Parks Provide Many Economic Benefits

How do public parks economically benefit a growing town?

Let us count the ways:

First, residences near high-quality, well-maintained parks increase in value relative to similar properties located farther away, with the added value typically being around 15% for the properties closest to the park. This increased home value translates into increased property tax revenue for the municipality.

David Schwartz

Second, high-quality parks attract not only local users but also visitors from out-of-town who spend money on food and other purchases, which yield sales tax revenue to the municipality.

Parks also provide residents with various kinds of direct savings. For example, residents’ use of free public parkland and free or low-cost recreational opportunities saves residents’ from having to pay for these amenities in the private marketplace.

A harder to measure, but equally important, form of savings is the increased community cohesion parks and other public gathering places support. This increased community cohesion helps ward off antisocial problems associated with urbanization that otherwise would cost the city more in police and fire protection, prisons, counseling, and rehabilitation.

Finally, parks provide ecological services that generate environmental savings, such as retention of rainfall by the park’s vegetation and soil, which reduces the need for costly stormwater management infrastructure.

Given the many and substantial economic benefits associated with parks, it is unfortunate that the previous Mayor and Town Council last fall passed up the opportunity to purchase the 36-acre American Legion property and that they instead sanctioned Town staff’s efforts to interest a developer of luxury apartments in acquiring the site.

The new Mayor and Town Council now have an opportunity to remedy the situation. They and Town staff should work with the Legion Post members to come up with a plan for the property that meets both the Post’s need for a larger, more modern facility and the Town’s need for expanded parkland and recreation opportunities. The developer with whom the Legion has signed a contract builds only market rate apartments, which the town does not need, so it is not the ideal partner for this collaboration. Fortunately there are other, more suitable developers waiting in the wings who will happy to step up if given a chance.

— David Schwartz

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