This paper is concerned with examining the economic implications of refurbishing major pieces of redundant urban infrastructure, taking the Forth and Clyde Canal as a case study. In particular, it focusses on the role that such infrastructure may play in assisting urban renewal. While conventional, comprehensive cost-benefit analysis techniques offer one broad approach to evaluating such projects, for both institutional and technical reasons, specific refinements are often necessary. A central theme of the paper is that there is a need to develop a tractable framework of economic appraisal for major urban refurbishment projects given the institutional constraints imposed by the funding agencies.
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