This study examines the financial structure and implementability of urban renewal basic plans for aging planned cities in Korea, with a focus on the linkage between policy, planning, and finance. Using the NATO (Nodality, Authority, Treasure, Organization) model and Howlett’s policy instruments framework, the research analyzes the institutional and practical conditions necessary for successful urban renewal. The analysis traces the evolution of financial policy tools—including public contributions, future city funds, and guarantees—by reviewing key policy documents and basic plans for first-generation new towns. The findings reveal that, although recent legislation and guidelines have improved the institutional framework, significant gaps remain regarding the standardization of financial planning, the legal authority of PMOs(Project Management Offices), and the integration of risk-sharing mechanisms. The study recommends: (1) nationwide standardization of financial planning and disclosure; (2) legal empowerment of PMOs with budgetary and land management authority; (3) adoption of innovative financing tools such as TIF(Tax Increment Financing) and ABS(Asset-Backed Securities); and (4) establishment of a governance matrix with clear accountability and performance management. These measures are expected to enhance both the sustainability and implementability of urban renewal in aging planned cities and provide a model for future urban regeneration policies.
Park et al. (Mon,) studied this question.
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