Thursday, April 5, 2007

Houston Metro: Property Owner

I'm not sure what i think of this move by Metro to buy a developer's land then sell back when they are ready. I'm guessing this is to give the developer time to come up with a TOD plan without incurring the costs of holding land year to year. Perhaps the city should have come up with a way to do this without having Metro purchase the land and make it available for all properties that are going to develop TOD. In that sense they would be able to provide more density and community benefits with the money they saved. Heck perhaps this is a way to fund new light rail lines? Buy the land along a corridor and sell it back to pay for the infrastructure. It could work right? It would be a LIF. Land Increment Financing.


Obic Malaprop said...

i think a lot of NYC subway was financed this way.

Politically i don't think it's a good idea for a transit system to buy the land to resell. Too many oppurtuniies for corruption.

DSK said...

I believe Atlanta's MARTA also made boadloads of money over the last ten years by building TOD on lands that it bought long ago.