46129 7 George E. Peterson 7 George E. Peterson / 2010© 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org E-mail: feedback@worldbank.org 1 2 3 4 13 12 11 10 . / . . . / . / . . Copyright Clearance Center Inc., 222 Rosewood Drive, : : 4470-750-978 : 8400-750-978 : Danvers, MA 01923, USA .www.copyright.com Office of the Publisher, The World Bank, 1818 H Street NW, Washington, : .pubrights@worldbank.org : 2422-522-202 : DC 20433, USA ISBN 978-0-8213-8328-5 eISBN: 978-0-8213-8330-8 DOI: 10.1596/978-0-8213-8328-5 Library of Congress Cataloging-in-Publication Data Peterson, George E. Unlocking land values to finance urban infrastructure / George E. Peterson. p. cm. -- (Trends and policy options ; no. 7) .Includes bibliographical references and index ISBN 978-0-8213-8328-5 -- ISBN 978-0-8213-8330-8 (electronic) Infrastructure (Economics) -- Finance. 2. Public land sales. 3. Land use, Urban. I. .1 .World Bank. II. Public-Private Infrastructure Advisory Facility. III. Title HC79.C3P48 2008 dc22 -- 333.1'6 2008037307 Naylor Design, Inc : ix xiii xv xvii 1 17 .1 18 26 28 29 31 : .2 32 45 49 50 v 55 .3 56 : 61 : 64 : 75 : 76 : 81 .4 82 84 : 86 " " :Transnet 90 : - 95 : 98 : 103 .5 106 110 113 34 1-2 39 2-2 43 3-2 47 4-2 51 5-2 vi 60 : 1-3 65 2-3 3 1 14 2 19 () 1-1 23 2-1 49 1-2 1-3 62 1990­1980 69 2-3 72 3-3 83 2002 1-4 85 2007­2003 2-4 87 " " 3-4 92 - 4-4 94 5-4 - 97 6-4 99 7-4 104 1-5 108 2-5 vii . ­ . ­ : . . : . . . . . . : . . ­ : ­ . ix . . . ­ ­ . . . 3 . . . ­ . : . . . . . . . x . . Katherine Sierra xi Ellen () Alain Bertaud Mats Andersson : Johannes Linn ( ) Gregory Ingram Hamilton Clemencia Torres de Hiroaki Suzuki Jorge Rebelo ( ) Sameh Wahba Mästle . Robert Buckley : .Abhas Jha Mila Freire ( ) . Patricia Annez Jyoti Shukla Mercedes : . Oriane Raulet Aleman Xiaofeng Li Katia Nemes Abha : . Janique Racine Laszlo Lovei Joshi-Ghani . xiii George E. Peterson . 10 . Lessons for the Urban Century: Decentralized Infrastructure Finance Financing Cities: Fiscal (World Bank 2008 ) in the World Bank Responsibility and Urban Infrastructure in Brazil, China, India, Poland, and (World Bank and Sage Publications 2007 ) South Africa Edward Elgar ) Decentralization in Asia and Latin America Donald C. Stone .(2006 . xv ADC BCDA BIAL EDU FSI IFC IMM JLE JN-NURM MMRDA NUCA SEZ UDA UDIC $A Col$ DKr xvii F £ £E P R 1 = 10 Re R$ TL US$ Y xviii . 90 . : . . . : . . . . ­ ­ . ) ( 1 : . . . . . 1 . . . . ­ . . . ­ . ­ ­ . . ­ . 