Abstract
Two factors are critical for implementing strategic projects: institutional design and value capture. A brief introduction to institutional design is followed by an exposition of value capture: capturing the indirect benefits of public investments to fund the development and operation of public projects. Institutional design answers the question: how to institutionalize and effect value capture to enable a proposed project to be funded. Alternative modes of value capture are associated with different forms of institutional design, including levies, Special Districts and public–private partnerships. The case of the Ayalon Metropolitan Park in Tel-Aviv, Israel, illustrates the need for strategic project planning to include institutional design for value capture.
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