Land Value

  • Upload
    anu2687

  • View
    214

  • Download
    0

Embed Size (px)

Citation preview

  • 8/3/2019 Land Value

    1/6

    0HPRUDQGXP

    )URP $ODLQ%HUWDXG

    'DWH $SULO6XEMHFW ,QGLD8UEDQ/DQG5HIRUP

    7KHHFRQRPLFLPSDFWRIODQGDQGXUEDQSODQQLQJUHJXODWLRQVLQ,QGLD*RYHUQPHQWLQWHUYHQWLRQLQWKHIRUPRIUHJXODWLRQVLQIUDVWUXFWXUHLQYHVWPHQWVDQGWD[DWLRQKDVDGLUHFWLPSDFWRQXUEDQODQGVXSSO\DQGRQWKHGHPDQGIRUODQG

    DQGWKHUHIRUHRQWKHSULFHRIODQGDQGKRXVLQJ'HIDFWRVRPHUHJXODWLRQVKDYHWKHHIIHFWRIDOORFDWLQJODQGDGPLQLVWUDWLYHO\LJQRULQJGHPDQGDQGFRVWVDQGE\SDVVLQJ

    PDUNHWPHFKDQLVPLQDOORFDWLQJUHVRXUFHV/DQGUHJXODWLRQVDUHQHFHVVDU\WRWKHZHOO

    IXQFWLRQLQJRIPDUNHWVEXWZKHQSRRUO\GHVLJQHGWKH\FDQFRQVWLWXWHDVHULRXVGUDJRQHFRQRPLFGHYHORSPHQW

    ,Q,QGLDWKHFRPELQHGHIIHFWRIPXOWLSOHOD\HUVRISRRUO\FRQFHLYHGFHQWUDOVWDWHDQGPXQLFLSDOUHJXODWLRQVFRQWULEXWHWRDQDUWLILFLDOXUEDQODQGVKRUWDJH$VDUHVXOWXUEDQ

    ODQGSULFHVDUHDEQRUPDOO\KLJKLQUHODWLRQWR,QGLDVKRXVHKROGLQFRPHDQGKRXVHKROGVFRQVXPHOHVVIORRUVSDFHWKDQWKH\FRXOGDIIRUGLIWKHUHJXODWRU\HQYLURQPHQWZHUH

    UHIRUPHG,QDGGLWLRQVRPHUHJXODWLRQVKDYHDQHJDWLYHLPSDFWRQWKHVSDWLDOVWUXFWXUHRIFLWLHV%\XQUHDVRQDEO\UHGXFLQJWKHDPRXQWRIIORRUVSDFHWKDWFDQEHEXLOWLQFHQWUDOO\

    ORFDWHGDUHDVDQGE\PDNLQJODQGUHF\FOLQJGLIILFXOWVRPHUHJXODWLRQVWHQGWRSXVK

    XUEDQGHYHORSPHQWWRZDUGWKHSHULSKHU\$VDUHVXOWFRPPXWLQJWULSVEHFRPHORQJHUSXEOLFWUDQVSRUWEHFRPHGLIILFXOWWRRSHUDWHDQGXUEDQLQIUDVWUXFWXUHKDVWREHH[WHQGHG

    IXUWKHUWKDQZKDWZRXOGKDYHEHHQWKHFDVHLIODQGVXSSO\KDGEHHQXQFRQVWUDLQHG

    6RPHUHJXODWLRQVDUHUHVSRQVLEOHIRUDQLQFUHDVHLQFRUUXSWLRQ%\PDNLQJ

    XUEDQGHYHORSPHQWILQDQFLDOO\XQIHDVLEOHLQDUHDVZKHUHWKHUHLVKLJKGHPDQGIRU

    FRPPHUFLDORUUHVLGHQWLDOVSDFHVRPHUHJXODWLRQVHQFRXUDJHFRUUXSWLRQ7KHFRUUXSWLRQLVFRPSRXQGHGE\WKHIDFWWKDWQRERG\VHHVDQ\VRFLDOEHQHILWLQHQIRUFLQJWKHUHJXODWLRQ

