The purpose of this study is to verify the validity of the “Myongji German Campus Creation Project”. This project will proceed as the 1st step of the “Myeongji International New Town Global Campus Town Creation Project”. Foreign educational research centers(foundations of FAU and the transfer of the graduate school of FAU)and support facilities are also being created. First, costs were estimated to analyze its validity. The total project costs were estimated at approximately KRW 28,398,384,544: 4,910,000,000 KRW spent in purchasing a site and 22,254,590,070 KRW spent on the total construction costs and other incidental expenses. The total operating costs are estimated at 6,471,000,000 KRW. The method of estimation is applying 50% of these costs towards the initial university entrance begins in 2018, and adding 10 percentage points each year after that. The entire operating costs will finally be applied in five years in 2023. The revenue from tuition fees was estimated to analyze benefits. College tuition fees were calculated at 5.1 million KRW per term (annually 10.2 million KRW) based on FAU’s estimated tuition fees of 4,000 euro a term. The graduate school tuition fees were estimated at 7 million KRW per term (annually 14 million KRW) based on the current graduate program tuition fees. Willingness to pay (WTP) was estimated through the contingent valuation method (CVM) to analyze non-market benefits. As a result, a projected figure was 5,733 KRW a year and, based on this result, the non-market benefit of the Myongji German Campus Creation Project was estimated at 77.508 billion KRW in total. Lastly, benefits and costs earned from the creation of the German Campus were calculated by applying the average WTP per household to the total households of Busan, Ulsan, and Gyeongsangnam-do. Then the economic feasibility was analyzed. Consequently, the benefit-cost ratio (B/C ratio) turned out to be 1.239 with the net present value (NPV) of 24.324 billion KRW and the internal rate of return (IRR) of 12.70%.