Financial Analysis
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Estimating Economic ViabilityFeedback
There are many tools for estimating the economic viability of public and private real estate revitalization opportunities, most of which can be used in the case of potentially contaminated sites; however, there are few tools for specifically evaluating the economic viability of site revitalization. Estimating economic viability may be difficult for revitalization projects due to excessive or unknown environmental risk. There are a number of commercially available tools to purchase such as Online Automated Valuation Models (AVM) or Comparable Sale Reports (CSR). These tools are online databases that attempt to match similar properties and features to provide a range of sales prices that have historically been recorded. The Tools for Estimating Economic Viability Exhibit provides some example tools that can be useful in evaluating the economic viability.
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Tool
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Description
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This free software suite includes the following cost analysis tools:
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A summary of a workshop that discusses methods of evaluating the economic viability of revitalization projects; how to budget for environmental costs before assessment activities begin at a site; estimating environmental costs; and how to select strategies that are within cost limit.
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Provides support for developing the cost engineering aspects of original or ongoing technical efforts
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Provides general information on the cost estimation process, including summaries of different types of cost estimates. The guide also outlines the process for developing “order of magnitude” cost
estimates. Descriptions of specific cost-estimating information sources, databases, and models are provided.
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Provides guidance on analyzing the economic impacts of regulations and policies, and assessing the distribution of costs and benefits among various segments of the population, with a particular focus on disadvantaged and vulnerable groups.
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Addresses a common framework for economic analysis of ecological benefits and discusses the elements of ecological risk assessment and economic benefit analysis.
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Reports on a program of research to investigate the integration of ecological risk assessment and economics, with an emphasis on the watershed as the scale for analysis.
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The model estimates monetary and non-monetary costs associated with urban land development at the metropolitan scale.
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(ASTM E2137-01)
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Provides a standard guide for estimating costs and liabilities for environmental matters. This guide includes estimates of costs and liabilities for business decision making, communications and negotiations involving change of property ownership, regulatory requirements, third-party lawsuits, insurance premium calculation and claim settlement, change of property use, revitalization, compliance planning, construction, analysis of remedial alternatives, strategic planning, financing, and investment analysis by shareholders.
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Cost accounting and reporting system used on removal sites to track costs and usage of personnel, equipment, subcontractors, and purchases. Modules for cost tracking, cost projection, and invoicing.
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