도시재생사업 실현을 위한 TIF재원조달 시뮬레이션 분석 : 서울특별시 시범뉴타운지역을 중심으로

서울 시범뉴타운의 도시재생사업에 TIF를 적용한 재원조달을 분석한다.

Amid South Korean real estate market slowdown, redevelopment associations’ profitability has fallen and stakeholders’ conflicts have grown to delay redevelopment construction. Such a situation pushed up the cost, expanding the additional payment burden on the association members. Responding to this, association members apply for the cancellation of housing redevelopment district designation to local government. Future expanded local tax thanks to the improved post-redevelopment real estate value goes to local government while project operators pay for related cost of such infrastructure.

It is theoretically valid that the local governments which receive the benefit of more local taxes thanks to elevated real estate values should pay for infrastructure for public purposes including roads and parks according to the benefit principle. The lack of investment sources is the main reason for local governments to be passive in urban redevelopment projects for urban functional regeneration such as housing reconstruction plans. Korean local governments are financially less than those in other countries.

In such a situation, they have only insufficient financial sources of maintenance funds mainly from property taxes and subsidies as well as special accounts to be used for urban restorative infrastructure construction, etc. In this recognition, to resolve the shortages of Korea’s public fund sources, the present research considered the possibility of adopting the Tax Increment Financing (hereinafter, the TIF) which has been widely utilized as a public financing method in some less-developed areas in the US. To this end, several prototype new town districts in Soul were investigated herein by separating them according to their types.

As a result of case analysis, the Wangsimni district 2 was found to have the highest revenues from acquisition tax and holding tax per square meter followed by the Eunpyeong 3-C and Gireum district 8. As for the Wangsimni New Town area downtown Seoul, its per-m² housing evaluation prices and selling prices were found higher than other new town areas, presenting considerably large fall in selling prices, high infrastructure expense appropriation ratio and high proportional ratio increase. The Wangsimni New Town area, since a downtown type other than a residential type or new urban section built-up type, has a greater potential for much increased post-redevelopment property evaluation values.

Thus, it is necessary to designate the area as TID first when introducing the TIF to Korea. Cases of diverse redevelopment types were examined. And it was found that factors affecting TIF finance were TID area, pre/post-redevelopment price increase ratios, share of shops and association members, average acquisition tax ratio, building-to-land ratio, floor area ratio, etc. The Gireum district 8 was analyzed herein and it was found that an amended model that increased the EAV of the baseline year showed about 49.4% increase in terms of local government tax revenues, compared with the conventional model that fixed the EAV of the baseline year.

Therefore, considering the relatively lower financial independence of local governments in Korea, it is desirable to adopt the amended TIF operational method that increased the base year reference when adopting the TIF. The US local tax ratio was applied to the Wangsimni district 2 to estimate the TIF financing amount. As a result, the raised fund amount was estimated KRW 100.2 billion comprising 7% of transaction tax and 93% of holding tax. Of the KRW 44.9 billion total Korean TIF fund, the transaction tax accounted for 64% and holding tax, 36%.

This research compared the financed fund amounts of the US and Korea and found that Korea had a higher burden of transaction tax than the US whereas its holding tax was far lighter. Such a finding indicates that the country needs to raise the holding tax primarily to secure TIF financing. Eunpyeong 3-C district was investigated for its sensitivity. The district showed an inverse proportional relationship between discount rate and TIF financing amounts while a proportional relationship between TIF period and TIF financing amount. The sensitivity analysis found that if the housing price fluctuation ratio was set at 2.88% - the 10-year average of inflation, the TIF amount fell by 4.4%.

The TIF amount dropped by 17.6% when the housing price fluctuation ratio was set as the average of recent 5 years or (-)0.76% - period of real estate price fall. As TIF fund decrease becomes larger when housing prices fall, a new strategy should be considered to include non-related real estate taxes such as local consumption tax as well as acquisition tax and holding tax for TIF fund sources in addition to a systematic safety device for stable TIF financing. The whole area of Wangsimni New Town was analyzed herein.

As a result, it is deemed that if the Wangsimni New Town districts 1, 2 and 3 in the same district of Seongdong-gu are designated as a special integrated TID area and combine their separated funds together in a single TIF fund to invest in infrastructure in advance, association members’ investment profitability would improve and the construction would be accelerated. Rather than individual development, integrated development is expected to realize more cost saving thanks to the economy of scale, pushing up profitability and facilitating redevelopment progress. In the Gireum and Eunpyeong New Towns, redevelopment areas may be scattered too separately to be integrated for redevelopment.

But the Wangsimni New Town had districts 1, 2 and 3 in adjacent places to be re-developed altogether, presenting favorable regional conditions to be designated as an integrated TID. The present study analyzed and compared the financing effectiveness of each redevelopment type for the first time in the country by looking at several designated pilot new town areas while identifying variables affecting the financed amount. The study reaso