Attached.

Running head: PARKS AND ECONOMIC DEVELOPMENT

Parks and Economic Development
Name
Institution
Instructor
Date

1

PARKS AND ECONOMIC DEVELOPMENT

2

Introduction
Public parks relate to land areas available for use by the public under the management of
federal or municipal governments (Larson, Jennings & Cloutier, 2016). In some cases, the states
involved and private organizations may oversee their administration. For instance, in the year
1634, the Boston Common an America’s pioneering city park was assigned to public use. Prior
to the 1800s, 16 parks had already begun operating in their specific designated areas. According
to the data available from the Trust for Public Land’s Center for City Park Excellence, an
evaluation of parks in 75 cities indicates that their borders contain parklands that account for
18000 acres in their regions of operation (Walls, 2009). However, the locations sampled indicate
some extensive variation with respect to the available space. Thus, Santa Ana offers an estimated
330 acres which deviate highly from Jacksonville’s space that occupies up to 104,000 acres. The
CCPE’s average allocates 41 acres for every 1000 individuals residing in a city included in its
database. Thus, the primary purpose of such parks includes offering its uses the desired civic
benefits. Thus, in a nutshell, the discussion below aims at establishing the economic
developments attributable to the administration of public parks from reviewing current literature
and an identification of the prominent themes evident during research. It also endeavors to note
the existing gaps in research that should be considered in the future.
Literature Review on Parks and Economic Development
Parks and the Value of Properties
In the year 2017, the NRPA conducted a study highlighting general consensus from
officials operating in local governments that areas designated for local parks contribute to
community benefits (Icma.org, 2018). According to the report released by the NRPA, the quality

PARKS AND ECONOMIC DEVELOPMENT

3

of such spaces drives economic development while offering recreational advantages for those
involved. Public parks increase the value attached to a region’s property. According to a survey
carried out by the National Association of Home Builders, home shoppers underscored parks as a
predominant aspect that would influence their property purchases at 65% (City Parks Forum
Briefing Papers, 2002). Again, a research that was conducted involving Portland Oregon’s
totaling 193 urban parks revealed that homes attracted and increment in value by $845,
increasing their worth to $ 2,262 (Conservationtools.org, 2020.). Similarly, Chattanooga desired
to entice middle-class Americans to acquire property in its neighborhoods in the 1980s. As a
result, city officials embarked on projects to acquire open spaces in addition to cleansing its air.
Moreover, it also created various parks and opened them to public use. Eventually, the efforts
yielded property growth at a rate of 127.5% with an actual value of over $ 11 million.
In most cases, homebuyers often indicate a preference for homes constructed close to the
parks (Conservationtools.org, 2020). Furthermore, they opt for assets in neighborhoods that
feature open spaces as well as greenery. For instance, Nashville’s officials indicated that
investments focusing on downtown parks culminated in an influx of millennial and young people
by a rate of 50%. They improve the local economy owing to the purchases they make in addition
to renting available properties. From the year 2000, educated adults underscored a higher
inclination by 37% to relocate to urban neighborhoods that qualified as not only livable but also
walkable (Caston, 2018). Under the circumstances, it becomes possible to obtain higher revenues
from property taxes. Studies indicate that property values often increased by a margin of 5-20%
for houses close to such urban spaces by 500 feet, conservatively. For example, the park systems
developed in Philadelphia led to an increment in the income acquired by its treasury by a total of

PARKS AND ECONOMIC DEVELOPMENT

4

$18.1 million due to value enhancement of the region’s properties (Conservationtools.org, 2020).
Thus, parks increase property values.
Parks and Home Buyers/Renters
Currently, most cities aim at attracting affluent retirees to settle in their neighborhoods.
Retirement migration provides an avenue for the regions selected by the parties involved to
experience clean industrial growth. The U.S Census Bureau conducted a census which indicated
that as of 2050, America would have attained an age of 65 years for every four individuals.
Wealthy retirees have access to financial benefits from the military and pension plans. In
addition, they also acquire some funds from social security. The Growing [number of] Retired
Active Monied People in Excellent Shape indicates a preference for highly diverse places such as
New England and the northern part of Wisconsin (City Parks Forum Briefing Papers, 2002).
Moreover, the mountainous regions located in Colorado, as well as Montana, prove as desirable
regions in which they opt to settle. However, the GRAMPIES’ selection of their most preferred
communities depends on a number of factors, such as the availability of amenities for recreation
purposes. Furthermore, they indicate a higher likelihood of selecting neighborhoods with scenic
environments coupled with a mild climate. In most cases, public parks cater to such requirements
and improve the overall appearance of their respective cities. As such, they increase the capacity
of modern cities to attract GRAMPIES. On the other hand, the opulent retirees enable the
communities involved to benefit from the expendable income they offer. On average, their
retirement incomes amount to $40,000. Thus, their residential areas indicate impacts
synonymous to environments in which new enterprises operate with an annual expenditure of $4
million. In addition, local governments also benefit owing to their propensity to gain access to
increased taxable amounts.

PARKS AND ECONOMIC DEVELOPMENT

5

Figure 1: Park as an avenue for home buyers and developers

Parks and Businesses
The municipal services required by open spaces are few in comparison to the demands
evident in residential...