2 :1 117 : 3.12 : %10 2007 /) ( 2100 1.45 : 3300 %7 2005) ( 10 : 1.2 : /) / 2006 3.5 2005 2007 ( 13 (MMDRA) 500 : . . : () 3 () :1 2005 1.5 : 994 /) (2007 / 2005 97 : Transnet Transnet 2006 Transnet % 17 /) 2006 (2006 %50 : . 1.1 2007­1997 50 : contribución de 2015­2008 valorización 300 . : . . 4 . ­ . .() . . . ­ ­ . . . ­ : . () ­ () () . . . () : . () () : . 5 . . . . . contribución de valorización and) . 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() :1-1 () () : .1 ( ) .1 () () .2 () : .2 () () () .3 .3 .4 .4 . : 19 . . . ­ . ­ 2007 2006 . . . 1.2 13 . 3.5 12 . 2007 / 3.12 ­ 100 10 . 217 . . . . ( ) . ­ ­ . . 20 . . . . ­ . . . . . ) . ( . ­ . . . . . . 21 . . . . ­ ­ .(Kaganova and McKeller 2006) . . . . . ­ . . ­ 2-1 . . ­ ­ . . . . . ( ) 22 :2-1 ( ) 30­25 20­15 10­5 1.02 3.2 5.1 11.1 2.58 3.4 4.8 9.1 3.03 0.3 1.8 8.5 .Serra, Dowall, and da Motta (2003) Smolka (2007) : . . : . ­ . ­ ­ . . . . . . 23 : . . . : 5.6 · . . . 32 694 . . 21 . Reliance Group · . : . 62 . 2500 . 1.5 22.5 . . 24 . : . . . : . · ­ .2007 Crossrail ­ . . : ) 700 .( 300 200 800 ( ) . ­ ­ · . . 2008 . 11 . . 7.75 . . . 25 ) 2-1 . ­ ( . . . . . . ­ ­ ­ . 90 . ­ . . . . . . 26 1. . . ­ ­ . . . . : . : . . . . : Northern Pacific 20 Central Pacific Union Pacific : 1 . 27 . . . ­ ­ . . . 229 1997 ( 34) 2003­2001 .(Peterson 2007) . : . . . . . ­ ­ . . . 28 . . . . ) .(Barker 2004, 2006 . . . . 2. . . . . . . . ­ . : Vickrey (1977) 2 . 29 . 3. ­ 2 . . 3 . 3 . 4 . ­ ­ . . 4 . ­ ­ . ­ ­ . : . ­ ­ . . . . Yiu (2005) 3 30 .2 : . : . . . . contribución de valorización) (and contribución por mejoras . . . : . . 31 . . . . : ­ . ­ ( ) . . . . ­ ­ . . . .(Ingram 2007 ) ) ( ­ . ­ .( ) 32 . : ­ ­ . ­ . ( ) . . () : () () . . . . ) .(Schafer 2006 . ) ( .(Heim 1990) . : ­ ­ . . 1-2 . 33 : 1-2 . . 60 22 .2003 . . . . 310 45 . 55 ­ . ­ . ( 60000) ( 30000) .( 30000) 13.7 2006 . . 2.75 . () . : . 20 . 3 . ­ ­ . 34 1-2 () . . . 1.5 15­10 . 100 2005 . 224000 2006 . 4.6 . 630000 .2006 . . Orestadhttp://www.trm.dk : "The Tale of Orestad and the Metro," at http://www.orestad.dk; Corporation (2005, 2006, 2007) .Mikkelson (2007) . . : . . ­ ­ . . ­ ­ ­ . ) 35 : .(Gihring and Smith 2006; Hass-Klau 2006 . . 500 . 1000 . ... ... : United Nations 1976:) .(rec. D.3[b] . : . . . . . 40 . . contribución de valorización and contribución por mejoras 1. contribución . 1 Cuotas de . por mejoras urbanización ­ . ­ ­ . .Henao González (2005) . 36 ­ ­ . ( ) . . . 15 .(Hagman and Misczynksi 1978) . . ­ ­ ­ . ­ ­ . . . 300 ­ . 40 . 