Financing TOD in Indian Cities. Facilitating implementation
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- Ralf Grant
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1 Financing TOD in Indian Cities Facilitating implementation
2 State of Indian cities (Tier 1) Delhi NCR Mumbai 54 sqkm/ year 5 sqkm/ year Bengaluru 39 sqkm/year Municipal Boundary Urban Area ( ) Urban Area ( ) Rapid growth in satellite towns of Delhi (Gurgaon, Noida, Grt Noida, Faridabad etc) Mumbai, little movement in peripheries, but witnessing inner city redevelopment Bengaluru is witnessing high-tech and IT/ ITES offices proliferating and clustering at the peripheries Source: Generated by WRI India using data from Bhuvan NRSC
3 State of Indian cities (Tier 2) Pune 42 sqkm/year Ahmedabad 13 sqkm/ year Municipal Boundary Urban Area ( ) Urban Area ( ) Ahmedabad have moderate transport corridor oriented growth Pune capitalising on Mumbai s slow down, attracting new economies like IT/ ITES Source: Generated by WRI India using data from Bhuvan NRSC
4 TOD Concept Moderate and high-density housing, along with complementary public uses, jobs, retails and services, are concentrated in mixed-use developments at strategic points along the regional transit system. - Peter Calthorpe, The Next American Metropolis, 1993 GoI growth strategy for Urban areas The Ministry of Urban Development (MoUD) has recognized Transit Oriented Development (TOD) as the urban growth strategy of choice for creating livable communities along good public transit.
5 TOD policy framework in Indian cities a closer look City Policy/ Regulation Funding /financing mechanism as per policy Delhi MPD 2021 has TOD policy included & Draft Regulations are under progress. The policy mentions that the Development Authority sets up TOD Fund to be used exclusively for maintaining and upgrading the services within the TOD scheme area. Ahmedabad Comprehensive Development Plan 2021 (Second Revised) PART III: General Development Control Regulations The revenue generated from the sale of chargeable FSI for this zone shall be distributed between AMC, AUDA, MRT & Sardar Sarovar Narmada Nigam Limited as decided by the Competent Authority. Other cities looking at adopting TOD Mumbai Bengaluru Naya Raipur Hyderabad Hubli-Dharwad Kochi
6 TOD policy framework in Indian states a closer look City Policy/ Regulation Funding /financing mechanism as per policy Haryana TOD Policy as per Haryana govt. gazette of Feb 9, Additional License /CLU fees in form of Infrastructure Development Charges (IDC). Enhances External Development Charges (EDC) as per actual upgradation of services as conveyed from time to time The fees collected under this policy shall be kept in separate head in the Infrastructure Development fund which will be exclusively utilized for implementation of MRTS projects. Other states looking at adopting TOD Maharashtra Madhya Pradesh
7 Three crucial factors Design Regulatory framework Funding/Financing
8 TOD Project Lifecycle Image Source: WRI.
9 Why financing/ funding is crucial to TOD implementation? TOD implementation requires cross-disciplinary integration and partnering at various tiers of governments. It involves significant capital investments at various stages of projects. Has long gestation periods and hence difficult to assess definite returns (especially at city and corridor scale).
10 TOD Investments The TOD of Fruitvale Village in California, U.S.A. TOD investment: the allocation of resources by public, private, and other stakeholders that are expected to generate the range of benefits associated with TOD.
11 What are the challenges?
12 Challenges Lop-sided fiscal flow/ Inter-Governmental fiscal transfer. No incentive for coordination between ULB s. Inelastic taxation structures. Limited success with User charges reforms. Lack of awareness. Restrictive regulations and administrative constraints DP s does not contain financing strategy. Inadequate policies and regulations for strategically creating development intensity along with the underlying infrastructure
13 What are the opportunity?
14 Opportunities National government is encouraging TOD as urban growth strategy. Early dialogue between three key stakeholders (Government agencies, Developer sector and financial institutions). Awareness and acceptability key to reform implementation. Emerging area and hence there is lot of untapped potential (taxes, levies, surcharges, increased revenue). TOD Specific financing models does not exist. Financing TOD through business model approach.
15 A Business Model for TOD Investments The Round, a TOD in Beaverton, Oregon, U.S.A. Image Source: M.O. Stevens. Beaverton Central and the Round. Photograph. Wikimedia Commons. December 1, Accessed November 17, _Beaverton,_Oregon.JPG. A business model is a framework that includes all of the elements that make it possible for an investment to generate a return. A TOD business model is a framework that includes all the elements that allow a TOD investment to generate [social, economic, environmental and financial] return.
