The cultural dimension of sustainable development: The case of Izmir Culture and Art Factory

Public finance is a science that analyses the processes by which the state collects revenues, makes expenditures and manages fiscal policies. Fiscal sociology, on the other hand, investigates the effects of these fiscal processes on social structure, norms and social relations. While re-functionalisation studies, which are evaluated within the relevant scope, preserve the cultural values of societies and transfer them to future generations; they also support environmental and economic sustainability. In this context, the aim of the study is to examine the social benefit and economic contribution of the use of buildings with historical and cultural value for a different purpose than their original function. The evaluation shows how the works carried out in Izmir Culture and Art Factory show how the financial resources of the state are effectively used to create cultural and social benefits. This kind of transformation has been found to protect cultural heritage and strengthen social ties between different segments of society. The building, which preserves Izmir's industrial past, has been transformed into a cultural asset and transferred to future generations. It has been determined that the re-functioning projects carried out by the state do not provide a serious financial gain while providing social benefit. In order to alleviate the financial burden of the state in such projects to be implemented and to increase the interest in the projects, it is recommended that the projects be supported with tax exemptions, as well as giving the buildings functions that will enable financial development.