    FRQWUDU\WRHQYLURQPHQWDOUHJXODWLRQVZKHUHWKHVRFLDOEHQHILWVDUHXVXDOO\REYLRXVWR

    DOO)RUWKLVUHDVRQIODXQWLQJUHJXODWLRQVLVFRQVLGHUHGDYLFWLPOHVVFULPH,WKDVEHHQVDLGWKDWWKHUHJXODWRU\HQYLURQPHQWLQ,QGLDKDVFRQWULEXWHGWRDFULPLQDOL]DWLRQRIUHDO

    HVWDWH

    0DQ\UHJXODWLRQVKDYHWKHHIIHFWRIUHQGHULQJFRQVWUXFWLRQXQDIIRUGDEOHIRUDODUJHSDUWRIWKHSRSXODWLRQ$VDUHVXOWPDQ\KRXVHKROGVDQGILUPVEXLOGLOOHJDOO\

    DQGDVDFRQVHTXHQFHKDYHZHDNSURSHUW\ULJKWVZKLFKFDQQRWEHXVHGWRREWDLQIRUPDO

    ILQDQFLQJ

    5HJXODWLRQVVKRXOGEHUHJXODUO\DXGLWHGDQGVXEPLWWHGWRDFRVWEHQHILWVDQDO\VLV

    /DQGXVHUHJXODWLRQVKDYHFRVWVDQGEHQHILWV:KHQUHJXODWRU\FRVWVRXWZHLJK

    EHQHILWVUHJXODWLRQVVKRXOGEHDPHQGHGRUUHSHDOHG,Q,QGLDWKHUHLVDOUHDG\DFRQVHQVXVWKDWWKHVRFLDODQGHFRQRPLFFRVWVRIUHQWFRQWUROUHJXODWLRQVDQGRIWKH8UEDQ

    /DQG&HLOLQJ$FWIDURXWZHLJKVZKDWHYHUEHQHILWVWKHVHUHJXODWLRQVZHUHVXSSRVHGWR

  • 8/3/2019 Land Value

    2/6

    SURYLGH+RZHYHUWKHUHDUHDQXPEHURIUHJXODWLRQVZKLFKLPSDFWSRVLWLYHRUQHJDWLYH

    DUHOHVVREYLRXV6RPHUHJXODWLRQVVKRXOGQRWEHUHSHDOHGEXWVLPSO\DPHQGHG7KH

    GHFLVLRQWRUHSHDORUDPHQGUHJXODWLRQVKRXOGEHEDVHGRQDUHJXODWRU\DXGLWWKDWZRXOGHYDOXDWHWKHFRVWVDQGEHQHILWRIDVSHFLILFUHJXODWLRQ

    ,QDGGLWLRQVRPHODQGXVHUHJXODWLRQVVXFKDVWKHUHJXODWLRQRI)6,RU)$5

    LQVRPHVWDWHVDUHQRWREMHFWLRQDEOHSHUVHEXWWKHJHQHUDOSULQFLSOHVWKDWMXVWLI\VSHFLILFYDOXHIRUWKH)6,DWVSHFLILFORFDWLRQVVKRXOGEHUHYLVHG,QWKLVFDVHWKH6WDWHJRYHUQPHQWVPD\SURYLGHJXLGHOLQHVWRXUEDQSODQQHUVWRKHOSWKHPUHJXODWH)6,LQD

    PDQQHUWKDWLVFRQVLVWHQWZLWKDQHIILFLHQWDQGPDUNHWGULYHQXUEDQVSDWLDOVWUXFWXUH

    7KHVDPHDSSOLHVWRODQGVXEGLYLVLRQUHJXODWLRQV/DQGVXEGLYLVLRQUHJXODWLRQVPLJKWEHQHFHVVDU\EXWWKHTXDQWLWDWLYHSDUDPHWHUVFRQWDLQHGLQWKHVHUHJXODWLRQVPLQLPXP

