as 60 percent. Issues with the practical determination of betterment values led to the implementation of Certificate of additional construction potential bonds (CEPACs), which are issued by the city and sold by auction in the São Paulo Stock Market Exchange (Bovespa). "They give the bearer additional building rights such as a larger floor area ratio and footprint and the ability to change uses of the plot. Financially speaking, CEPACs are the economic compensation a developer gives the public administration in return for new building rights." Netherlands Numerous other cities have variations on this "public purchase and rezone" approach. Public agencies acquiring major un- and under-developed sites prior to rezoning and master-planning for urban uses, then selling most of the up-zoned properties with new roads and infrastructure for private development. This allows public agencies to coordinated public infrastructure without acquiring private property with high value zoning rights and capture 100% of the betterment from zoning changes. References External links Real property law