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ECONOMIC EVALUATION OF SMALL BROWNFIELD REVITALIZATION PRIMARILY FOR SOCIAL USE
Abstract
The paper is focused on the issue of the economic evaluation of brownfield revitalization, which served as a power plant, but today is primarily intended for society. It is a relatively small former diesel power plant in the center of the town of Piestany in western Slovakia, which started producing electricity in 1906. In 1996, the building was included in the national cultural heritage and in 2009 began to be revitalized for wider social use, such as exhibitions, galleries, various free children's educational events, as well as commercial events. The building is owned by an energetic company, which has decided to revitalize it at its own expense, even though the building will not be used primarily for profit. The investor provided information about costs of reconstruction. Against this value of costs, the value of socio-economic benefits associated with revitalization can be compared, which can be quantified by various methods, mainly using a tool for assessing profit benefits, but also socio-economic benefits, and it is called eCBA analysis. The value of these socio-economic benefits can be added to the value of the benefits that will bring profit. After comparing the value of all these benefits with the value of costs, we can determine whether this project was profitable and whether it could serve as a template for other similar revitalizations of buildings as this, because there are many around, due to the local culture. At the same time, in the case of lack of interest of cities and local governments, these buildings could be used more commercially, which could also attract business entities to investment to revitalization of buildings similar to this one.
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