    SORWVL]HVWUHHWVULJKWRIZD\VHWFVKRXOGEHFDUHIXOO\DXGLWHGWDNLQJLQWRDFFRXQWWKHLU

    LPSDFWRQGHYHORSPHQWFRVWVRQWKHODQGDIIRUGDELOLW\IRUYDULRXVVRFLRHFRQRPLFJURXSVDQGWKHLUQHJDWLYHLPSDFWRQWKHHQYLURQPHQWZKHQWKH\UHVXOWLQDQRYHUFRQVXPSWLRQRI

    ODQGWRPHHWWKHPLQLPXPVWDWGDUGV

    ,PSDFWRIUHJXODWLRQVDQGSODQQLQJSUDFWLFHVRQVXSSO\DQGGHPDQGIRUXUEDQODQG

    ,QUHYLHZLQJRUDXGLWLQJODQGUHJXODWLRQVLWLVFRQYHQLHQWWRGLYLGHWKHPDFFRUGLQJ

    WRWKHLULPSDFWRQPDUNHWV6RPHUHJXODWLRQVFRQWULEXWHWRDGHFUHDVHLQODQGVXSSO\

    RWKHUDUWLILFLDOO\LQFUHDVHODQGFRQVXPSWLRQDQGWKHUHIRUHGHPDQGIRUODQG7KHGRXEOHHIIHFWRIUHVWULFWLQJVXSSO\DQGPDQGDWLQJKLJKODQGFRQVXPSWLRQKDVDQHYLGHQWLPSDFW

    RQSULFH

    D*RYHUQPHQWUHJXODWLRQVRUSUDFWLFHVFRQWULEXWLQJWRDGHFUHDVHLQODQGVXSSO\

    8UEDQ/DQGFHLOLQJDFW7KHPDMRUHIIHFWRIWKHXUEDQODQGFHLOLQJDFWKDVEHHQWRIUHH]HODUJHDUHDVRIODQGLQOHJDOGLVSXWHV7KHVHDUHDVDUHQRWDYDLODEOHIRUGHYHORSPHQWRU

    UHGHYHORSPHQW$QDGGLWLRQDOQHJDWLYHLPSDFWRIWKHDFWZDVWRSUHYHQWSULYDWH

    GHYHORSHUVWRDVVHPEOHODQGIRUVXEVHTXHQWGHYHORSPHQW7KHDFWJDYHDGHIDFWRPRQRSRO\RQODQGGHYHORSPHQWWRJRYHUQPHQWGHYHORSHUVVXFKDVKRXVLQJERDUGV

    RU'HYHORSPHQW$XWKRULWLHV

    5HQWFRQWURO

    7KHHIIHFWRIUHQWFRQWURORQWKHVXSSO\RIQHZUHQWDOVWRFNLVREYLRXVDQGZHOO

    GRFXPHQWHG+RZHYHUUHQWFRQWUROODZVKDYHDOVRDQHIIHFWRQODQGVXSSO\DQG

    FLW\VKDSH5HQWFRQWUROFRQWULEXWHVWRDGHFUHDVHLQODQGVXSSO\EHFDXVHEXLOGLQJV

    ZKLFKDUHXQGHUUHQWFRQWUROFDQQRWEHUHGHYHORSHGRUHYHQUHQRYDWHG0DQ\UHQWFRQWUROOHGEXLOGLQJVDUHYHU\ROGDQGE\QHFHVVLW\EDGO\PDLQWDLQHGHYHQLQ

    VRPHFDVHVLQ0XPED\IRULQVWDQFHVWUXFWXUDOO\XQVRXQG%XWQRUHGHYHORSPHQWFDQRFFXUXQWLOWKHWHQDQWVPRYHYROXQWDULO\RXWWKHEXLOGLQJ5HQWFRQWURO

    FUHDWHVWKHSHUYHUVHLQFHQWLYHIRUODQGORUGVWRVHHWKHLUSURSHUW\GHWHULRUDWHRU

    HYHQFROODSVH8QWLOWKLVKDSSHQGHYHORSPHQWKDVWRE\SDVVWKHDUHDVXQGHUUHQWFRQWUROZKLFKFRQVWLWXWHDIRUPRIIUR]HQODQGDVIDUDVGHYHORSPHQWLV

