earticle

영어

Development of railway station area has been considered one of the most efficient tools to regenerate inner city area. It provides opportunity to transform under-used area of the city into mixed-use space and to increase the accessibility of transport. However, difficulty of financing in private sector is the main reason why it cannot be carried out widely in practice. On this background, various financing alternatives which consist of equity investment of public sector, Tax Increment Financing (TIF) for the development of railway station area are analyzed. The results of empirical studies show that financing alternative using only TIF is insufficient for development of railway station area even in small-scale development project. On the Contrary, public financing alternative using both equity investment and TIF improve the potential of proposed projects. The results of this study suggest a new approach which is public institutions participation as a strategic investor in development of railway station area for financing.