October 2020 - Parks & Recreation - 33

to fund enhanced infrastructure
and other park improvements.
Mission Bay attracts around 15
million visitors annually. Its leases
to hotels, restaurants, a theme park
and other commercial businesses
generate large amounts of surplus
revenue. Inevitably, much of this surplus has been diverted by the city for
other uses. However, the basic principle of capturing the value to pay for
the capital and operating costs of the
public park remains intact.
Discovery Green in downtown
Houston, Texas, is a 12-acre park
built at a cost of $70 million. Its
impact on the assessed values of
surrounding properties is shown
in Figure 1. In the four-year period
prior to the park's announcement
in 2005 to when it was completed

in 2008, the assessed values abutting it increased by 51 percent.
The increased tax revenues created
by the new park fully justified the
city's investment in it.
My city council is considering
the purchase of a 105-acre site on
the periphery of our city. Although
it likely will be another decade before the area around it is developed,
one of the financing options under
review is to use economic development funds for part of the purchase
price rather than park funds. This
would enable the city at some future
date to capture the property value
that the park will create by leasing/
selling some of the acres on its periphery and use the transaction profits to partially redeem the bonds.
These examples reflect large-

scale projects, but the principle is
equally applicable at a small scale.
Parks clearly create added value.
Typically, this has been a " windfall gain " for developers of the area
around a park. The essence of the
principle was expressed more than
a century ago by Robert E. Cushman, author of Excess Condemnation: " We propose that they who
sow shall reap and that the taxpayers' money having produced the
increment [of value], the taxpayers
shall receive the return.... " Perhaps,
it is time to revisit this principle.
John L. Crompton, Ph.D., is a University Distinguished
Professor, Regents Professor and Presidential Professor for
Teaching Excellence in the Department of Recreation, Park
and Tourism Sciences at Texas A&M University and an
elected Councilmember for the City of College Station
(jcrompton@tamu.edu).

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October 2020 - Parks & Recreation

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