Spending by park visitors and the increase in property values that parks create has an impact on the local economy of $46.9 million a year, according to a consultant’s report commissioned by Metro Parks.
Wayne Williams, director of business and operational support services, gave a presentation to Metro Parks Commission on March 8 on a report done by the Bellevue firm Hebert Research. Williams said the report gives the agency insight into how best to pursue future grant funding and develop partnerships with public-sector and private-sector entities.
“How we utilize this information in the future will be very important,” Williams remarked.
Brent Freshwaters, finance officer for Metro Parks, said the report provides a good profile of parks users and information on property values in the vicinity of parks.
Surveys were done of 800 park visitors last summer and fall. Of the parks that were studied, the report concludes that visitors spent $22 million as a result of their visits, with $18 million of that spent by people living outside of Tacoma.
Property values were studied using a model developed by John Compton, a professor at Texas A&M University.
Ten houses were selected on each block at random. For small parks, a three-block radius was used. For community parks, the radius was five blocks.
For homes within a block of Jefferson Park, which is along North 7th Street between Proctor and Stevens streets, property taxes on a home were $945 higher than they would be without the park. For a house two blocks away, this figure was $330. The report identified $10 million in additional tax revenues because of property values increased by a nearby park.
“The city ought to be very happy with us,” Commissioner Tim Reid said. “We are making a significant economic impact.”
Executive Director Jack Wilson noted staff knew the park system contributed to the health of the local economy. “We know we are collecting data that proves it. The investment we make in economic impact is important,” he said. “We are well on our way to proving how valuable we are.”
Wilson said the report findings could be used to educate business organizations and other groups about the economic impact of Metro Parks operations.
