| Title |
Appropriateness of Incentive Systems for the Conjoint Renewal Program |
| Keywords |
결합개발제도 ; 용적률인센티브 ; 이전용적률 산정방식 ; 개발권양도제 Conjoint Renewal Program ; FAR Incentives ; Calculation of Transferable FAR ; TDR |
| Abstract |
CRP(Conjoint Renewal Program) seeks to preserve environmentally or culturally significant areas by combining multiple redevelopment projects, and moving the development right from the sending area where development is restricted to the receiving area where development is encouraged. In order to be effective, CRP should be able to operate in the market mechanism, that is, the profits of sending areas and receiving areas must become increase through the CRP. This paper identified the factors that influence the profit of CRP projects, and examined the appropriateness of incentive systems for the CRP through a computer simulation. Various alternatives for calculating transferable FAR, minimum FAR incentives, and profit distribution methods were compared in the simulation. The results were as follows. For calculating transferable FAR, Area-Ratio(AR) method produced better results than the Value-Ratio(VR) method. The increase of minimum level of FAR incentive could not achieve a desirable improvement. The most significant difference was observed in the comparison of profit distribution methods. Combined-Distribution(CD) could not maintain a stable balance between the profits of sending areas and receiving areas, and Half-Distribution(HD) sometimes reduced the profit of sending areas. Eventually Land-value-adjusted-Distribution(LD) with Area-Ratio(AR) provided the most steady circumstances for the CRP. These results implied that profit distribution method is the key element in enhancing the applicability of CRP. |