FEATURES OF LAND VALUATION IN PROJECT FINANCING USING ESCROW ACCOUNTS

Проведен анализ текущей ситуации на первичном рынке жилой недвижимости в рамках перехода на новые условия финансирования жилищного строительства. Выявлены преимущества внедрения проектного финансирования, а также проблемы, ограничивающие его эффективность на основе основных тенденций и направлений применения проектного финансирования в России в строительстве, при реализации инфраструктурных проектов и в деятельности институтов развития по привлечению в систему проектного финансирования частных инвестиций. Показаны принципы построения схемы для строительного проекта, реализующейся с проектным финансированием по заранее составленной модели, где применены эскроу-счета. Предложен метод оценки земельного участка при проектном финансировании с использованием эскроу-счетов. Для оценки инвестиционной стоимости земли, то есть стоимости, при которой доход от приобретения земельного участка соответствует норме интереса, установленной инвестором, или стоимости, удовлетворяющей требования инвестора к доходности конкретного проекта, рекомендовано использовать три денежных потока, а именно денежный поток от инвестиционной деятельности, финансовой деятельности и поток на собственный капитал проекта. Проведен анализ опыта иностранных государств в вопросе формирования стоимости земли в черте города и влияющих на неё факторов. Показаны преимущества оценки земельного участка при проектном финансировании с использованием эскроу-счетов: удобство, гарантии; прозрачность и поддержка. We carried out the analysis of the current situation in the primary residential real estate market as part of the transition to new conditions for financing housing construction. We identified the advantages of introducing project financing, as well as problems limiting its effectiveness on the basis of the identified main trends and areas of application of project financing in Russia in construction, when implementing infrastructure projects and in the activities of development institutions to attract private investment into the project financing system. We show the principles of constructing a scheme for a construction project, implemented with project financing according to a pre-compiled model, where escrow accounts are used. A method for assessing a land plot for project financing using escrow accounts of the intended use is proposed. To assess the investment value of land, that is the value at which the income from the acquisition of a land plot corresponds to the rate of interest set by the investor, or the value that meets the investor's requirements for the profitability of a particular project, it is recommended to use three cash flows, namely, cash flow from investment activities, financial activities and the flow on equity capital of the project. We analyzed the development of foreign countries in the context of cost formation of land within the city and relevant factors influencing this cost. The advantages of assessing a land plot with project financing using escrow accounts have also been revealed: convenience, guarantees, transparency and support.

Defuzzification in the process of managerial estimating the value of agricultural lands

Purpose. The main purpose of the research is to substantiate the methodological approach of defuzzification and to define its peculiarities in the process of estimating the value of agricultural lands. Methodology / approach. The research purpose included the use of a set of appropriate methods. In particular, the fuzzy logic techniques formed the basis of the research. The system approach was used in order to determine the role of land resources in the enterprise potential and the corresponding spheres of their management. The analysis and synthesis methods were used in the process of definition of impact factors of land resources value. The cartographic method was used for the needs of graphical display of humus content in the land plots of the analyzed enterprise. The generalization method was used in the process of forming conclusions. Results. The article defines the peculiarities of defuzzification in the process of estimating the value of agricultural lands. The results provided the methodological basis for considering the qualitative metrics in the process of estimation as well as for granting the numerical interpretation for linguistic variables. The corresponding methodology was overviewed at the example of land plot size. The quantitative reference limits for “small”, “medium” and “large” land plots were defined. Research results made it possible to form the sequence of stages, which are to be undertaken, in order to provide numerical values for qualitative characteristics of agricultural lands. A decision tree was built for the needs of formation of management decisions. According to the data of researched enterprise, the dependence of the value of agricultural lands (for the needs of management accounting) on the size of the land plot and the humus content was determined. Originality / scientific novelty. The article improves the methodological approach to determining the value of agricultural lands as of an element of enterprise potential based on the use of fuzzy logic techniques, which, in contrast to existing approaches, allows taking into account both quantitative and qualitative factors in the process of estimating the value of land resources for the needs of their management. Applying the respective approach increases the level of accuracy, relevance, and adequacy to market realities of the results of estimating the value of agricultural lands for the needs of their management. Practical value / implications. The results of the research provided an opportunity to improve the quality and efficiency of the process of estimating the value of agricultural lands. The corresponding process is characterized by a high level of complexity and uncertainty due to the presence of a significant number of qualitative factors influencing the value of the land resources. The approach considered in the article makes it possible to take into account the influence of relevant qualitative factors by giving them numerical certainty through the use of fuzzy logic techniques. The proposed approach will provide an opportunity to increase the accuracy and relevance of estimating the value of land resources as of an element of enterprise potential for the making of corresponding managerial decisions. The proposed methodological approach was implemented with the use of data of agricultural enterprise, which made it possible to take into account linguistic variables (land plot size and chemical properties of the soil) when forming the managerial decisions about land plots. The decision tree was also formed, which serves as a means of supporting management decisions in the process of forming the value of agricultural lands.

