eprintid: 1556387
rev_number: 18
eprint_status: archive
userid: 608
dir: disk0/01/55/63/87
datestamp: 2017-09-29 10:57:10
lastmod: 2019-10-17 07:28:28
status_changed: 2017-09-29 10:57:10
type: thesis
metadata_visibility: show
creators_name: Modelewska, ME
title: Financing public transport using value capture finance: an incremental assessment framework for investments in transport infrastructure ("I-FIT")
ispublished: unpub
divisions: A01
divisions: B04
divisions: C05
divisions: F44
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.
date: 2017-05-28
date_type: submitted
thesis_class: doctoral_md_only
language: eng
thesis_view: UCL_Thesis
verified: verified_manual
elements_id: 1294613
lyricists_name: Modelewska, Marta
lyricists_id: MMMOD71
actors_name: Modelewska, Marta
actors_name: Flynn, Bernadette
actors_id: MMMOD71
actors_id: BFFLY94
actors_role: owner
actors_role: impersonator
full_text_status: none
pages: 355
event_title: UCL (University College London)
institution: UCL (University College London)
department: Civil, Environmental & Geomatic Engineering
thesis_type: Doctoral
citation:        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).