Renaissance and Reality: Redevelopment of the Homestead Works Site

nomic Development: Cases in Decision Making, James M. Banovetz, Ed. (ICMA, 2004).

9 Renaissance and reality: Redevelopment of the Homestead Works site
Mary Jane Kuffner Hirt
Editor’s introduction
This case, saved for last, poses the ultimate questions that must be asked of any proposed economic development (ED) project: Will the revenues from the proposed project exceed the costs? Will the benefits from the project be greater than what must be invested in, or forgone because of, the project? Only if positive answers—based on solid, empirical evidence—can be given to both questions can any ED project be justified.