ECONOMICS UNIQUENESS

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168 ■ THE <strong>ECONOMICS</strong> OF <strong>UNIQUENESS</strong> Financing Central administrations are more committed to the conservation of historic city cores when they succeed in elevating the visibility of the patrimony to the category of international signifi cance by placing it on the World Heritage List (UNESCO 1972). Th is oft en leads to attracting funding for the planning and implementation of conservation programs from national and international institutions. However, oft en there is a mismatch between the volume of funds allocated by government institutions and the amount of funds and resources actually needed to accomplish the required interventions. Th e overwhelming presence of the public actors in the fi nancing and implementation of the rehabilitation projects in historic city cores may crowd out other stakeholders. Th is is the case in Valparaiso, where all the fi nancing is provided by the central government. In Salvador as well, all the funding is provided by the uppertier institution, the government of the state of Bahia, which is the second-tier institution in the federal structure of Brazil. In both cases, the local authority was sidelined and did not contribute to the eff ort, while private investors have concentrated in the most profi table areas in Valparaiso and have not participated at all in Salvador. Th e conservation program of the historic city core of Oaxaca received support from both the federal and the state institutions, but the local government has made signifi cant investments as well, while Quito had some funding from resources collected by the provincial administration but most of the funding was provided by the municipality. 2 Quito and Oaxaca managed to attract more private investment than Valparaiso and Salvador. Th e seemingly intractable scale of the problem of restoring and revitalizing historic city cores, coupled with the stream of private benefi ts that this can generate, makes full public funding impractical, ineffi cient, and unequal. It is impractical for the simple reason that it is not possible to raise the amount of funds required from all levels of public administration to bear the costs of the conservation eff ort; it is ineffi cient because public investment may crowd out private investments when applied to assets that have use value through demand in the real estate market; it is unequal when public funds benefi ting private-sector owners and users are not returned to the public treasury. Quito and Oaxaca managed to partially avoid the pitfalls of full public fi nancing of the conservation eff ort. In Quito, the institution in charge of the conservation and development of the historic city core—Empresa del Centro Histórico de Quito, (ECHQ)—managed to attract private investment to some of the conservation projects that could meet a demand in the local real estate market. Oaxaca, on its part, has had private investment involved in the conservation process almost from the beginning, a tribute to the strong commitment of the local stakeholders and entrepreneurs to their historic city core.
GOVERNANCE IN HISTORIC CITY CORE REGENERATION PROJECTS ■ 169 Figure 6.6 contrasts the sources and uses of funds in the conservation eff orts of Valparaiso and Quito: while in the former the central government bears the burden of fi nancing all the interventions, in the latter several sources of funding contribute to the eff ort. In Quito, public and private sources of funding are used in combination for tackling the most vexing issues aff ecting the historic city core. For instance, private investors were initially reluctant to expand the supply of rehabilitated space for formal upscale commercial activities, arguing that there was no proven demand for this type of space given that all upscale commerce has migrated to shopping centers located in the periphery. FIGURE 6.6 Quito and Valparaiso: Sources of Funding for the Preservation Programs Central Government Monuments Infrastructure Source: Author. Municipality Historic Conservation Municipal Budget Quito IDB Loan Public Spaces Valparaiso Social Housing Treasury IDB Loan Forestry Service Environment Ministry of Interior Project Unit Urban Dev. Service Public Spaces Ministry of Housing Private Sector Commercial Real Estate Central Government Regional Government Local Government
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Public Disclosure Authorized Public
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Th e Urban Development Series discu
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© 2012 International Bank for Reco
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vi ■ CONTENTS Project Appraisal i
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viii ■ CONTENTS Appendix II: Addi
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x ■ CONTENTS 7.4 Tourism Is Coupl
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xii ■ CONTENTS 9.1 How to Organiz
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Exegi monumentum aere perennius reg
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ACKNOWLEDGMENTS ■ xvii Cultural O
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xx ■ OVERVIEW What Are the Object
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xxii ■ OVERVIEW and captures the
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xxiv ■ OVERVIEW periphery, especi
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xxvi ■ OVERVIEW tourism—by impr
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xxviii ■ OVERVIEW 3. Institutiona
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1 Livable Historic City Cores and E
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LIVABLE HISTORIC CITY CORES AND ENA
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2 Investing in the Sense of Place:
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INVESTING IN THE SENSE OF PLACE ■
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0 45° INVESTING IN THE SENSE OF PL
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FIGURE 2.4 continued INVESTING IN T
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A Dubious Alternative: Property Rec
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46 ■ THE ECONOMICS OF UNIQUENESS
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TABLE 4.1 Overview of Hedonic Price
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FINANCIAL MECHANISMS FOR HISTORIC C
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BOX 8.2 FINANCIAL MECHANISMS FOR HI
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BOX 8.3 FINANCIAL MECHANISMS FOR HI
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TABLE 8.1 Local Financial Tools Use
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FIGURE 8.4 Brownfi eld Concession T
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Boxes, fi gures, maps, notes, and t
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China. See also specifi c cities ac
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public sector role, 222-26, 223b, 2
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Kraay, A., 198 Kratz, C. G., 96 L l
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Pine Ridge Reservation (U.S.), 238
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Shaoxing, China, local residents re
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urban economics appraisal approach,
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ECO-AUDIT Environmental Benefits St
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ECONOMICS UNIQUENESS

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