60 . ­ . .( 7) 3.5 1999 Don Riley 37 : .(Riley 2002) . ( ) ­ . . . .(Atisreal and Geofutures 2005) ( ) Canary Wharf Jones Lang) 2.7 300 .(Lasalle 2004 Canary ­ ­ .(Mitvhell and Vickers 2003) 40 Wharf 2-2 . . : . . 60 30 ­ ­ . . ­ 3 ­ . ­ ­ . 38 2-2 1997 : . . 50 . . . . 30 . 50 415000 26 2004 0.6 . . 30 . . 1969 / . : . . . () 39 : 2-2 () . 3.4 62 10 . . . ( 2 ) . 1969 . .Archer (1976); Gadez (2005) : . . . . . ­ ­ . .(Peterson 2005 ) 50 . / . 40 ­ ­ 2007 Canary Wharf . . ) Canary Wharf ( . ( 2) ( ) DLF . 4 100 . . . . . . . . . . . 41 : ­ ­ . . 3 . . . ­ ­ . . . . : ) Hong and Needham .(2007 . . 3-2 . . 42 3-2 . . . . 600 . . : . . . ile de la cite 20000 . . (octroi) . . . . . 1852 . . : . . () () . () 43 : 3-2 () . . . . . . . . . . . ­ 1869 . ­ 44 2.5 . 1851 .Pinkney (1957); Massa-Gille (1973); Marchand (1993); and Harvey (2003) : () : ­ () () . . . ­ 44 . . . . : . . 2. . . . : Bowles and Nelson 2007 ) .( . : . 106 2 . United Kingdom, Her . ­ ­ .Majesty's Treasury (2006) 45 : · . . · . . · . . · 26 2006 . . . . . Brueckner . ­ ­ .(Brueckner 1997, 2001) . 2006 2000 . 10496 ­ 50000 .(Duncan Associates 2007) . 46 4-2 . . : . . . . . . : ­ ­ . . ­ (EDU) 31622 11349 ­ . . . ­ . ­ . 336000 . 25000 8.4 . . .City of Phoenix, Arizona (2006) : 47 : . . . .(4-2 ) . ­ . . .(Altschuler and Gómez-Ibáñez 1993 ) . . ­ ­ . . ­ ­ . ­ ­ . 48 ) ( ) .( . . . . . . .(Peterson 2006) 1-1 . :1-2 ( ) 513.8 213.8 300.0 203.8 283.8 0 1,073.4 727.7 345.7 194.4 117.9 76.5 1,053.5 278.6 774.9 360.8 198.6 162.2 1,113.2 1,113.2 0 804.9 533.0 271.9 5,398.1 3,466.7 1,931.3 .Peterson (2006, 149) : 49 : . . . 1-2 . . . . . 4 . ­ ­ . 14 2002 4.1 0.38 ­ . ­ . . ­ ­ . 5-2 . . . . 50 5-2 2001 / 11 . . . 16 . 1.24 2001 3.2 99 3.2 . 1.3 2005 12 2004 . : .1921 . . . . 25 1500 () 51 : 5-2 () . : . : . . : PATH . 71 . . . . . . 9.1 2006 . . . . . . Teleport : . () 52 5-2 () . ­ . 900 ( ) ­ 4 2001 . 1998 . 3.2 99 Silverstein Properties 2001 / . . ./ 11 . . 2005 : : [] . . 2016­2007 0.5 . 29.55 . ­ ­ . . . . : ... () 53 : 5-2 () / 11 . . .Doig (2001); Port Authority of New York and New Jersey (2005, 2006, 2007a, 2007b) : . . . . 54 .3 . . . . . .2 . . . . . . ­ ­ . 55 : . . . () . . . . . . . . . . 60000 (2 ) . 30000 5.6 .(El Kovedia and Madbourly 2007) 2015 . 2.5 ( 6) 44 (NUCA) . 5 56 . . . 10 . . 300000 .(El Kovedia and Madbourly 2007) Salheen) .(2006 . 100 . 435 2005 . ( ) 69.6 160 .(World Bank 2006, vol. 2 12.7) . . . . . . . .(World Bank 2006, vol. 1) 57 2004 . ( 378000) . 