105 International Journal of Research in Business and Social Science IJRBS Vol.3 No.2, 2014 ISSN: 2147-4478 available online at www.ssbfnet.com Methods of Identification and Evaluation of Brownfield Sites Safet Kurtović a , Boris Siljković b , Nikola Pavlović c i Full Professor, Faculty of Economics University, Dzemal Bijedic, Mostar 81 000, Bosnia and Herzegovina, b c Assistance Professor, High School of Economic in Leposavic, Leposavić 43 500 Kosovo, Abstract The basic objective of this paper was to determine the importance and potential restoration of brownfield sites in terms of economic prosperity of a particular region or country. In addition, in a theoretical sense, this paper presents the methods used in the identification of brownfield sites such as Smart Growth Network model and Thomas GIS model, and methods for evaluation of brownfield sites or the indexing method, cost-benefit and multivariate analysis. Keywords: Brownfield Site; Revitalization; Investments; Identification; Selection; Models. JEL: M10, M12 © 2014 Published by SSBFNET 1. Introduction Deindustrialization and suburbanization are two main reasons for the appearance of brownfield sites. The process of de-industrialization is accompanied by the decline of manufacturing and the expansion of the service sector. This process is particularly intensified in the late 1960s and early 1970s in Western Europe and Northern America. After that, the process of de-industrialization took place in Japan and in other Asian countries (Rowthorn and Ramaswamy, 1997). With the process of de-industrialization, there was a closure of certain industries and job losses, as well as the abandoned land. The economic situation in local communities deteriorated. Abandoned land has lost its value and caused damage to the state and local community, in terms of tax revenues and other benefits missed. Parallel to this process there was the process of migration from abandoned brownfield sites. In fact, a process of suburbanization was i Corresponding author. Safet Kurtović, Tel.: +38761760955.