THE THE SWAPPING APPROACH IN THE COURSE OF LAND CONSOLIDATION: CASE STUDY OF UKRAINE

The paper is concerned with the issues of the voluntary land consolidation using the exchange method at land relations reforming. The objective of the article is the substantiation of the exchange method aiming at the large and small land owners (land users) land tenure optimization and the formation of approaches with the help of which the mutual alignment of their interests can be achieved. Land plot ownership and tenure rights exchange by the relative value has been substantiated. It is suggested to define the relative value based on the principle of juxtaposition of land plots by their qualitative, spatial and technological characteristics. The land plots exchange modelling has been improved according to the relative value application and due to the existing land plots boundaries retaining at the exchange. The effectiveness of the suggested land plots exchange method has been demonstrated at the land tenure optimization of an agricultural enterprise and some households in Kyiv Region. Alternative land consolidation projects based on the land plots exchange have been developed, the results of which demonstrate the advantages of the voluntary land consolidation based on the suggested methodology.

On the Need to Improve the Legal Regulation of Agricultural Land Transfer

Introduction: the paper deals with the problems of the legal regulation of agricultural land turnover, analyzes the procedure and the main legal conflicts that arise when allocating a share from a land plot classified as agricultural land. The purpose of the study is to find solutions aimed at improving the legal regulation of agricultural land turnover. Methods: the methodological framework for the study is a set of methods of scientific knowledge, among which the main ones are the methods of analysis, synthesis, generalization, and comparative law. Results: the authors’ position justified in the work is based on the current Russian legislation and the opinions of competent scientists on the issues of clarifying the specifics of agricultural land turnover. Conclusions: the authors concluded that as the main criterion for classifying a land plot as agricultural land, it is necessary to consider the presence of a fertile layer on a particular land plot suitable for growing crops. The paper substantiates the position that the norms of the Civil Code of the Russian Federation applied to public relations within the framework of agricultural land turnover should be applied exactly as long as they do not conflict with the requirements of the environmental legislation.

Determination of soil scores for the purpose of further calculating the cadastral value of agricultural land

The paper discusses the most important property of the land – soil fertility, which characterizes it as a productive force and the main means of production, as well as a price-forming factor. This ability is the main specific feature of agricultural land. Fertility is understood as the ability of the soil to provide a crop, the level of which depends on the objective properties of the soil itself, climatic conditions and farming culture. This property is the result of soil-forming natural processes, and when used in agriculture, it is also the result of cultivation. It has a huge impact on the value of an agricultural land plot as an object of valuation.

ANALYSIS OF CHANGES IN THE TECHNOLOGICAL PROCESS OF DEVELOPMENT AND COMPONENTS OF THE LAND MANAGEMENT PROJECT REGARDING THE ALLOCATION OF THE LAND PLOT

The article is devoted to the study of changes that have occurred during the development of the land management project for the allocation of land when changing regulations in the field of land management and cadastre. Land management projects for the allocation of land plots are developed in the case of the formation of new land plots from state and communal lands and in the event of a change in the purpose of land plots. They can also provide for the division, consolidation of land owned by one person. The main documents regulating the technological process of land management project development for land allotment are the Land Code and the Law of Ukraine "On Land Management", which consists of 6 stages: obtaining a project development permit, concluding an agreement with the developer of land management documentation, project development, project approval, entering data into the State Land Cadastre and project approval. Identified changes in the technological process of development of land management project for the allocation of land, which include: 1. The powers of local governments and executive authorities to transfer land ownership have been changed. At the same time, powers were tied to the boundaries of territorial communities instead of the boundaries of settlements. 2. Simplified the procedure for cadastral survey of land. The procedure of agreeing on the boundaries of the land plot and restrictions, transferring the boundaries in kind (on the ground) and establishing boundary markers becomes optional. 3. The state examination of land management documentation was canceled. 4. Simplified the procedure for approving the land management project for the allocation of land. The agreement with the territorial body of the State Geocadastre on the location of the land plot and the bodies implementing the state policy in the field of cultural heritage protection, forestry, water management, environmental protection, urban planning and architecture has been canceled. The following is added to the cadastral plan of the land plot: information on the transfer in kind (on the ground) of the boundaries of protection zones, coastal protection strips and beach zones, sanitary protection zones, sanitary protection zones and zones of special land use regime and land boundaries; information on the established boundary markers.