225 ­ ­ . ( 114 ) 625 . . 2005 . .( ) : . . . . 2007 / . 3.12 ) .( 4 . . ­ ­ . 58 . . . : . . . 40 ­ . . . : . ) ( . . . . . .(1-3 ) . . . . 59 1-3 : . 3360 . . . 110 ) . 127 ( . . 7 .World Bank (2006, vol. 2, 60) : . ­ ­ . .(Wahba 2007 ) . . 50 . ­ . 8000 . 60 . ­ . ­ . : ­ contribución de valorización . ­ .2 . () . . .( ) : ( ) 100 · 10 · . 30 · : . . () . . 140 . 30 . 61 () .(Jaramillo 2001 ) . . . . 1978 1968 . 1980 . 50 15 1990 1-3 . 5 . 1997 . . ­ ­ 50 30 . . . . . :1-3 1990­1980 ( ) 31.7 5.1 1980 18.0 13.5 1983 8.9 1.4 1990 Jaramillo (2001) : 62 . . . 2007­1997 . ) 217 Rojas Rojas 2007; Saldies) ( .(Barrenocha 2007 . . . . . 2007­1997 . . . . . .2007 188 . 350 1236346 . . 63 50 (IFC) 50 (ADC) IFC 2008) 300 .(RTI International 2005 . . 2015 2008 ( 1.1) 2.1 . . . . .2008 / 2-3 . contribución de valorización and contribución : por mejoras . . 1. . : 42 1 . 50 20 Furtado and .1993 .Jorgenson (2006) 64 2-3 . . . 15 2007 . . . . 70 . 10 ­ . 240 . ( ) ( ) : . : . . . . 45 25 . . . 2008 / / : . El País 65 . . . . . . . . . . . . . . . . . . . 66 . . 730 2001 6 . Peterson) .(2007 . 200 33 . 12 . 3300 . . . . . 350 . . . . . . . . . . 67 . . . ­ ­ (2003 ) . . . . 20­15 . . 2. . 2006 . 10 = 1 10 ) 40000 - 2 : . .( ) - . . 68 ­ . ( ­ . : . : . 2-3 .2008 :2-3 () 11,400 4,000 5,700 8,500 1,500 31,100 ) ( 9,000 35 .(2006) : . 250000 = 10 = 1 : . Bangalore) .2008 / (International Airport Ltd, or BIAL ) Unique Zurich ( 40 ) Siemens .( 17 . .(BIAL) . : . 69 3. . 4260 3850 . 2000 300 1930 . . ( 490) 350 ) 32 26 . 10 9 . . 400 . . 25 34 . ­ . . ­ . . . 2007 400 .( 500 ) 2000 ­ . . ­ ­ 3 .KPMG (2006) . 72 70 . . . ( 1.25 ) . . 4. . . . : . ) : 3-3 . ( . . . : . . 4 . . 40­20 71 72 :3-3 . 2007 .2007 . . . . . . . . ) ( . . . . . . . . . . . . . () . 30 . . . . . % 150 . ) . .( . . . . . . %8.2 . . .UNESCAP (1996); Ghosh (2006) . : 73 . : . . . . . . 5. . . . .(Azuela 2007; Bertaud 2007 : ) () () () () () () ­ ­ . 5 11 . 74 . . . . : . : . . ­ solo criado ­ . Froes and Robelo) .(2006 . . ( ) . . 300 . 75 7000 . . 410 2.25 ( 630) 1100 42 2005 . 190) 320 2005 .( . : . . . . . . ( ) 2007 / . :FSI) .1.3 1.0 ( . ( ) 80 . 14 12 . 1.0 . : 76 . : 6. .(Zegras 2003 ) . : . . 50 40 . . . . . . . 40000 . .2010 . . . 21 41 . ( ) . 90 6 1997 Tapananont . .and others (1998) 77 . 106 . : . 25 . . . 39 . . 1600 ( ) . . . . . . . . . . . 78 : . . . . contribución de valorización . . . . ­ ­ . 79 .4 . . . . . . . ­ ­ ­ . ­ . ­ : 1. 1 : 19 19 .(Rajack 2007) 81 . . . . ­ ­ : . . ­ . . . : . . . ­ . . ­ (UDICs) . . 