments in the Netherlands MASTER GRADUATION THESIS | BERNARD MURRE | TU DELFT | JUNE 2020 COLOPHON Author Name B.M.N. (Bernard) Murre Email [email protected] Student number 4363116 Graduation details University Technical University Delft Faculty Architecture and the Built Environment Department Management in the Built Environment Graduation lab Urban Redevelopment Strategies: Financial tools, partnership models, legal instruments Graduation company RebelGroup Project duration 09/2019 – 07-2020 Version P5 report Graduation date 02-07-2020 Graduation committee First mentor Dr.Ir. T.A. (Tom) Daamen [email protected] Faculty of Architecture and the Built Environment Urban Development Management Second Mentor Dr.Ir. J.H. (John) Baggen [email protected] Faculty of Civil Engineering and Geosciences Transport and Planning External examiner Ir. J.A. (Joran) Kuijper First company supervisor R. (Remco) Derksen Second company supervisor J. (Jos) de Vries Bernard Murre | Graduation thesis 2 PREFACE This research was conducted as last part of the graduation at the faculty of Architecture at the Technical University of Delft in the Management in the Built Environment track. It was conducted within the topic of Urban Development Management with a focus on Transport and Planning. The topic of research, value capturing, works well with the Urban Development Management topic. It is interesting to connect the topic of infrastructure funding to urban development to see whether this may form a solution to funding problems. Together, the topics therefore from the beginning captured my imagination and were capable of combining subjects within my field of interest such as urban area development, transport development and economics. Apart from the field of interest the topic was also able to motivate me to stay on track as it enabled me to think in conceptual terms and it enabled me to learn more about transport economics and planning. Combining the new field of topics with my knowledge and experience made it possible to find new perspectives on the research and combine my fields of interest. In my view, many large projects such as infrastructural projects that would in many ways benefit society as a whole do not find a way due to funding problems and a lack of vision and courage in the public domain. Being able to explore what possibilities occur through the engagement of private parties in the development of infrastructure is a way to find out whether these views may be appropriate or whether in reality things are far more complex. Without my mentors conducting this research would not have been possible which is why I really want to thank my TU Delft mentor team Tom Daamen and John Baggen for guiding me throughout the process. Their input and support is highly valued as they guided me through the complex field of research in these strange times. Next to this, I would also like to thank my mentors at Rebel, Remco Derksen and Jos de Vries, for their guidance and supplying me with the means to do this research. I would also like to thank my colleagues at Rebel for their support and input to my research. Additionally, I would like to thank all the interviewees that have participated in the research for providing data and insights for this research. I hope you enjoy reading this graduation thesis and if any questions arise or if you would like to know more about the research feel free to contact me. Sincerely, Bernard Murre Rotterdam, June 2020 Bernard Murre | Graduation thesis 3 ABSTRACT An increasing demand for mobility due to natural growth in demand and an urbanizing Randstad region create a demand for a higher quality and higher capacity system of public transportation in the Netherlands. Funding for improvements is however lacking threatening the development of needed homes in the region as new development locations lack accessibility. The responsibility for plan making and development of housing and regional infrastructure has shifted to lower levels of government. Value capture funding instruments are successfully applied abroad where they supply parts of the required funding for infrastructural projects. The application of value capture instruments in the Dutch context is studied by looking at Dutch cases where regional public transportation infrastructure and urban development are combined and by expert interviews to explore the application of value capture instruments. Through a literature study it was found that the upgrade of public transportation infrastructure can lead to a 3 to 5 per cent rise in real estate values in the first kilometer from a new station location. By estimating a rise in real estate values using qualitative characteristics complex quantitative calculations can be avoided and an expected rise in real estate value can be found. A proposal for a value capture process is made where the choice for an instrument is related to the capture space and financial feasibility is considered in relation to the choice for value capturing. It is recommended that the Dutch government takes action to empower local public bodies to be able to apply value capture instruments by taking away legal risks. Timing, scale and governance are seen as key factors for local public bodies to be able to succeed in capturing value. Key words – Alternative funding, value capturing, Randstadrail, Urban Area Development, infrastructure funding Bernard Murre | Graduation thesis 4 TABLE OF CONTENTS COLOPHON ............................................................................................................................................................................. 2 PREFACE ................................................................................................................................................................................. 3 ABSTRACT .............................................................................................................................................................................. 4 PART 1: RESEARCH DESIGN ........................................................................................................................... 7 1. INTRODUCTION ................................................................................................................................................................. 8 1.1 Research motives ................................................................................................................................................. 8 1.2 Problem definition .............................................................................................................................................. 9 1.3 Research proposal ............................................................................................................................................. 10 1.4 Research design .................................................................................................................................................. 13 PART 2: THEORIES .......................................................................................................................................... 17 2. CAPTURING VALUE ACCRUED BY PUBLIC TRANSPORTATION INFRASTRUCTURE INVESTMENTS ....................... 18 2.1 Urban area development and mobility ..................................................................................................... 18 2.2 Value capturing .................................................................................................................................................. 20 2.3 Conclusion: theoretical framework ............................................................................................................ 25 PART 3: EMPIRICAL RESEARCH .................................................................................................................. 27 3. THE DUTCH VALUE CAPTURE CONTEXT ..................................................................................................................... 28 3.1 Urban development and public transportation ..................................................................................... 28 3.2 Infrastructure funding in the Netherlands .............................................................................................. 31 3.3 Application of value capture instruments ............................................................................................... 35 3.4 Summary ............................................................................................................................................................... 40 4. THE CASE OF INFRASTRUCTURE AND SPATIAL DEVELOPMENT .............................................................................. 41 4.1 Methodology ........................................................................................................................................................ 42 4.2 Retrospective case study: Randstadrail, Berkel Westpolder ............................................................ 44 4.3 Retrospective case study findings ............................................................................................................... 52 4.4 Prospective case: Oude Lijn, Van Nelle ...................................................................................................... 55 4.5 Value capture case analysis ..........................................................................................................................
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