    FRQFHUQHG

  • 8/3/2019 Land Value

    3/6

    5HJXODWLRQVSUHYHQWLQJRUVORZLQJGRZQWKHFRQYHUVLRQRIODQGIURPRQHXVHWRDQRWKHU$Q\FKDQJHRIXVHHYHQZKHQDSSURYHGE\0DVWHUSODQVUHTXLUHVOHQJWK\DSSURYDOWREHFRPHHIIHFWLYH7KLVLVSDUWLFXODUO\VHULRXVDWWKHSHULSKHU\RIFLWLHV

    ZKHUHODQGKDVWREHFRQYHUWHGIURPDJULFXOWXUDOWRXUEDQXVH&KDQJHRIODQGXVH

    ZLWKLQFLWLHVLVDOVRORQJDQGFXPEHUVRPHUHVXOWLQJLQSRFNHWVRIGHDGODQG)RULQVWDQFHREVROHWHFRWWRQPLOOVLQ0XPEDLDQG$KPHGDEDGDUHVWLOORFFXS\LQJ

    ODUJHDUHDVRIODQGLQFHQWUDOORFDWLRQDOWKRXJKWKHUHLVDFRQVHQVXVWKDWLWLV

    QHLWKHUHQYLURQPHQWDOO\GHVLUDEOHQRUHFRQRPLFDOO\IHDVLEOHWRSXWEDFNWKHVH

    PLOOVLQWRRSHUDWLRQ

    0DVWHUSODQVLJQRULQJUHDOHVWDWHGHPDQG

    0DVWHUSODQVDOORFDWHODQGEHWZHHQYDULRXVXVHVDQGOLPLWWKHDPRXQWRIIORRUVSDFHZKLFKFDQEHEXLOWRQVSHFLILFSDUFHOVHLWKHUGLUHFWO\WKURXJKPD[LPXP

    )6,RULQGLUHFWO\WKURXJKVHWEDFNVSORWFRYHUDJHUDWLRDQGPD[LPXPQXPEHU

    RIIORRUV:KLOHWKHVHW\SHVRIFRQWURODUHQRWREMHFWLRQDEOHSHUVHWKHSDUDPHWHUXVHGDUHRIWHQDUELWUDU\DQGKDYHEHHQVHWZLWKRXWWDNLQJLQWRDFFRXQWWKH

    HIILFLHQF\RIFLW\VWUXFWXUHRUWKHDIIRUGDELOLW\RIGLIIHUHQWVRFLDOJURXSV,QGLDQXUEDQSODQQHUVKDYHDWHQGHQF\WRSUHIHUORZLQWHQVLW\RIGHYHORSPHQWWKURXJK

    ORZ)6,YDOXHVDQGWREDQFRPPHUFLDOGHYHORSPHQWLQFHQWUDODUHDWRDYRLGFRQJHVWLRQ7KLVLVWKHXUEDQYHUVLRQRIWKHUHJLRQDOGHYHORSPHQWSKLORVRSK\

    ZKLFKKDGEHHQEDQQLQJQHZLQGXVWULHVDURXQGVXFFHVVIXOPHWURSROLVHVOLNH

    %RPED\DQG6XUDWDQGKDGEHHQVXEVLGL]LQJLQGXVWULDOLQIUDVWUXFWXUHLQUHPRWHDUHDVOLNH:HVWHUQ*XMDUDWQH[WWRWKHGHVHUWRI.XWFKDQGLQWKHPRXQWDLQVRI

    $UXQDFKDO3UDGHVK$ZLGHGHEDWHVKRXOGWDNHSODFHLQ,QGLDWRGLVFXVVGHPDQG

    ORFDWLRQFRQJHVWLRQHFRQRP\RIVFDOHDQGXQLIRUPJHRJUDSKLFGHYHORSPHQW7KHUHLVVWLOODZLGHVSUHDGFRQFHLWDPRQJSROLF\PDNHUVWKDWWKHDEVHQFHRI

