Capturing the Value of Public Transportation. Julian Ware Transport for London Commercial Finance, London UK
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1 Capturing the Value of Public Transportation Julian Ware Transport for London Commercial Finance, London UK
2 Key Presentation Take-Aways Three schemes Supplement on commercial property tax - BRS New development tax - CIL A tax increment finance structure - EZ Should residents be asked to pay for Crossrail 2?
3 London 1,579 km 2 30 million visitors a year, 28.4 million journeys per day 75 per cent of all UK rail journeys start or end in London or South East Mayor, Boris Johnson Chairman of TfL 32 boroughs and the ancient City 3
4 London s growing 4
5 Crossrail 1 - key facts Will increase total rail capacity by 8 10% 8 new stations, plus 28 others upgraded 24 trains per hour in each direction Tunnelling now nearly complete Due to open at the end of
6 Route Will link shopping districts (West End), financial districts (City of London, Canary Wharf) and Heathrow Airport 6
7 Funding Summary ( billion) Central Government 4.7 Business - Business Rates Supplement Developer Contributions 1.1 (of which CIL is 0.3) Fare payer 4.6 Total 14.5 ($24 billion US) 7
8 Crossrail s effect on property prices Press coverage of GVA Grimley Study 15 June 2012 Crossrail could add 5.5bn in value to property along its route between 2012 and 2021, according to new research. The report, conducted for Crossrail by GVA, said the value of commercial buildings near Crossrail stations would likely increase by 10% during the next decade, above already rising projections. Residential values near the stations are projected to increase by 25% in London and 20% in the suburbs.
9 Battersea and the Northern Line Extension Part of Vauxhall, Nine Elms, Battersea (VNEB) regeneration area Two extra stations extension estimated to cost 1 billion One third from developer contributions Remainder from borrowing against future rates income Called enterprise zone EZ effectively a TIF
10 But the capacity will not be enough 10
11 Crossrail 2 New capacity, link to new housing Cost at least the same as Crossrail 1 Working on the funding package Ready for 2030? 11
12 Key Presentation Take-Aways Three schemes Time Supplement on commercial property tax - BRS New development tax - CIL Hypothecation A tax increment finance structure - EZ Should residents be asked to pay for Crossrail 2? Risk and borrowing Growing city Stakeholders
13 ADDITIONAL MATERIAL
14 Crossrail 1 Financing Summary ( billion) Fare payer - TfL Borrowing Network Rail works Canary Wharf Station Other 0.2 Total 4.6 TfL Borrowing: paid back through interest and principal payments Network Rail: paid back over 30 years through access charges Financed on balance sheet Sale of surplus land less residual costs In addition: 0.6bn of the Business Rates Supplement is to be raised during the construction period the Greater London Authority will finance 3.5bn of capital works against the remaining BRS income due after the end of construction. 14
15 Crossrail 1 Funding - Notes Business Rates Supplement - Approx 5% increase in commercial property tax, for buildings with a rent of more than 55,000 Developer contributions 1.1 billion - Community Infrastructure Levy 0.3 billion - Developer contributions (S106) 0.3 billion - City of London / BAA (Heathrow) 0.5 billion Plus over station development, say 0.5 billion treated as reduced costs 15
16 Mayor s Community Infrastructure Levy Charged per square metre on new development residential and commercial Exceptions extensions, charities, social housing Three bands - 50, 35, 20 based on house prices About 1% of finished value To be spent on strategic transport 16
17 Community Infrastructure Levy receipts Target 300 million by March 2019 Collected over 50 million by April 2014 Trend not yet clear Better result than contracted contributions (S106) Target probably achievable Large developments important 17
18 Development mechanisms - notes Over station development In UK now about cost recovery (5/9ths for Crossrail) Constrained by normal planning processes Unlikely to see a second Metroland? Volatile Section 106 Tariff policy in Central London and Docklands Individual decisions, contracted Commercial development 32 million after 6 years work Crowds out other social gains? Volatile CIL Much closer to a tax, regulations not policies All London, most uses Mayor has 52 million after 4 years work, but early days
19 Rates mechanisms - notes BRS Greater London Supplement on all rates, stable Low risk allows prudential borrowing by public sector Tax payer pays more TIF/EZ Battersea only Increment on rates from new commercial development Not such low risk, but borrowing by public sector still acceptable Tax payer pays what they would otherwise have paid
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