Dallas Park and Recreation Board August 20, 2015dallascityhall.com/government/meetings/DCH...
Transcript of Dallas Park and Recreation Board August 20, 2015dallascityhall.com/government/meetings/DCH...
ECONOMIC VALUE OF DALLAS PARKSDallas Park and Recreation Board
August 20, 2015
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Real Estate, $362
Environmental, $18
Tourism, $604
Local Spending,
$236
DALLAS PARKS RETURN $1.2 BILLION TO THE LOCAL ECONOMY
EVERY YEAR, A 15:1 RETURN ON PUBLIC INVESTMENT
VALUE GENERATED BY VALUE DRIVER
in millions
VALUE GENERATED BY PARK TYPOLOGY
in millions
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*Note: State Fair impacts may shift
between categories based on ongoing
review.
Unique Assets: Dallas Arboretum & Botanic
Garden, Dallas Zoo, MoneyGram Park.
Signature, $749
Neighborhood/Community, $94
Trails, $117
Regional/Metro, $80
Recreation/Golf/Tennis, $8
Natural Areas, $57 Unique Assets, $115
*
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KEY FINDINGS
Trails generate the highest return on investment, over $50 of new development per $1 of trail capital invested. Dallas should continue to expand the trail system to increase impact.
1-100 acre neighborhood/community parks across the city create approximately $94 million in annual value to Dallas residents. Dallas should continue to invest in the value that neighborhood parks create for all Dallasites.
Linking programming to parks via a trail system connected to itself and other parks could create enormous economic value and bolster social equity. From a value creation point of view, we believe it to be the single most important investment Dallas could make.
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DALLAS PARKS ECONOMIC STUDY
San Antonio Housing & Commercial Incentives Study
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DALLAS PARKS ECONOMIC STUDY
Benchmarking Study
Economic Impact Study
Describe the economic benefits of the park system
Quantify the economic rationale for future
investment
Recommend best practices
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PARKS ECONOMIC MISSION
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Dallas County Migration in 2010 (blue indicates U.S. counties with net migration into Dallas County;
red indicates U.S. counties with net migration out of Dallas County.)
Source: Forbes
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BENCHMARKING
Assets – Operations – Resources - Impact
REGIONAL PEERS
Houston
San Antonio
Austin
San Diego
ECONOMIC COMPETITOR PEERS
Phoenix
Atlanta
Denver
ASPIRATIONAL PEERS
Chicago
Minneapolis
Portland
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ECONOMIC IMPACT
Park Value by TypologyReal
EstateEnvironment Tourism
Local
Spending
City
Building
Metro /
Regional Parks
Signature Parks
Community /
Neighborhood Parks
Unique Assets
Recreation Centers
Golf Courses &
Tennis Courts
Linear Parks / Trails
Natural Areas 8
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ANNUALIZED PARK VALUE
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Denver
Seattle
Dallas
San Diego
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
Billion
s
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PRELIMINARY FINDINGS:
BENCHMARKING
San Antonio Housing & Commercial Incentives Study
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1. DALLAS: UNDER-RESOURCED RELATIVE TO ASPIRATIONS
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
Annual Park Department Spending Per Resident
Operating Spending per Resident Capital Spending per Resident
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REGIONAL PEERSECONOMIC
COMPETITOR PEERSASPIRATIONAL PEERS
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2. DESPITE WEALTH OF ASSETS, UNTAPPED PARK DEMAND
Park Acreage & Access by Peer Group
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
0% 20% 40% 60% 80% 100%
Acr
es
Percentage of Population Within Half-mile Walk of Park
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3. ENTREPRENEURIAL DEPARTMENT AND PARTNERS
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PRELIMINARY FINDINGS:
ECONOMIC VALUE
San Antonio Housing & Commercial Incentives Study
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4. PARKS GENERATE A SIGNIFICANT AMOUNT OF ANNUAL
TOURISM VALUE
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5. COMMUNITY AND NEIGHBORHOOD PARKS CREATE THE
MOST REAL ESTATE “PARK PREMIUM” VALUE (~25% of total)
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6. EXISTING PARK VALUE CAN BE ENHANCED
WITH PROGRAMMING
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7. TRAILS OFFER HIGHEST ROI
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8. SIGNIFICANT ENVIRONMENTAL VALUE CAN BE ENHANCED
WITH GREEN INFRASTRUCTURE
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9. PARKS FOSTER AN ENVIRONMENT OF SOCIAL
DIVERSITY IN DALLAS
$136K to $200K
$84K to $136K
$55K to $84K
$35K to $55K
$0 to $35K
NORTH
DALLAS
SOUTH
DALLAS
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Median Household Income
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IMPLICATIONS
San Antonio Housing & Commercial Incentives Study
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RATIONALE FOR FUTURE INVESTMENT
Approximately
1:10 Return on Investment
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ECONOMIC VALUE OF DALLAS PARKSDallas Park and Recreation Board
August 20, 2015