    GHYHORSPHQWLQVRPHUHPRWHORFDWLRQZKHWKHUXUEDQRUUHJLRQDOLVDVLJQRI

    PDUNHWIDLOXUHZKLFKVKRXOGEHFRUUHFWHGE\*RYHUQPHQWLQYHVWPHQWDQGWD[VXEVLGLHVDQGUHFLSURFDOO\WKDWIDVWJURZWKLQKLJKGHPDQGORFDWLRQVVKRXOGEH

    GLVFRXUDJHGE\JRYHUQPHQWUHJXODWLRQV

    +LJKVWDPSGXW\

    +LJKVWDPSGXWLHVGLVFRXUDJHODQGWUDQVDFWLRQVDQGDVDFRQVHTXHQFHUHGXFHWKH

    VXSSO\RIODQGRQWKHPDUNHW+LJKVWDPSGXW\LQFLWHVWRJURVVO\XQGHUGHFODUHWKH

    UHDOYDOXHRIODQG7KLVLQWXUQDGYHUVHO\DIIHFWVWKHSRVVLELOLW\RIXVLQJODQGDVFROODWHUDOIRUFRQVWUXFWLRQILQDQFLQJ,QWKHIXWXUH,QGLDQFLWLHVZLOOKDYHWRPRYH

    WRDQDGYDORUHPSURSHUW\WD[V\VWHP%XWVHWWLQJDQDGYDORUHPWD[UHTXLUHVD

    UHDVRQDEOHWUDQVSDUHQF\LQODQGWUDQVDFWLRQV,WFRXOGWKHUHIRUHEHVDLGWKDWDQXQUHDVRQDEO\KLJKVWDPSGXW\SUHYHQWVWKHPRGHUQL]DWLRQRIWKHSURSHUW\WD[

    V\VWHPLQ,QGLD /DUJHLQVWLWXWLRQDOODQGKROGLQJV

    *RYHUQPHQWHQWLWLHVRUSDUDVWDWDOVVXFKDV5DLOZD\VRIWHQRZQODUJHWUDFWVRI

    ODQGLQFLWLHV%HFDXVHWKLVODQGFDQQRWEHVROGRQWKHPDUNHWWRWKHEHQHILWRIWKH

    RZQLQJLQVWLWXWLRQLWLVRIWHQXQGHUXVHGRUXVHGLQDZD\LQFRPSDWLEOHZLWKLWVUHDOPDUNHWYDOXH0DQ\RIWKHODQGKROGLQJVKDYHEHHQLQKHULWHGIURPFRORQLDO

    WLPHDQGDUHORFDWHGLQGRZQWRZQDUHDV*RYHUQPHQWHQWLWLHVDQGSDUDVWDWDOV

    VKRXOGEHUHTXLUHGWRPDNHDIXOOLQYHQWRU\RIWKHLUODQGKROGLQJVDQGWRHYDOXDWH

  • 8/3/2019 Land Value

    4/6

    WKHPDWPDUNHWYDOXH*RYHUQPHQWHQWLWLHVDQGSDUDVWDWDOVVKRXOGEHDOORZHGWR

    VHOOWKHLUODQGKROGLQJVDQGUHWDLQWKHSURFHHGVZKHQHYHUWKH\IHHOWKDWWKHFDVK

    YDOXHRIODQGZRXOGEHPRUHYDOXDEOHWRWKHPWKDQWKHXVHRIODQG$FRPSOHWHLQYHQWRU\RIXUEDQ,QVWLWXWLRQDOODQGKROGLQJVKDVQHYHUEHHQGRQHLQ,QGLDEXWDQ

    LQIRUPDOVXUYH\PDGHLQ&KHQDLVRPH\HDUVDJRLQGLFDWHGWKDWPRUHWKDQ

    RIWKHXUEDQODQGZDVRZQHGE\JRYHUQPHQWLQVWLWXWLRQVQRWLQFOXGLQJKRXVLQJERDUGVRUGHYHORSPHQWDXWKRULWLHV

    9HU\ORZSURSHUW\WD[HV

    9HU\ORZSURSHUW\WD[HVDQGSURSHUW\WD[HVEDVHGRQDFWXDOUHQWVUDWKHUWKDQRQODQGYDOXHVFUHDWHDQLQFHQWLYHWRKROGYDFDQWRUXQGHUXVHGODQGWKXVGHFUHDVLQJ

