Valuing Central Park's Contributions to New York City's ... - Appleseed

economic impact analyses) to estimate the direct, indirect and induced economic impact of the Conservancy – concessions
and other businesses and institutions that operate in the Park – and spending by non-New York City residents who visit the
Park.
Because the data used in this report are from 2007 and the early part of 2008, they generally do not reflect the impact of the
current recession on New York City’s economy. Real estate values, office and retail rents, tourist traffic and taxes derived from
real estate sales have all declined in recent months. By some measures, the value of Central Park’s contribution to the City’s
economy may thus be somewhat smaller in absolute terms in 2009 than it was in 2007. But we have no reason to believe
that in relative terms the Park’s value to the City is any less significant than it was in 2007 and 2008. Moreover, because real
property tax assessments are based on past years’ data and are phased in over time, the absolute value of real property taxes
generated by “the Central Park effect” is probably greater in 2009 than it was in 2007.
Despite the City’s changes circumstances, we believe that the principal conclusions of this report are as valid today as they
were in 2008. Central Park today retains its power as a generator of economic activity, a source of added value to the area
surrounding the Park, and a generator of tax revenues for New York City. Its value today reflects not only the foresight of
the New Yorkers who created it 150 years ago, but also the Conservancy’s and the City’s investments since 1980 in the
renovation, revitalization, improvement, maintenance and management of the Park. By preserving and building on this legacy,
the Conservancy and the City can not only maintain but enhance the value of Central Park’s contribution to New York’s
economy, and to the lives of its people.
Thanks again for giving us the opportunity to work with you on this project.
Sincerely,
Hugh O’Neill
President
Appleseed