초록

The most ideal model of land development would be to reinvest gains from land
development in land development. Such land-based financing could be applied in
a different way in each country, as land incorporates a country’s historical, social,
economic and cultural contexts. Generally speaking, however, land-based financing can
be categorized into tax-based, fee-based, and incentive/collaborative-based instruments.
First, a tax-based instrument includes capital tax, property possession tax and special
assessments. Second, the examples of a fee-based instrument are community
infrastructure levies, impact fees and development charges. Third, the examples of an
incentive/collaborative-based instrument are land readjustment, business improvement
district, transit-oriented development with land value sharing between the public and
private sector.
This study takes a look at development charges, .. which falls under a fee-based
instrument .., as well as the pre-negotiation system, a type of the public-private
partnership, which falls under an incentive/collaborative-based instrument. In the
1960s and 1970s when both public and private sector lacked funds, Korea resorted to
land readjustment, which enables self-financing for land development. However, land
readjustment had yet to address problems of sitting on the issue of the privatization
of development gains and limited capacity to provide large scale urban land in a short
period of time. In order to tackle these problems, in the 1980s and 1990s, the public
sector whose financing capacity improved provided urban land en masse based on
publicly managed development. From the late 1990s, with the advancement of private
financing and neo-liberalism, land development method began to switch from the
government’s direct intervention to its indirect intervention. In these circumstances,
Korea embarked on development charges in 1992 and the pre-negotiation system in
2009...