    WKHDPRXQWRIODQGRQWKHPDUNHW,QWURGXFLQJDQDGYDORUHPSURSHUW\WD[ZRXOG

    UHTXLUHPRUHRSHQDQGWUDQVSDUHQWODQGWUDQVDFWLRQV2IFRXUVHDGYDORUHPODQGWD[DWLRQLVLQFRPSDWLEOHZLWKUHQWFRQWURO

    ,QDGHTXDWHSULPDU\LQIUDVWUXFWXUH

    7KHIDLOXUHWRSURYLGHSULPDU\LQIUDVWUXFWXUHZLWKDFDSDFLW\FRQVLVWHQWZLWKGHPDQGLVRIWHQFLWHGDVDMXVWLILFDWLRQIRUFRQVWUDLQLQJGHYHORSPHQWLQWHQVLW\

    LQSDUWLFXODUORZ)6,,WLVLPSRUWDQWWRUHDOL]HWKDWDQDGMXVWPHQWRIODQGXVHUHJXODWLRQWRDFWXDOPDUNHWGHPDQGZLOODOVRUHTXLUHWKHSURYLVLRQRISULPDU\LQIUDVWUXFWXUHRIVXIILFLHQWFDSDFLW\7KHPHDQVWRILQDQFHSULPDU\LQIUDVWUXFWXUH

    FRXOGFRPHIRUDEHWWHUGHVLJQRIWKHSURSHUW\WD[RUIURPWKHLPSRVLWLRQRI

    LPSDFWIHHVZKHQUHGHYHORSLQJKLJKGHQVLW\DUHDV

    E*RYHUQPHQWUHJXODWLRQVRUSUDFWLFHVFRQWULEXWLQJWRDQDUWLILFLDOLQFUHDVHLQODQG

    FRQVXPSWLRQ

    /DQGVXEGLYLVLRQUHJXODWLRQV

    /DQGVXEGLYLVLRQUHJXODWLRQVWHQGWRRYHUGHVLJQURDGVULJKWRIZD\VRSHQVSDFHDQGRWKHUODQGUHVHUYHV7KLVSUDFWLFHUHVXOWVLQDQLQFUHDVHLQWKH

    FRQVXPSWLRQRIODQGFRPSDUHGWRZKDWZRXOGEHQHFHVVDU\0DQ\RIWKHULJKWRI

    ZD\VUHVHUYHGDUHQHYHUXVHGIRUFLUFXODWLRQ

    0LQLPXPSORWVL]H

    0LQLPXPSORWVL]HVDUHRIWHQVHWDWGLIIHUHQWYDOXHIRUVWDWHGHYHORSPHQWDJHQFLHV

    DQGIRUWKHSULYDWHVHFWRU7KLVSUDFWLFHUHVXOWVLQH[FOXGLQJWKHSULYDWHVHFWRUIURPWKHVXSSO\RISORWVDQGKRXVLQJIRUDODUJHVHJPHQWRIWKHSRSXODWLRQ

    0LQLPXPSORWVL]HVVKRXOGEHDGMXVWHGWRUHIOHFWODQGYDOXHVDQGWKHDIIRUGDELOLW\

    RIYDULRXVVRFLRHFRQRPLFJURXSVDQGWKHVDPHVWDQGDUGVVKRXOGEHDYDLODEOHIRUERWKWKHSULYDWHDQGSXEOLFVHFWRU

    /RZ)6,/RZYDOXHIRU)6,W\SLFDOO\)6,LQ,QGLDDUHVHOGRPDERYHHYHQLQFHQWUDOO\ORFDWHGDUHDVFRPSDUHGWRYDOXHVUDQJLQJIURPWRLQWKH&%'RIRWKHUFLWLHV

