Evaluasi Kelayakan Finansial, Ambang Manfaat Ekonomi dan Manfaat Sosial Revitalisasi Lapangan Merdeka Kota Medan
DOI:
https://doi.org/10.37481/sjr.v9i4.1767Keywords:
Financial Feasibility, Cost-Benefit Analysis, Economic Benefit Threshold, Social Benefits, Urban Green SpaceAbstract
Public green space revitalization requires substantial investment, yet its economic and social benefits are often difficult to quantify through conventional financial assessments. This study aims to evaluate the financial feasibility, economic benefit threshold, and social benefits of the Merdeka Square revitalization project in Medan, Indonesia. A descriptive quantitative case study was conducted using ex-post cost-benefit analysis, supported by secondary data and qualitative evidence of social activities. Financial feasibility was assessed through three projected cash-flow scenarios over 30 years, using Net Present Value (NPV), Internal Rate of Return (IRR), Benefit-Cost Ratio (BCR), and sensitivity analysis. The findings indicate that the estimated investment of IDR 669.14 billion is financially unfeasible, with negative NPVs ranging from IDR 518.3 billion to IDR 597.8 billion at a 10% discount rate. At a 6.2% social discount rate, economic feasibility requires approximately IDR 54.8 billion in additional net social benefits annually. Car Free Day activities support recreation, social interaction, and local businesses, although their incremental benefits remain unquantified. These findings highlight the importance of measuring non-market benefits before establishing the project's overall economic feasibility.
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