Pr forum park finance 02 dan anderson

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Pr forum park finance 02 dan anderson

  1. 1. Public Parks, Private Value: An International Perspective on the Delivery and Funding of Themed Parks and Gardens Presentation to Park Russia Forum March 27, 2014
  2. 2. Introduction Public Parks, Private Value  Background  Some case studies  Concluding remarks
  3. 3. Traditional Park Funding Approaches Public Parks, Private Value  Parks traditionally treated as pure public goods  Considered an amenity for local residents  Most of the capital and all of the operational funding came from the public sector, with some operational revenue from concessions and minimal amounts of sponsorship  Starts to change in 1970s (USA) and 1980s (UK) as recession puts too much strain on Park budgets
  4. 4. Pressure to Find Alternative Mechanisms Public Parks, Private Value  Park quality declines and many fall into dereliction  Parks become highly visible symptom of more general urban economic decline • Crime • Litter • Disrepair • Lack of maintenance or reinvestment  In strained city budgets, allocations to parks and recreation were an easy target
  5. 5. Common Methods Used to Finance Parks Public Parks, Private Value  Increased in-Park commercial activity  Implementation of user fees and charges  Cross-funding from commercial assets  Aggressive event-led sponsorship strategies  Individual philanthropy  Capturing private value of public parks  Privatisation of public space  Exploit commercial assets  Business Improvement Districts  Tax Increment Financing  Developer contributions
  6. 6. Public Parks, Private Value privatisation of public space
  7. 7. Jubilee Park / Canada Square, London Public Parks, Private Value
  8. 8. Jubilee Park / Canada Square, London Public Parks, Private Value
  9. 9. Public Parks, Private Value monetising commercial assets
  10. 10. Post Office Square, Boston Public Parks, Private Value
  11. 11. St George’s Park, Burton-upon-Trent Public Parks, Private Value
  12. 12. St George’s Park, Burton-upon-Trent Public Parks, Private Value
  13. 13. St George’s Park, Burton-upon-Trent Public Parks, Private Value 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2008 2010 Public The FA Sponsorship Private Original concept required more than 60% of the project to be funded by the public sector and The FA itself When restructured, the project was almost 90% funded by the private sector and corporate sponsorship Distribution of capital funding, 2008 and 2010
  14. 14. Alexandra Palace Park Public Parks, Private Value
  15. 15. Public Parks, Private Value business improvement district
  16. 16. Bryant Park, New York City Public Parks, Private Value
  17. 17. Bryant Park, New York City Public Parks, Private Value
  18. 18. Bryant Park, New York City Public Parks, Private Value
  19. 19. Public Parks, Private Value tax increment finance
  20. 20. Millennium Park, Chicago Public Parks, Private Value
  21. 21. Millennium Park, Chicago Public Parks, Private Value
  22. 22. Millennium Park, Chicago Public Parks, Private Value time property tax revenue t0 Incremental tax revenue used to service the debt from t0
  23. 23. Millennium Park, Chicago Public Parks, Private Value
  24. 24. Public Parks, Private Value developer contributions
  25. 25. High Line Park, NYC Public Parks, Private Value
  26. 26. High Line Park, NYC Public Parks, Private Value
  27. 27. High Line Park, NYC Public Parks, Private Value
  28. 28. High Line Park, NYC Public Parks, Private Value
  29. 29. High Line Park, NYC Public Parks, Private Value
  30. 30. High Line Park, NYC Public Parks, Private Value
  31. 31. High Line Park, NYC Moscow Region Parks: Investment Opportunities
  32. 32. High Line Park, NYC Public Parks, Private Value
  33. 33. High Line Park, NYC Public Parks, Private Value
  34. 34. High Line Park, NYC Public Parks, Private Value
  35. 35. High Line Park, NYC Public Parks, Private Value
  36. 36. High Line Park, NYC Public Parks, Private Value 15% 15% 25% 14% 39% 47% PHASE 1 PHASE 2 PHASE 3 Distribution of funding by phase City State Federal Fundraising Developer Contributions Phase 1 Phase 2 Phase 3
  37. 37. Public Parks, Private Value concluding remarks
  38. 38. Level 33, 25 Canada Square, Canary Wharf, London, E14 5LB www.fourth-street.com Principals: Jim Roberts +44 7966 373724 Dan Anderson +44 7866 454434
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