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Luise Noring - Copenhagen Business School

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Presentation at Local Renewables 2018

Published in: Environment
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Luise Noring - Copenhagen Business School

  1. 1. Taxes Land Value Capture Attracts (and benefits) private investors Local government takes out loans based on future revenue Investments repaid through the yield stemming from sales and leases, and increased property taxes Public sector delivery Private sector delivery Private sector finance Public sector finance Tax Increment Financing Financial institutions (pension funds, insurances) Local government issues state guaranteed bonds Investment capital for infrastructure investments Bonds are repaid with future tax revenue Public investments attracts (and benefits) private investors Luise Noring
  2. 2. Taxes Land Value Capture Attracts (and benefits) private investors Local government takes out loans based on future revenue Investments repaid through the yield stemming from sales and leases, and increased property taxes Public sector delivery Private sector delivery Private sector finance Public sector finance Tax Increment Financing Financial institutions (pension funds, insurances) Local government issues state guaranteed bonds Investment capital for infrastructure investments Bonds are repaid with future tax revenue Public investments attracts (and benefits) private investors Local government owns the land assets Local government owns the taxes Luise Noring
  3. 3. Challenges with tax funded investments 1. Justifying public investments in markets that allow private investors to reap the economic benefits of those investments 2. Using property tax revenue for development activities of a neighborhood rather than alternative investments, such as in school education 3. Spending public funds to repay the bonds, when the market defaults 4. Building a long-term mission, and creating transparent processes and strong municipal oversight Luise Noring
  4. 4. Differences in governance Hamburg Manchester Pittsburgh A fiscally strong city state engaging in city projects through the creation of publicly owned corporations By privatizing and out-sourcing to private businesses, public section was faced with competition forcing them to become more efficient Pittsburgh has a fragmented governance structure with no metropolitan consolidation on cross - city decisions and competencies. City investments rely on a project-by- project coordination
  5. 5. HAMBURG PROJECT STAKEHOLDERS
  6. 6. MANCHESTER PROJECT STAKEHOLDERS
  7. 7. PITTSBURGH PROJECT STAKEHOLDERS
  8. 8. Other publications

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