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Introduction
Public private partnerships (PPPs) have been a motivational tool for the introduction of private sector involvement in the provision of public sector services, especially in transport sector. Transport services and infrastructure bear multiple positive socio-economic impacts, improve competitiveness and support business development. Different alternative (innovative) entrepreneurial models of partnership with an effect of improved accessibility were introduced by Roumboutsos and Salaj (2013), showing the concept of exploiting the business opportunity that accessibility projects provide. One of the alternatives and additional source of infrastructure financing is known as “value capture”. It corresponds to “capturing” the value of benefits of transport infrastructure and services on adjacent land and other property development-related activities. This approach has been used by various localities in a number of countries (Lari et al., 2009; Kemp et al., 2013).
Land value capture (LVC) relates to the increase value of land and helps in building competitive areas. LVC is seen as a huge opportunity for the strategic level of facility management (FM), when addressing property asset, urban FM, community-based FM and new facility service opportunities. FM new urban and community alignments by Roberts (2004) stressed the best value initiative, which includes two major trends, which are as follows:
broadening and deepening of the engagement between the private and public sectors in the provisions of community services; and
putting people first, which means pulling public and voluntary agencies to share information and expertise in new ways.
In the first priority, he listed a range of services, provided by the private sector to communities, also FM including highways, housing, schools, transport systems and logistics. The role of FM in the urban development, as a community-based FM with the focus on long-term presence of a build asset in the community by Alexander and Brown (2006) and facilitating the creative environments in the perspective within urban planning in the paper by Larsen et al. (2011), shows its importance in the development of the areas.
The present paper contributes to this discussion by investigating the option of an in-kind contribution to project financing by landowners. The issue at hand is the value of this contribution. Moreover, when proposing this model, it is important to assess a fair value, which will be satisfactory to all parties entering...