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GOVERNANCE IN HISTORIC CITY CORE REGENERATION PROJECTS ■ 147
have no intention of visiting or using these assets directly. Th e existence value
includes the option value, which captures the interest of individuals or groups in
keeping open the possibility that they might make future use of the heritage site’s
facilities. Other non-use values are the inheritance values that refl ect individuals’
or groups’ interest in bequeathing the heritage asset to future generations, and the
philanthropic value of the asset, which includes the public relations or branding
image value to those who invest in it without using it.
Improvements in methods to attach a monetary worth to the range of values
allow insights into the preferences of individuals or community groups but do
not directly lead to the adoption of conservation policies. If values of heritage
assets are to be refl ected in actions toward their conservation, recognition of
these multiple values must be incorporated into social processes through which
public and private resources are devoted to multiple and competing uses.
Actors in the Conservation of the Urban Heritage
Actors involved in the regeneration of historic city cores—the stakeholders—
vary widely. Recent experience shows that the broad spectrum of stakeholders
may include the following: conservationists; individuals and organizations of the
civil society interested in the diff erent manifestations of the culture of a society,
who traditionally advocate heritage conservation: diff erent levels of government
responsible for fi nancing rehabilitation eff orts; representatives of the local
community; property owners; real estate investors; households; and the business
community (Rojas and Lanzafame 2011). Th is chapter argues that it is critical for
all mentioned groups of stakeholders to be involved in the implementation of
a conservation process aimed at the adaptive regeneration and development of
urban heritage areas.
Th e diff erent stakeholders have diff erent motivations and incentives for
engaging in the conservation of the urban heritage. Much of the generous
fi nancing of urban heritage conservation activities and projects is supported by
organizations linked to the cultural groups (foundations, trusts, cultural associations,
and clubs) that channel resources (funds, time, and talent) of individuals
and groups to the conservation of heritage assets, including historic city cores.
Th e British National Trust, English Heritage, and similar trusts established in the
United Kingdom, the United States, Australia, Italy, Jamaica, and other countries
are good examples of such organizations. (See box 6.2.) Visitors touring cities
may also become interested parties and actors in the conservation process (and
so, capturing their views can have an impact on decisions concerning the allocation
of resources) (Carson et al. 2002).
Government bodies at the national and local levels are formally entrusted
with setting the parameters and norms of stewardship and contributing to