Modelewska, ME; (2017) Financing public transport using value capture finance: an incremental assessment framework for investments in transport infrastructure ("I-FIT"). Doctoral thesis , UCL (University College London).

Abstract

Cities around the world, which are making sizeable infrastructure investments, are increasingly looking to deploy the Value Capture Finance (VCF) as a potential solution for raising more revenue to defray the costs associated with the construction and operation of public transport systems. For public authorities in particular, there is a strong rationale to recapture the ‘unearned’ increment through VCF. Yet, despite a rich history of research on VCF, a mechanism is elusive and theoretical. Conceptual and practical gaps remain in the field of VCF that prevent the wider adoption of the concept. To address the gaps, the present thesis develops an Incremental Assessment Framework for Investments in Transport Infrastructure (“I-FIT”), which integrates economic theory with operational planning methods in order to establish an approach for structuring VCF instruments, which are advanced in theory, practical in operation, and useful in policy-making. This is accomplished through three objectives. - First, a meta-synthesis of existing literature on the topic is conducted to provide background and context to the study and to offer a conceptual underpinning of the I-FIT framework. - Second, an incremental assessment framework is proposed to better conceptualise and guide the analysis of VCF potential for public transport infrastructure investment. - Third, the framework is applied to two transport case studies, the East London Line in the United Kingdom and the Warsaw Metro in Poland, to provide a rationale for incorporating VCF in transport infrastructure finance more widely. In accomplishing these objectives, the present thesis makes a number of contributions to research and practice of VCF. It also raises a number of questions for further research. Nevertheless, this work presents a significant step towards linking theoretical, conceptual and practical consideration of VCF and realising research that is more comprehensive and applicable for transport policy makers around the world.

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