Joint development involves transit agencies working directly with private developers in planning and executing a specific project involving the development on, above, or adjacent to land owned by a transit agency for a negotiated payment by the developer. Developer payments may include an annual ground or air-rights lease payment for a specified period of time as well as the construction cost of transit-related facilities, such as portals to transit facilities, parking facilities, and station facility improvements. Other potential benefits of joint development PPPs include enhanced agency revenues from operations cost sharing, station connection fees, equity sharing or exchange, and negotiated private contributions.