82 . () 1-4 . ­ ­ .(Peterson 2006) 2002 . 14 .(2 ) 0.38 . Fu 2007; Ming and) .(Quanhou 2007; Peterson 2007 . . . 95 2002 . 2002 :1-4 43.7 35.4 14.0 4.1 : 0.38 : .Peterson (2006) : () : .( ) () 83 . . . . 90 . . . 100 50 .(World Bank 2007) : : . . . . (IMM) . . . . 7 . .BB­ B+ 2006 84 2-4 . 2007 . 17856 .( 18 ) 705 8289 . 800 . 2006 180 . 2007 2006 . 2008 / . 360 . . . . () . . 30­20 2005­2000 .(Amin 2006) 2007­2003 :2-4 ( ) 2007 2006 2004 2003 705 640 66 4 1,505 640 66 4 2007 World Bank (2008) 2006­2003 : . . 1.24 = 1 : 85 . . . . :Transnet Transnet . .(2 ) 2. Transnet .Propnet . Transnet . 2004 Transnet . . . () Transnet 2006 .( 1) 7.04 Transnet . 17 2006 . 3-4 . .www.transnet.co.za Transnet 2 86 :3-4 Transnet 40.8 Transnet . Transnet . . 2006 / 300000 . Transnet 7.04 250000 Transnet .( 1) . . . . : 87 Transnet . .Propnet . Transnet . . Transnet . : . Transnet . Transnet : ) . .( .Transnet Propnet . Transnet 22 1988 .2006 . Transnet . Transnet . . ( 85) 88 . . . 20 2 ( 1) 7.04 . 17 . Transnet Transnet () () . () . :Transnet . ] : Transnet [ ... .Transnet . Transnet . 6.8 6.3 7 2007 11.6 2006 .2008 16.9 7.04 . Transnet ) ( . Transnet 2.5 Transnet 2007 / . Transnet 78 89 25 2012­2008 . Transnet Transnet . . . Transnet Transnet . 1.5 . N2 . Transnet . Transnet . Transnet . . . ­ ­ . - : . 90 (JNURM) . . . . . . 2001 17.7 .2020 30 ­ - . - . / . . 1.2 ) 50.8 2007 / 2006 10 .- ( 2005­2004 .2005­2004 . 4-4 - . 553 . . ­ ­ . . . 3. 2001 3 91 92 - :4-4 553 - .2007­2006 13 MMRDA . 1.2 2008 . . . 20 . . . . . : ) - . ( : ­ .- . . . - . . 5-4 .- . 2007­2006 1998 . . - 2007 / 12000 ) 504000 . ( . 80 . . . . .- . 17 - 624 . 1.36 93 - :5-4 Rs30,000 1993 Rs42,500 ( ) 1995 1998 Rs86,000 (Citibank) 2000 Rs153,000 ( ) 2006 / Rs504,000 ) 2007 / ( . : 2003 . - . .2008 . . ( ) / . 2006 . . (UDAs) 94 . . . . : . ­ ­ . : . . . 10 . ( ) . : 5 . . . . 3 . ­ ­ . . . 95 . . 2004 ) . ( . . . . . 6.3 . . 6-4 . : . . 2004 554 . 15.1 2005 5.64 2004 .2006 . 17 2004 .2006 96 :6-4 2007 / 750 . 1400 .( 260 140) . 3.12 . . . . . . . : 97 . 2007 / 17.6 117 10 . / 2007 ­ 2007 . ­ 1.6 . . : . . . . . : . . 1949 . : 7227 1992 . (BCDA) 1995 . 98 :7-4 %50 : 150 %32.5 (BCDA) %2.5 %4 %10 . . 30.4 . 94 55 . 8 . . . . . : 99 . 150 ) 30.4 55 ( 800 . . . . . . 7-4 . . . . . ­ ­ . . . . : : · 50 32.5 : · 5 : · 2.5 : · . 10 : · 100 . . 2007 / . . . : . . . . . . 101 .5 . 1-5 . .() . . . ­ ( ) () () ­ . . . 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