Post on 13-Apr-2017
transcript
$0
$50m
$100m
$150m
$200m
$250m
Private Public-Private Public
HanceMilleniumKlyde Warren
$0
$50m
$100m
$150m
$200m
$250m
$300m
$350m
Private Public-Private 2 Public
Hance
1MilleniumKlyde Warren
$0
$50m
$100m
$150m
$200m
$250m
$300m
$350m
Private Public-Private 2 Public
Hance
1MilleniumKlyde Warren
1 Includes HR&A estimates for 2014 Hance Park Master Plan redesign.2 Includes value capture methods.
3 Only deck structure costs. Assumes sustained Federal funding to Caltrans at 2015 levels.
Deck Infrastructure Costs and Funding
Park Construction Costs and Funding
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$5b
$10b
$15b
$20b
$25b
$30b
Local/Regional State Federal
CaltransTotal California Trans. Funding
Space 134 Deck Costs Other
20-Year Federal Highway Funding
for California*
$92 billion
Funds for the deck structure could come from a wide variety of public sources, but will require extensive grassroots efforts to demonstrate Space 134’s wide- ranging community impacts in Sacramento and Washington, D.C.
Philanthropy, as in the case of Klyde Warren Park, can kick-start the park development process, and will be essential to creating a high-quality park, as there are limited sources of public funds for open space improvements.
In most cases, capital funding requires a mix of public and private funding, with deck infrastructure funded publicly, and the surface park and amenities drawing heavily from private sources.
Successful implementation will require local government to leverage public-private partnerships. To revitalize an unsuccessful, publicly-funded freeway cap, an organization in Phoenix plans to privately fund a new signature park.
CAPITAL FUNDING
PUBLIC RESOURCES
PHILANTHROPICRESOURCES
LAYEREDRESOURCES
California Transportation Funding (2015)
Philanthropy as Share of Park (not Cap) Costs
Space 134 as a Share of Anticipated Federal Highway Funds for California (2015-2035)
Space 134 would be about 0.5% of CA’s Federal transportation allotment over the next 20 years.3
BUILDING A CAP PARK
Illustrative Space 134 Capital Funding
Proposed Redesign of Hance Park, Phoenix, Arizona
0%
20%
40%
60%
80%
100%
Rose
Kenned
y
Yerba
Buena
Hance
Par
k
Discove
ry
Green
St. Louis
City A
rch
Mille
nnium
Klyde
War
ren
OtherPhilanthropy
$25m
$150m
Philanthropy
Other Federal,State &Local
Partner-ships
ValueCapture
$50m
$75m
$100m
$125m
$200m
Philanthropy & public-partnershipsmay cover
between 20-30%of Space 134’s total capital costs.
W W W. S PA C E 1 3 4 . O R G
BUILDING A CAP PARK
$0$100k$200k$300k$400k$500k$600k$700k$800k
Hance
Rose K
enned
y
Brookly
n Brid
ge
Discove
ry G
reen
Yerba
Buena
Mille
nnium
Klyde
War
ren
Highly-programmed, signature downtown parks require significant annual operating funding, ranging from $250,000-$750,000 per acre, and earned income rarely exceeds 20 percent of total expenses.
Active park elements like cafes and spaces for events can help subsidize a small portion of park operation costs, but it will be important to balance active elements with community-serving passive park spaces.
In addition to annual fundraising, private organizational support will be essential to a ensure a high-quality park and to ensure continued maintenance, operations and engaging programming.
OPERATIONAL FUNDING
EARNED REVENUE
ONGOINGSUPPORT
CAPABLE GOVERNANCE
Weighted Average$340k
Annual Operating Costs, per Acre
Signature Urban Park Operating Resources
Philanthropy Earned Income
Public (City)
Public
Klyde Warren
Public
Millennium Discovery Green
13%
15%
72%7%
56%37%
38%
41%21%
Factors for Determining Philanthropic SupportIllustrative Space 134 Earned Income
The long-term sustainability of Space 134 will require significant governance and operating resources, which may mean a public-private partnership and continued City support from discretionary or dedicated funds.
$0
$100k
$100k
Caf
e
Food
Truc
ks
Prog
ram
s
and
Even
ts
Res
taur
ant
$200k
$300k
$400k
$500k
$600k
$700k
$800k
$900k
$100k
Earned revenue from Space 134 may cover
between 10-15% of the park’s annual operating costs.
Public-private partnerships and earned income may cover
between 20-30%of Space 134’s annual operating costs.
Millennium Park, Chicago, Illinois$100k
$250k
$2.5m
$500k
$750k
$1.0m
$1.5m
$2.0m
Earned Income
Other Federal,State &Local
Partner-ships, and
Philan-thropy
ValueCapture
Illustrative Space 134 Operational Funding
RegionalPhilanthropic
Capacity
FundraisingAbility
ParkProgramming
and Amenities
W W W. S PA C E 1 3 4 . O R G
OPERATING A CAP PARK