Value in T r ails T a rra nt Re g io na l Wa te r Distric t
E c onomic impa c t of tra ils Dire c t Re ve nue (pe rmits, inc re me nta l re ve nue a sso c ia te d with re c re a tio na l pro duc ts & e ve nts) I nc re a se d Pro pe rty Va lue s in pro ximity to tra ils
Dire c t I mpa c t 2016 T rinity T rails I mpac t Study • 85 e ve nts • Appro xima te ly 270,000 pe o ple in a tte nda nc e • $4,000,000+ ra ise d fo r c ha rita b le o rg a niza tio ns • $16,000,000 impa c t o n lo c a l e c o no my • 200 jo b s c re a te d o r re ta ine d Study c o nduc te d b y Unive rsity o f No rth T e xa s in 2017 `
I nc re a se d Pro pe rty Va lue Why you need to quantify it and track it? 3
I nc re a se d Pro pe rty Va lue Why you need to quantify it and track it? BUDGET 4
Va lue Pro po sitio n Me tho ds Ho use ho ld inc o me he a t ma p • T a x a sse sse d va lue s & ML S pro pe rty va lue s • Me tr ic s & Data De fine indic a ting fa c to r (tra ils, tra ilhe a ds, a me nitie s, pa rks, e tc .) • De fine b o unda ry • Se t time fra me (pa st, pre se nt) • 5
House hold Inc ome In relation to trailheads and trail access 2006-2010 2011-2015 6
T a x Asse sso r Va lue s Maximum Appraised Value: $16,634,506.00 Mean Appraised Value: $218,459.32 Tax Accessor value is on average 10-12% less than market value Direct correlation to Taxing district boundaries and properties assessed 7
ML S Va lue s (ma rke t va lue s) Homes within a 6 block proximity to the Trinity Trails sold for on average of 36% more People willing to pay more $$ for convenience and access to quality infrastructure for improved quality of life 8
Ke y F inding s & Conc lusions • Overall impact of trails is significant as a revenue generating source to sponsoring agency/organization • Manage assets and infrastructure like a portfolio and measure return on investment (ROI) • Use data to help prioritize where future investment into infrastructure will impact the community the most (Social Equity) • Any and all data is important!! Have a system to track and measure it 9
Re c omme ndations & Re sour c e s Starting your own value analysis: • Identify data & metrics for analysis Me tr ic s & Data • De fine ind ic a ting fa c to r(s) (tra ils, tra ilhe a d s, a me nitie s, pa rks, so c io e c o no mic tra its, e tc .) • De fine & se t b o und a ry fo r a na lysis • Se t time fra me (pa st, pre se nt) • • Partner with universities, businesses, local realtor boards, other government agencies • GIS (Geospatial Information System): Planning students love these projects, get an intern 10
Additio na l Da ta Re so urc e - E SRI 11
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