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Glossary of terms used on this site

Term Definition
ASSET MANAGEMENT

Strategic-financial management of assets, entailing responsibility for the identification of the best portfolio strategy, in regards to investment, divestment, purchases, sales and enhancement of assets.

BENCHMARK

Measurement of parameters established by observing and measuring products and services, to be used as a reference in operational procedures in order to improve performance.

CATCHMENT AREA

Number of future users of public works to be realised. On the basis of this number it is possible to assume the economic return of said public work, and evaluate its economic and financial feasibility.

DUE DILIGENCE

Assessment of the description of a property, namely quantity, ownership titles and origin, as well as collection and files of the relative documentation required for correct management and evaluation.

ESTIMATE

Procedure for determining the adeguate value of an asset, as the basis for the sale, and/or the implementation of programmes of real estate development.

FUNCTION OF A BUILDING

Function of a building, existing, planned, or allowed, under town planning, or specific type of building regulations (housing, production, trade, service sector, office, farming, public spaces etc.).

GLOBAL SERVICE

A service, whose provider must supply the operational activity, as well as the strategies, models and instruments for maintenance, for the purpose of global keeping of the building in the future.

HEALTH AND HYGIENE REGULATIONS

Regulations, at local government level, on the wholesomeness of rural and urban aggregations and housing.

IN BULK

Quantification method that takes no account of the actual measurements of an asset.

JOINT PROGRAMME AGREEMENT

Administrative instrument established by Law 142/1990, aimed at cooperation, for the purpose of obtaining the authorizations of several public bodies involved in the definition, and an integrated and coordinated implementation of public works, initiatives, and programmes of actions.

LOT

Portion of urban land, subject to a homogeneous building action, under the provision of an implementing instrument of town planning.

MARKET VALUE

Estimate of the price of a given property at the estimated date, after an adequate period of marketing, in a transaction between buyer and seller, who are well informed, and not bound by particular interest to the transaction, and both capable of taking the decisions with equal capability, and without any constraints.

NON BUILDABLE BELT

Belt around an area, protected by building constrictions, because of the need to use, enlarge and alter it, and for the correct operation of equipment and infrastructure (roads, motor roads, waterways, railways, ports, cemeteries etc.).

OUTSOURCING

Entrusting to third parties of specific functions or services, that a firm does not wish to manage directly, on economic or organizational grounds.

PROJECT FINANCING

Set of procedures for the realisation of public works, through the contribution of capital and expertise from the private sector. Essentially, Project Financing is referenced by Dir. 93/37 of the EEC of June 14th 1993 as amended, and for Italy, by Law 109 of Feb. 11th 1994 as amended. The main stages of the project financing are the construction and management of the realised public work, the latter allowing the investor to receive refund of the initial investment and obtain an adequate profit.