    RI$VLDWHQGWRLQFUHDVHWKHFRQVXPSWLRQRIODQGEHFDXVHZLWKORZ)6,PRUHODQG

    LVUHTXLUHGWREXLOWDJLYHQDUHDRIIORRUVSDFH,QWKHFDVHZKHUHWKHVXSSO\RIODQGLVVHYHUHO\FRQVWUDLQHGE\WKHODZVDQGSUDFWLFHVGHVFULEHGDERYHORZ)6,

    YDOXHVUHVXOWLQDUHGXFWLRQLQWKHFRQVXPSWLRQRIIORRUVSDFH7KLVDIIHFWVORZ

    DQGPLGGOHLQFRPHKRXVHKROGVPRUHWKDQRWKHUVDQGLQWKHQRQUHVLGHQWLDOVHFWRU

  • 8/3/2019 Land Value

    5/6

    FRQWULEXWHWRDORVVRISURGXFWLYLW\

    ([SHFWHGLPSDFWRIODQGUHJXODWRU\UHIRUPV

    7KHFDUHIXOUHYLHZDQGUHIRUPVRIWKHUHJXODWLRQVPHQWLRQHGDERYHZRXOGUHVXOW

    LQDORZHUFRVWIRUXUEDQGHYHORSPHQWDQGIRUKRXVLQJ$QDGGLWLRQDOEHQHILWZLOOEHDPRUHHIILFLHQWVSDWLDORUJDQL]DWLRQIRUFLWLHV6SHFLILFDOO\WKHH[SHFWHGRXWFRPHRI

    UHJXODWRU\UHIRUPFDQEHVXPPDUL]HGDVIROORZV

    0RUHFRPSDFWFLWLHVPRUHHIILFLHQWODQGXVH1RHQFODYHVRIXQGHUXVHRUXQXVHGODQGPRUHHIILFLHQWXVHRIH[LVWLQJSULPDU\LQIUDVWUXFWXUH

    ,QFUHDVHVKDUHRIWKHKRXVLQJVWRFNVXSSOLHGE\XQVXEVLGL]HGIRUPDOSULYDWHVHFWRUGHYHORSHUVGHFUHDVHLQLOOHJDOVXEGLYLVLRQVDQGVOXPDUHDV

    *HQHUDOO\ORZHUODQGSULFHVEXWKLJKHUSULFHVLQVRPHSULPHFRPPHUFLDODQGEXVLQHVVDUHDV

    'HFUHDVHLQWULSOHQJWKGXHWRPRUHFRPSDFWFLWHVDQGEHFDXVHRIPRUHLQWHQVHXVHRIODQGLQWKH&%'OHVVGLVSHUVLRQRIHPSOR\PHQW$PRUHLQWHQVHO\XVHG&%'

    DOORZVDEHWWHUHIILFLHQF\RIWUDQVLWDQGWKHUHIRUHVKRXOGLQFUHDVHXUEDQDLUTXDOLW\LQWKHORQJUXQ

    ,QFUHDVHLQWKHFRQVXPSWLRQRIIORRUVSDFHSHUSHUVRQIRUERWKUHVLGHQWLDODQGEXVLQHVVXVH7KLVVKRXOGUHVXOWLQDQLQFUHDVHRIZHOIDUHIRUKRXVHKROGVDQGDQ

    LQFUHDVHLQSURGXFWLYLW\IRUILUPV

    $YHUDJHXUEDQSRSXODWLRQGHQVLWLHVDUHOLNHO\WRVWD\FRQVWDQWDVPRUHHIILFLHQWODQGXVHDQGKLJKHU)6,DUHOLNHO\WREHEDODQFHGE\DKLJKHUIORRUFRQVXPSWLRQ

    %HFDXVHRIDQLQFUHDVHLQWKHQXPEHUDQGWUDQVSDUHQF\RIWUDQVDFWLRQV,QWKHORQJUXQSRVVLELOLW\WRFRQYHUWSURJUHVVLYHO\SURSHUW\WD[IURPDQDUHDEDVHWRDQDG