16 Why take a business model approach to TOD investments? TOD business model framework can help build and create: Capacity: Systematic understanding of options Dialogue: Common language for stakeholder dialogue Innovation: Creation of context-specific approaches
17 Critical dimensions for Business model What The various assets and processes that generate cost and revenues over the course of a TOD investment Options for mobilizing investment capital that come at a cost for the financial service provided Where how Revenues, and other non-reimbursable monetary support, that can be used to repay the costs of the investment components The commercial, contractual, and institutional arrangements exist to distribute the responsibilities and risks of the investment Who
18 What needs to be financed?
19 Investment Components Investment components Tangible assets Intangible assets Land Infrastructure Resource efficiency Safety Construction Equipment Culture Inclusiveness Accessibility Processes Preconstruction Construction O & M
20 Investment components Tangible assets Land Transit Track (Bus Lanes, Railways etc) and Transit stations Roads, street networks, pedestrians, bike lanes, Other TOD related investments (station plaza, bus terminal, public amenities, etc) Public and private buildings Public utilities Processes Feasibility studies Detailed engineering and investment cost estimate Financing arrangement Securing lands and site preparation Procurement and construction Monitoring and evaluation Community engagement (all through critical stage from planning to implementation) Intangible assets Articulated Density Public safety Walkability Mixed land use Cohesive Community High Quality Public places and Cultural heritage 20
21 Funding Sources Funding sources Investment revenues Investment incentives Service charges Land value increments Grants Fiscal incentives Air right sales Own source revenue
22 Delivery Mechanisms Delivery mechanisms Institutional frameworks Legal entities & structures Regulations Enabling acts PPP Special purpose vehicle Programs BID Contracts Lease agreement Service agreement Concession agreement
23 Financial products Financial products Equity Debt Direct Indirect Loans Bonds De-risking products Guarantees Insurance
24 Land Horizontal infrastructures Vertical infrastructure Tangible Assets Mixed use Mixed income Mixed mode Branding (sense of place) Intangible Assets Pre-construction Construction Operation & maintenance Processes Users (fees & charges) Direct participation Indirect participation Equity Investment revenues Land value increments Air (building rights) Loans Bonds Debt Investment incentives Grant funding Fiscal incentives Guarantees Insurance De-risking products Own source revenue Intergovernmental transfers Taxation Transaction level: contracts Legal Entities and Structures: Implementation vehicles Enabling/ Institutional frameworks Leases Sales Concession agreement Rail + Property Upzoning Leasing agreements Service agreements Special Purpose Vehicle Business Improvement District Designated intervention areas Land readjustment Consortium Eminent domain
25 Quiz 1. With the construction of this new metro line, Bengaluru government officials hope to improve accessibility and connectivity for residents. What type of investment component are accessibility and connectivity? a) Tangible assets b) Intangible assets c) Processes 2. Public-private partnerships can typically be categorized under what type of delivery mechanism? a) Implementation vehicle b) Transaction-level contract c) Institutional framework 3. TOD stakeholders in Tokyo, Japan use funds gained from land value capture to finance construction of a new railway station. Under the business model framework, under what element can land value capture be categorized? a) Financial products b) Funding sources c) Investment components d) Delivery mechanisms
26 Group Activity
27 Global experience Name of the example Region Count ry City Solution Funding Sources Financial products Delivery Model Kowloon Station, Airport Express Asia China Hong Kong Station area TOD Leasing of property, Sale of land at post-rail prices unknown Rail + Property Pearl District North America USA Portland,(OR) District TOD Low-income housing tax credit, Property tax credit, Tax increment financing (TIF) Concessional loan, Tax increment financing (TIF) bond Designated intervention areas Hudson Yards North America USA New York District TOD Density bonus, Lease of air rights, Payment in Lieu of Taxes (PILOTs), Property tax credit, Resale of land and property Special assessment obligations/ bonds Special Purpose Vehicle Yokohama MM21 Line Asia Japan Yokohama Corridor TOD Investment incentives (unspecified) Concessional loan Land readjustment
28 Bengaluru scenario Proposed ORR Metro INNOVATIVE FINANCING TECHNIQUES PREMIUM FLOOR AREA RATIO (FAR) BETTERMENT LEVY NAMING RIGHTS/ ADVERTISING PREMIUM ACCESSWAYS/ RAMPS AIRSPACE COMMERCIALIZ ATION ADDITIONAL CESS ON APPROVAL OF NEW PROJECTS/DEV ELOPMENTS Image Source: BMRCL
29 How can national and state governments facilitate TOD implementation? Amend and/or enforce legislation where necessary (Acts, taxation, policy, LEDP etc.). Pushing for governance reforms so that Transit specific revenues are ring fenced for utilizing in transit influence areas. Overhaul of the taxation structures. Delegate Authority and ensure local interests are protected. Capacity building at local level to ensure TOD implementation.
30 For Bengaluru city prepare the business model flowchart Identify investment components Identify potential funding sources Identify Delivery mechanisms How BMRCL can contribute to implementation of TOD?
31 Other approaches Tangible approaches (with exceptions for affordable/ews housing) Transit infrastructure development funds. Infrastructure development charges (IDC) and External Development Charges (EDC) Car owners pay (fuel + vehicle). Cess on property transaction. Cess on building use permission. Capital value method to determine assessment. Intangible approaches Building political will. Increasing citizen awareness. Building institutional capacity at all levels and within all sectors. Learning for tier-ii & III cities.
32 THANK YOU! JAYA DHINDAW, STRATEGY HEAD SUSTAINABLE CITIES WRI INDIA PRERNA V MEHTA, MANAGER SUSTAINABLE CITIES WRI INDIA PMehta@wri.org
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