Development and use of gis database for tasks of normative monetary evaluation of land of settlements

The paper presents the results of research on the development of a GIS database for the tasks of normative monetary valuation of lands of settlements and highlights the applied aspects of its use on the example of Lychanka village, Dmytriv territorial community, Bucha district, Kyiv region. An algorithm for developing a GIS database for normative monetary valuation of settlement lands is presented. The presented estimation algorithm allows to carry out with high accuracy normative monetary estimation of settlements, to carry out its automated updating on a certain date, to receive necessary information on request, to carry out analytical operations and construction of specialized estimation maps. The development of the GIS database involved the implementation of two stages. At the first stage of formation of the initial land assessment base, the attribute table included data from the Public Cadastral Map of Ukraine on land plots within the settlement by the following items: cadastral number of land plot, area, form of ownership, purpose and functional use of land plot , the number of the cadastral zone in which each land is located, the number of the land assessment area of the settlement, the value of the base value of land, the value of the zonal coefficient (Km2), the coefficient characterizing the functional purpose of the land (Kf), information on the location (street name). The second stage involved the calculation of the value of the normative monetary valuation of each of the 1279 land plots and was performed using the built-in Arc Map function "Calculation of numerical values". After the development of the GIS database, the testing stage of the developed land assessment database was performed, which involved the use of various query execution, geospatial analysis, the use of buffering functions, topological overlay (intersection). As a result of the analysis, the following maps were constructed: "Influence of local factors on the distance of land from the center of the settlement", "Influence of local factors on the distance of land from highways", "Influence of local factors on the environmental situation", "Influence of local factors on security electricity", "Influence of local factors on the distance from paved roads", "Influence of local factors on the provision of centralized water supply", "Influence of local factors on the provision of centralized sewerage", "Influence of local factors on the provision of centralized gas supply", "Map plots according to the results of normative monetary assessment" , "Map of the establishment of buffer zones by the value of local coefficients" , "Map of coastal protection strips around water bodies with the allocation of zones of their intersection with land". Due to the application of special functions of geospatial analysis available in the GIS environment, examples of development of highly informative cartographic materials in the form of special pricing zoning of the territory of the settlement are shown. The expediency of the application of the GIS database for the tasks of monitoring the quality of land, compliance with their legal regime and the possibility of monitoring the implementation of fiscal obligations by landowners and users.

The practice of the calculation of land plot physical area

The issue of physical area calculation has been scrutinized in the article. The research rationale is predefined by the influence of the accuracy of land plot area determination on the economic, environmental, and social components of land tenure. The issue of physical characteristics of a land plot at the determination of its area has been singled out in the article. The goal of the research is the substantiation of the use of land plot physical area calculation methodology in the current social and economic environment. The notion of land plot physical area has been provided. The trends of the application of land plot physical area determination methodology have been systemized. The methodology of land plot physical area determination by means of marking out polygons and determining the average slope has been used. The calculations of land plot area considering the relief at various quantities of the division of a triangle side have been made. Comparison with the calculation of area without considering the relief has been performed. The regression analysis of the dependence of physical area change with the change of the quantity of triangle side divisions has been carried out. The calculation of the relief complexity index for the determination of land plot physical area has been presented. This calculation confirms the economic viability of the determination of a land plot physical area by the suggested methodology at land improvement and agrotechnical activities. The result can be used for various works connected to the spatial aspects of land use and in the following scientific researches.

Reclamation of disturbed lands affected by periwinkle mining

General data about processes of creation and formation of stocks of amber in the territory of Ukraine are presented. Background for the problem of illegal amber mining was specified. Illegal amber mining using motor pumps led to destruction of the soil and also to sharp deterioration of water-physical properties. it is also accompanied by the loss of many available biophilic elements and water-soluble organic compounds, in addition loosing a main substrate for soil microorganisms. There was analysed a traditional methods of soil reclamation and after that it was noticed that those methods is inefficient and, for the most, impossible to make it. The Urgent need to adopt the law of Ukraine "On land reclamation" was argued. I emphasize the need of gradual differentiation of legal terms, such as land plot «ground», «land plot » and also «soil». It was given an important attention of land reclamation. The main methods of land reclamation that have been negatively affected by amber mining have been studied. I proved that the choice of the direction of use of ex-used deposits should be based primarily on the ecological and economic feasibility of reclamation.

Model for Assessing Strategies for the Implementation of an Investment and Construction Project for the Construction of an Apartment Building by a Developer in Terms of Project Financing

The need for improvement of the current mechanism of project financing for the construction of residential real estate arises from the analysis of the theory and practice of financing of the primary housing market. The use of the systemic approach has allowed the author to develop an improved mechanism of project financing, which comprises the principles of project financing, tools, forms of its regulation and methods of implementation of project financing. For efficient operation of the improved mechanism of project financing for the construction of residential real estate, a number of strategies have been proposed for the implementation of an investment and construction project, differing in design solutions, implementation period, marketing policy, rates of filling escrow accounts. The author proposes a scheme for a developer to choose project designs, which is based on the rules for land use and development and urban development regulations. A model for assessing the strategy for the implementation of an investment and construction project in project financing, taking into account the cost of a land plot, interest on a loan, selected design solutions, as well as the return on capital investments, was developed. In order to make a decision on the implementation of one or another investment and construction project for the construction of an apartment building, developers are invited to assess the options for design solutions and draw a conclusion about the most effective one according to the proposed model. The model can be used to assess the influence of the cost of a land plot in the structure of costs when the developer has a model project. It helps take into consideration project designs, the cost of the land plot according to the location of the designed facility, profitability of the expected capital investment and interest on the loan using escrow accounts.