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Pr forum park finance 02 dan anderson

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  • 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. Introduction Public Parks, Private Value  Background  Some case studies  Concluding remarks
  • 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. 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. 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. Public Parks, Private Value privatisation of public space
  • 7. Jubilee Park / Canada Square, London Public Parks, Private Value
  • 8. Jubilee Park / Canada Square, London Public Parks, Private Value
  • 9. Public Parks, Private Value monetising commercial assets
  • 10. Post Office Square, Boston Public Parks, Private Value
  • 11. St George’s Park, Burton-upon-Trent Public Parks, Private Value
  • 12. St George’s Park, Burton-upon-Trent Public Parks, Private Value
  • 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. Alexandra Palace Park Public Parks, Private Value
  • 15. Public Parks, Private Value business improvement district
  • 16. Bryant Park, New York City Public Parks, Private Value
  • 17. Bryant Park, New York City Public Parks, Private Value
  • 18. Bryant Park, New York City Public Parks, Private Value
  • 19. Public Parks, Private Value tax increment finance
  • 20. Millennium Park, Chicago Public Parks, Private Value
  • 21. Millennium Park, Chicago Public Parks, Private Value
  • 22. Millennium Park, Chicago Public Parks, Private Value time property tax revenue t0 Incremental tax revenue used to service the debt from t0
  • 23. Millennium Park, Chicago Public Parks, Private Value
  • 24. Public Parks, Private Value developer contributions
  • 25. High Line Park, NYC Public Parks, Private Value
  • 26. High Line Park, NYC Public Parks, Private Value
  • 27. High Line Park, NYC Public Parks, Private Value
  • 28. High Line Park, NYC Public Parks, Private Value
  • 29. High Line Park, NYC Public Parks, Private Value
  • 30. High Line Park, NYC Public Parks, Private Value
  • 31. High Line Park, NYC Moscow Region Parks: Investment Opportunities
  • 32. High Line Park, NYC Public Parks, Private Value
  • 33. High Line Park, NYC Public Parks, Private Value
  • 34. High Line Park, NYC Public Parks, Private Value
  • 35. High Line Park, NYC Public Parks, Private Value
  • 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. Public Parks, Private Value concluding remarks
  • 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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