Research Reports
The Feasibility Study of "Eco-Friendly, Organic Farming Town" Plan
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AuthorPark, Sihyun
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Publication Date2013.05.30
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Original
This study aimed to examine the feasibility of the construction plan of "Eco- Friendly, Organic Farming Town", which is now being planned by Gangjin county of South Korea.
Before examining this plan's feasibility in full swing, authors looked into several crucial aspects of the plan in detail as this study's preliminary work: the region's capacity for the successful operation of the project, the extent of the need of the region for the substantial amount of public investment that can be given to the county when its venture for the fund becomes successful.
Next, authors visited candidate sites around the county to consider where would fit the best for the project. Geographical and Socio-economic aspects of the sites and the whole region were analyzed to help the consideration process. After the provisional selection of a preferred site, space plan for the site was drawn according to its characteristics and strengths.
Then this plan's feasibility would be tested through two stages: 1) economic feasibility and 2) policy-level feasibility. To test the plan's economic feasibility, the authors calculated its expected costs and benefits for the region and the society following the feasibility test standards set by Korea Development Institute. For costs, three main costs were presumed: land acquisition cost, construction cost, and operation cost. For benefits, the revenues from ticket sales, educational programs, restaurants, and agricultural product sales.
In consideration of the plan's policy-level feasibility, authors looked into the patterns of consumption and the suitability of the plan according to related policies and laws.
As a conclusion, while the feasibility test showed that the project can obtain profitability through attracting visitors above a certain amount, it requires concerned parties of well-thought and enduring efforts to achieve the object.
Researchers: Sihyun Park, Eun-Mee Jeong, Yong-Woog Choi
E-mail Address: shpark@krei.re.kr
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