Abstract
| Original language | English |
|---|---|
| Journal | Cities |
| Volume | 88 |
| Pages (from-to) | 125-135 |
| Number of pages | 11 |
| ISSN | 0264-2751 |
| DOIs | |
| Publication status | Published - May 2019 |
Keywords
- Public asset corporation
- Urban development
- Regeneration
- Infrastructure finance
- Local finance
Cite this
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Public Asset Corporation : A New Vehicle for Urban Regeneration and Infrastructure Finance. / Noring, Luise.
In: Cities, Vol. 88, 05.2019, p. 125-135.Research output: Contribution to journal › Journal article › Research › peer-review
TY - JOUR
T1 - Public Asset Corporation
T2 - A New Vehicle for Urban Regeneration and Infrastructure Finance
AU - Noring, Luise
PY - 2019/5
Y1 - 2019/5
N2 - This article presents a hybrid model of managing and financing urban redevelopment and public infrastructure: the Public Asset Corporation (PAC). The model has evolved through the example of Copenhagen City & Port Development Corporation (By og Havn, n.d.), a publicly owned privately managed institution that leverages public assets through land value capture and Public-Private Partnerships. In addition, City & Port leases and sells land to private investors at market prices. The yield serves public benefit by funding a city-wide metro system. Through a mandate by national law to always maximize the yield, City & Port is sheltered from political interference. Thus, it is the blend between public and private ownership, management, and financing that distinguishes the PAC model as it evolved from the case study of City & Port. In contrast, much literature on public ownership and management focuses upon the operational inefficiencies, bureaucracy, and lack of accountability of public organizations, while literature on private organizations is concerned with the amassment of profits accrued by private investors, despite originating from profit generating public sector-driven initiatives, including value appreciation arising from re-zoning, infrastructure, and other public investments.
AB - This article presents a hybrid model of managing and financing urban redevelopment and public infrastructure: the Public Asset Corporation (PAC). The model has evolved through the example of Copenhagen City & Port Development Corporation (By og Havn, n.d.), a publicly owned privately managed institution that leverages public assets through land value capture and Public-Private Partnerships. In addition, City & Port leases and sells land to private investors at market prices. The yield serves public benefit by funding a city-wide metro system. Through a mandate by national law to always maximize the yield, City & Port is sheltered from political interference. Thus, it is the blend between public and private ownership, management, and financing that distinguishes the PAC model as it evolved from the case study of City & Port. In contrast, much literature on public ownership and management focuses upon the operational inefficiencies, bureaucracy, and lack of accountability of public organizations, while literature on private organizations is concerned with the amassment of profits accrued by private investors, despite originating from profit generating public sector-driven initiatives, including value appreciation arising from re-zoning, infrastructure, and other public investments.
KW - Public asset corporation
KW - Urban development
KW - Regeneration
KW - Infrastructure finance
KW - Local finance
KW - Public asset corporation
KW - Urban development
KW - Regeneration
KW - Infrastructure finance
KW - Local finance
UR - https://sfx-45cbs.hosted.exlibrisgroup.com/45cbs?url_ver=Z39.88-2004&url_ctx_fmt=info:ofi/fmt:kev:mtx:ctx&ctx_enc=info:ofi/enc:UTF-8&ctx_ver=Z39.88-2004&rfr_id=info:sid/sfxit.com:azlist&sfx.ignore_date_threshold=1&rft.object_id=954925498089&rft.object_portfolio_id=&svc.holdings=yes&svc.fulltext=yes
U2 - 10.1016/j.cities.2019.01.002
DO - 10.1016/j.cities.2019.01.002
M3 - Journal article
VL - 88
SP - 125
EP - 135
JO - Cities
JF - Cities
SN - 0264-2751
ER -