    YDORUHPEDVH7KHDGYDORUHPSURSHUW\WD[FRQVWLWXWHVDQLQFHQWLYHIRUWKHORFDOJRYHUQPHQWWRNHHSODQGDWLWVEHVWDQGKLJKHUXVH

    )LQDOO\E\UHGXFLQJWKHGLIIHUHQFHEHWZHHQZKDWLVDOORZHGDQGZKDWLVILQDQFLDOO\IHDVLEOHODQGXVHUHIRUPVKRXOGUHGXFHVLJQLILFDQWO\WKHRSSRUWXQLW\IRUFRUUXSWLRQ

    ,PSOHPHQWDWLRQ

    6RPHUHJXODWRU\UHIRUPVUHTXLUHSULRUOHJLVODWLYHDFWLRQE\WKH6WDWHV7KHFHQWHU

    VKRXOGWKHQFUHDWHLQFHQWLYHVWRVWLPXODWHDFWLRQWKLVLQFOXGHIXOOGRFXPHQWDWLRQRIWKHEHQHILWVRIUHIRUPDQGVRPHILQDQFLDOLQFHQWLYHWRUHYHUVHWKHVWDWXVTXR2WKHUUHIRUPV

    PDVWHUSODQVIL[LQJ)6,DQGODQGXVHPLQLPXPSORWVL]HVZLOOUHTXLUHVHWWLQJXS

    H[DPSOHLQVHOHFWHGRUFLWLHVWRLOOXVWUDWHWKHPHWKRGRORJ\WREHXVHG1RVWDQGDUGV

    YDOXHIRU)6,RUPLQLPXPSORWVL]HVKRXOGEHOHJLVODWHGDWWKHVWDWHOHYHO7KHEHVWYHKLFOHIRUUHIRUPRIWKLVW\SHZRXOGEHDQLQYHVWPHQWSURMHFWLQXUEDQLQIUDVWUXFWXUH

    LQFOXGLQJDPDVWHUSODQDQGUHJXODWRU\UHIRUPFRPSRQHQW7KHH[DPSOHDQGPHWKRGRORJ\FRXOGWKHQEHWUDQVIHUUHGWRRWKHUFLWLHVDQGVWDWHV

    7KHIROORZLQJUHFHQWO\SXEOLVKHGDUWLFOHPD\EHUHOHYDQWWRRXUZRUNLQ,QGLD

  • 8/3/2019 Land Value

    6/6

    0HDVXULQJWKH&RVWVDQG%HQHILWVRI8UEDQ/DQG8VH5HJXODWLRQ$6LPSOH0RGHOZLWKDQ$SSOLFDWLRQWR0DOD\VLD-RXUQDORI+RXVLQJ(FRQRPLFV6HSWHPEHU$ODLQ%HUWDXG6WHSKHQ0DOSH]]LSSGRLMKHF/DQGXVHUHJXODWLRQSHUVHLVQHLWKHUJRRGQRUEDG:KDWPDWWHUVLVWKHFRVWDQGEHQHILWRIVSHFLILF

    UHJXODWLRQVLQVSHFLILFPDUNHWFRQGLWLRQV7KLVSDSHUSUHVHQWVDVWUDLJKWIRUZDUGFRVWEHQHILWIUDPHZRUNIRUDQDO\]LQJODQGXVHDQGUHODWHGUHJXODWLRQVLQVXFKDFRQWH[WDQGSUHVHQWVDQDSSOLFDWLRQRIWKHPHWKRG

    WR0DOD\VLD:HXVHWKHVHUHVXOWVWRLOOXPLQDWHVHYHUDOLPSRUWDQWLVVXHVQDPHO\WKHHIIHFWVRIVXFKODQG

    XVHUHJXODWLRQVRQKRXVLQJPDUNHWVKRZWRXVHVXFKDQDO\VHVWRVXJJHVWUHYLVLRQVWRFRPPRQODQGXVH

    UHJXODWLRQVDQGZKDWFKDQJHVLQKLJKHURUGHULQFHQWLYHVIDFLQJUHJXODWRU\DXWKRULWLHVPLJKWEHUHTXLUHGWR

    HQFRXUDJHDQDSSURSULDWHUHJXODWRU\HQYLURQPHQWIRUXUEDQODQG