November 2016 - Parks & Recreation - 26

ADVOCACY

Fifty-four million dollars in NMTC-based
financing from three community development
entities (CDEs) helped to build the Vince
Whibbs, Sr. Community Maritime Park, part of a
redevelopment initiative for a severely distressed
portion of the downtown Pensacola, Florida,
waterfront. The park recently won an Urban
Land Institute North Florida " Open
Space " category award.

The New Markets Tax Credit
Helping park and recreation agencies in low-income areas close the financing gap
By Oliver Spurgeon III

ach year, park and recreation agencies in low-income neighborhoods
grapple with the same question during budget season: How can we pay
for new recreational facilities without breaking the bank? While access
to recreation can sometimes seem like a low priority for local governments, especially if there's a hole in the budget, it's often high on the list of public
amenities supported by residents. This means that despite the overabundance of
public will for shiny and new rec centers, recreation leaders are often left to maintain lush, green parks, keep seniors healthy and active through quality programming, clean pools and employ staff with very tight budgets.
This annual ritual also puts off requests for the newest splash pad, an
Olympic-sized swimming pool or stateof-the-art playground equipment until
the next year. However, with the help
of devoted citizens from the community who believe in the power of parks,
socially conscious investors who think
investments should pay dividends for
everyone and a little financial backing
from Uncle Sam, recreation agencies in

24 Parks & Recreation

struggling neighborhoods are entering
into a relatively new space to pay for
cutting-edge park and recreation facilities: high finance.
The New Markets Tax Credit
(NMTC) is giving park and recreation
agencies in low-income areas another
financial tool to help with replacing aging recreation centers, updating parks
that have outdated play equipment -
think metal jungle gyms - that can

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be dangerous for children to use, and
building new facilities despite relatively flat funding from year to year.
Recreation agencies in low-income
neighborhoods have all the same qualities as those in wealthier communities:
committed and talented staff, dedicated
volunteers who are willing to give their
time and skills, and passionate citizens
who want the best recreational facilities
possible. What they don't have are large
budgets to build, upgrade or expand facilities. But, that's where the NMTC
comes in to help close the gap.
The NMTC was designed to give local
governments, citizen groups and community advocates the financial foothold
they need to attract private dollars into
distressed communities that have very
little existing economic activity. It's intended to help finance projects that have

November 2016 - Parks & Recreation

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