Urban renewal which may be also known as urban redevelopment is a veritable social gentrification technique. Others include increase in demand for urban services namely- housing, education, public health and a generally decent living environment, loss of biodiversity and green house, warming, desertification, degradation of agricultural land, air and water pollution, environmental decay, slums, insanitation, overcrowding, housing congestion, crime and violence, etc. Nigeria urban centres are characterized by a dominant feature which is degrading state of the physical environment.
Effective urban renewal actions are inevitable in our contemporary urban cities if our cities would compare with those of the developed economies or comparable developing economies.
If you mean the conversion of land use types is the practice of changing land use from rural to urban functions or changing from industrial to commercial and residential functions, yes you will see such practice more widely applied in the coming years in Chinese cities, as you see the same practice in European cities in the last several decades.
One reason is that the rapid loss of cultivated land resources due to rapid expanding of urban construction land and the increasingly concern of food security and other environmental consequences. Such concern has driven China to adopt stricter and more effective arable land protection policy by the central government to cherish land resources, ensure rational use of land and effective protection of farmland.
At the same time, there are still large land parcels in existing urban areas that can be mobilized to capture land value by selling or leasing land development rights. It means that the need for the new development must be examined. Further, if the development is foreseen outside the existing urban area, it must first be examined whether the development could partially be accommodated within the existing urban area. Dutch municipalities apply the SER ladders in the spatial planning of, for example, business parks, living or retail area, taking into account the possibilities of restructuring and intensive use of space.
Development-based land value capturing has certain advantages: it can generate massive capital to finance capital-intensive transformation without significant fiscal distortion or public objection to additional tax or fees. It may increase both one time and long-term revenue from high-transit ridership. The accommodation of new unban function of retail, office, housing and higher-quality public space or improved built environment can help generate sustainable income for local government, reimage existing areas often with bad stereotype images, create job opportunities and attract new users.
The redevelopment of urban areas with existing properties and functions and the development-based land value capture is designed and developed around the intensive collaboration of all involved stakeholders like the different organizations of the government at different scales, land owners, various property developers, current industries, enterprises and residents. Increasingly, new actors emerged in the transformation process, like pension funds or energy companies.
For example, a series of studies have shown that pension fund has been found in urban revitalization project, infrastructure development and housing projects in Australia, Canada and EU countries. With so many stakeholders with diverse interests, it is important that local institutional framework and legal context provide flexibilities to experiment for collaboration in some form between the public and private sector.
In the development of Lujiazui Financial District, the use of special economic zone status provided institutional context to accommodate global investors and global investment. For example, tax exemptions and deduction were widely applied. Bonds were allowed to be issued to raise fund for infrastructure development. Various institutional reform allowed the use of development instruments like the public-private partnership in various development projects.
Besides, it is increasingly essential to involve the existing communities, be it business sector and local residents, in the decision-making process to co-create the future vision of the urban area. In this way, a consensus can be reached without dramatic negative social consequence. Consequently, the redevelopment process takes time and mass investment to realize its goal and may face various unexpected obstacles.
Planners and project managers working in the public sector need to consider themselves more as place-makers, as Adam and Tiesdell suggested. They need to improve their understanding of the market and the dynamic of real estate development, and develop their market-shaping mindsets and learn various skills in developing network with other market parties. The European Union EU states the development financing as measures that provide financial support to address policy objectives through the use of loans, guarantees, equity or quasi-equity investment, or other risk-bearing tools.
These financial instruments can be combined with grants and involve risk-sharing with financial institutions, or a blending of loans and grants, or can be in the form of development charges or land value finance. Theurillat et al suggested tracing the bank and direct financial circuits e. As Chinese cities started their ambitious urban re development process since the s, most municipalities faced a serious budget shortage.
In the development of Chinese large-scale urban development projects, we have seen a continuous increase in the amount of investment from domestic and international sources that are injected into the region, as well as the arrival of multinational corporations, the banking and financial sector, property developers and global pension funds. The innovative financial instruments help filling the gap in which public finance used to function but not able to do so in new context.
The findings and recommendations made in this book focus on Western Europe, mainly on successful and alternatively less successful recent experiences in Spain, England and the Netherlands. Public bodies can use the recommendations to create the necessary conditions to improve the involvement of property developers and landowners in the financing of infrastructure and facilities. Property developers and landowners can find formulas for private-public partnership that can lead to lower development costs and risks, allowing them to pay for good infrastructure and facilities while maintaining profitability.
Scholars will find here the theoretical backgrounds for this relevant topic. Keywords urban development; urban planning; city planning. Publisher Sidestone Press. Publication date and place Leiden, This Collection. However, the individual land parcels are too small to be able to use the economic value through densification, and some kind of land assembly is also required. The national government finances a third of the site survey, land assembly, and open space foundation costs using the national general budget, and half of the public infrastructure costs using the roadway special fund.
To use the value created through transit development, the government upzones the site, changes the zoning code from residential to mixed-use, and plans denser development using the assembled land parcels. The development will include a tall building, an underground metro station, and associated public infrastructure wider roads, public spaces, and amenities. Landowners and tenants are entitled to keep the property rights of floor spaces in the new building that are valued as equal to their original property.
However, each landowner can also sell all of their property rights to developers. The figure below illustrates this hypothetical situation, and the table summarizes the contributions and resulting benefits of each of the stakeholders in this process. Figure: Illustration of a hypothetical urban development scheme in Japan.
Source : Suzuki and others
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