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

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“The Park... has had a very marked effect in making the city attractive to visitors, and in thus increasing its trade, and causing many who have made fortunes elsewhere to take up their residence and become tax payers in it... It has also induced many foreigners who have grown rich in the country, and who would otherwise have gone to Europe to enjoy their wealth, to settle permanently in the city.” Frederick Law Olmsted, “Forty Years of Landscape Architecture: Central Park,” 1928, MIT Press, Cambridge, MA, 172-173. (Reproduced from Volume 2 of Frederick Law Olmsted, Landscape Architect, 1822-1903; Forty Years of Landscape Architecture; Being the Professional Papers of Frederick Law Olmsted, Sr.)
Part 5 New York City Revenue Impacts Central Park also produces revenues for New York City – through taxes and fees generated by the operations of the Central Park Conservancy and other businesses in the Park – through taxes generated by visitor spending – and through property and other taxes generated by real estate in the Central Park area. Taxes generated by institutions and businesses in Central Park The Central Park Conservancy and other institutions and businesses in Central Park generate New York City taxes directly through their employees’ personal income taxes, sales taxes and business taxes; and indirectly through tax revenues associated with other economic activity generated through the multiplier effect. • • • • In fiscal year 2007, Central Park Conservancy paid $279,602 in New York City personal income taxes on behalf of its employees. Through the multiplier effect, we estimate that the Central Park Conservancy’s operations generated another $377,000 in indirect and induced New York City tax revenues. Based on employment data supplied by concessions and other organizations that operate in the Park, we estimate that these organizations directly generated $4.2 million in New York City income, sales, and business taxes. Through the multiplier effect, we estimate that spending by concessions indirectly generated $1.4 million in additional New York City tax revenues. As Table 10 shows, we estimate that in fiscal year 2007 the Conservancy, concessions and organizations operating in the Park directly and indirectly generated $6.22 million in City tax revenues. 1
Page 1: Valuing Central Park’s Contributi
Page 4 and 5: economic impact analyses) to estima
Page 6 and 7: “The primary purpose of the Park
Page 8 and 9: Notable events in Central Park’s
Page 10 and 11: 10 • • • • economic output.
Page 12 and 13: 12 a venue for fund-raising events
Page 14 and 15: Central Park: At A Glance • •
Page 16 and 17: 16 around the Park. Part Five brief
Page 18 and 19: “Looked at from a commercial stan
Page 20 and 21: 20 Outside New York State 22 employ
Page 22 and 23: 22 Project Cost The Lake restoratio
Page 24 and 25: Drawing visitors for 150 years Cent
Page 26 and 27: 26 The world’s largest marathon -
Page 28 and 29: 28 Lights, camera, Central Park! Th
Page 30 and 31: 30 Fig. 6. Museums by attendance wi
Page 32 and 33: “It is the one great purpose of t
Page 34 and 35: 3 Making History: Ice Skating in Ce
Page 36 and 37: 36 Helping to improve historic park
Page 38 and 39: 38 The Angel of the Waters Among th
Page 40 and 41: “[T]he financial condition of the
Page 42 and 43: 2 Rest of New York City $456 billio
Page 44 and 45: Block groups Lot square feet Premiu
Page 46 and 47: 6 Fig. 13. Map of high-rent retail
Page 48 and 49: 8 120% 100% 80% 60% 40% 20% 0 Block
Page 52 and 53: 2 Direct Indirect/ induced Total NY
Page 54 and 55: “The Park is so potent a force in
Page 56 and 57: 6 is not something that is fully ca
Page 58 and 59: 8 About Appleseed Appleseed is a Ne

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

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