Funding SEPTA With Value Capture Would Complement Existing Philly Development Goals

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Here’s an example from Kellie Patrick Gates of a situation bearing out what I was saying this morning about funding SEPTA with value capture:

A new Philadelphia City Planning Commission report finds that mixed-use development centered around transit stops, replacing large surface parking lots with more active uses and the relocation of some city services could help strengthen West Market Street as a commercial corridor.

Richard Redding, director of community planning for the PCPC, presented the Market Street Corridor report to the commission earlier this week. The report stemmed from a 2011 discussion between the city administration and City Councilman Curtis Jones, who was promoting transit-oriented development near 60th and Market, and also had other ideas about revitalizing the corridor.

The city (or at least the Planning Commission..) is already trying to do the thing that value capture would encourage – clustering development around transit stations.

In this case, a land tax on the surface parking lots near this station would push the existing landowners to either build new mixed-use buildings, or sell the land to somebody else who wants to do that. More buildings clustered around the transit station would increase ridership, reduce the “need” for auto-oriented zoning in that area, and bring in more revenue for city services and the transit system.

This entry was posted in Budget, Land Use, Transportation.

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