October 13, 2015
Parks Levy expected to have $152 million economic impact
The proposed Parks levy (Issue 22) is expected to have $152 million impact on the economy over the next 10 years according to a UC Economics Center report commissioned by the Cincinnati USA Regional Chamber and the Cincinnati Business Committee (CBC). The proposed levy is expected to also create new jobs earning $3.1 million per year.
Based on the UC Economics Center report, research professionals have concluded:
- The regional economy will greatly benefit as every $1 raised by the levy that the City of Cincinnati invests will return $1.50 to the local economy through direct and indirect benefits.
- Case studies from around the country support the role of strong parks on attracting and retaining talented business professionals.
- Properties nearby the proposed list of projects will realize close to a $16 million increase in their property value, providing a positive fiscal impact to local governments.
“As we work to make Cincinnati a magnet for talent, the UC Economics Center report reinforces that highly skilled talent is attracted to cities with beautiful aesthetics, including parks,” said Jill Meyer, president and CEO of the Cincinnati USA Regional Chamber. “Maintaining and expanding our own assets through passage of Issue 22 will help increase momentum to remain competitive with our peer cities.”
“In addition to discussing the valuable role parks play in our community, it is also important to have credible economic data for the public to consider,” said CBC Executive Director, Gary Lindgren. “We appreciate the work of the UC Economics Center and hope this report further informs the community.”