Financial AnalysisFeedback

Revitalization projects are, by nature, unpredictable; therefor, financial management tools are used to increase the potential for success. There are a variety of tools available to the project team to monitor and control costs during the project to prevent cost overruns.

Many of the innovative financing options discussed have some form of financial control built into the financing agreement. For example, most revitalization grant programs and innovative capital loan programs require some form of matching funding from the local municipality, the revitalization team, or both. This encourages project stakeholders to establish a vested interest in the success and timely completion of the project. Similarly, many such financial agreements require critical path scheduling and the submission of detailed project plans to promote timely project completion. Incremental funding, combined with a phased approach to project implementation, may be used to control costs associated with each stage of revitalization.