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.t. <br /> f <br /> '' a of streets and alleys in the 1981 report 35.9 s km. the figure of$2.2 billion would <br /> „ the are Y ( q• ) g <br /> } an average land value for the streets and alleys of $61 per m2 or $5.70 per ft2. <br /> ' f Table 1 Distribution of Land Utilization in Minneapolis (1981) <br /> Sq. Km. Percent of Total - <br /> 21.4,. 17: 1' ' <br /> ,,;, Residential 53.59 _ 35.0 <br /> Commercial 9.26 6.0 <br /> 1 , Industrial 7.93 5.0 <br /> i"-- Social-Cultural 17.69 11.0 <br /> Transportation 4.59 3.0 <br /> Streets and Alleys 35.90 23.0 <br /> Miscellaneous 0.97 0.6 <br /> self Utilities 0.21 0.1 <br /> Vacant 3.31 2.0 <br /> Water 9.47 6.0 <br /> Other 9.08 6.0 <br /> TOTAL 152.04 <br /> Includes recreation, open space, educational uses and cemeteries <br /> Source: "State of the City 1981, "Minneapolis Planning Department, December 1981. <br /> 2.3 Discussion on the Monetary Value of Underground Space <br /> 5m The value of land, of course, varies from country to country, city to city and from city to small town. <br /> In some parts of the world, urban land prices have risen so high as to severely curtail the provision <br /> of new infrastructure which cannot be accommodated within existing public rights-of-way. Tokyo, <br /> _U the extreme example, has localized land prices which reached $500,000 per m2 ($50,000 per ft2) in <br /> 1988 (Kuwabara 1988). This should not be considered representative of densely-populated major <br /> business centers, however. Hong Kong with much less land area and much higher land use densities <br /> had a maximum land value of $14,000 per m2 ($1,400 per ft2) in 1989 (Vail 1989) and downtown <br /> New York had a maximum land value of around $25,000 per m2 ($2,500 per ft2) in 1989 (Downes <br /> , 1989). <br /> The cost of land in Tokyo has reached the point where the cost of land required for a new public <br /> "dcs Project can exceed 95 percent of the total cost of the project. Such high land prices cause a <br /> : substantial dislocation in the way public agencies think about the provision of new facilities. <br /> b. <br /> ` Legislation has been introduced into the Japanese Diet to alter land ownership under Tokyo. The <br /> central element of the legislation would be to make underground space below 50 m (164 ft.) public <br /> 11 <br />