The author examines the interactions between the process of grant aid to property developers for urban regeneration projects and the operation of land markets. He begins with a brief overview of this financial support, in which the basic principles of this assistance are set out. The author's principal purpose is to assess the fundamental input assumptions behind the public support of these projects. As a prerequisite he outlines the nature of the property-development decisionmaking process. In the subsequent analysis of the funding-appraisal process of urban regeneration projects he considers a number of issues about the level of the developer's profit, land values, and the value of completed projects. In conclusion the author makes an overall assessment of the approach to grant aid for urban regeneration.
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