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 Periodical article |
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| Title: | Value capture in South Africa: conditions for their successful use in the current legal context |
| Authors: | McGaffin, Robert Napier, Mark Gavera, Lucille |
| Year: | 2014 |
| Periodical: | Urban Forum (ISSN 1874-6330) |
| Volume: | 25 |
| Issue: | 3 |
| Pages: | 375-387 |
| Language: | English |
| Geographic term: | South Africa |
| Subjects: | public investments public revenue public expenditure legislation |
| External link: | https://doi.org/10.1007/s12132-013-9211-3 |
| Abstract: | This is the second article in a two-part series on value capture in South Africa. Value capture is a broad term used to describe the process of extracting the additional value that accrues to a property following specific public investment. As the increased value results from public action, the value capture is usually undertaken by a public agency to bring about or pay for a public purpose. The value capture process comprises four key elements, namely, the creation of the value, the calculation of the additional value created, the capturing of this value and finally the use of the funds resulting from the captured value. While the previous article addressed the first two components, this paper focuses on the last two, namely the capture and use of value in the current legal context. The article concludes that legally, value capture is possible in South Africa, but that the legislation is vague and inconsistent at times. Furthermore, the article finds that value capture is most successful when the policy objectives are clear, the mechanisms are correctly defined, favourable market conditions prevail and solid administrative systems are in place. Bibliogr., sum. [Journal abstract] |