Financing strategies for the acquisition of park space
City parks can improve the quality of life as well as the physical and mental health of its citizens, and they can lead to increases in property values and hence higher property tax revenues. However, parks can also be costly to cities, especially medium-sized cities that lack the necessary access to financing to acquire and maintain city parks. In the case of Lafayette, Louisiana, the city is struggling to acquire the University of Louisiana Horse Farm and incorporate it into its park system. This professional report reviews financing strategies for cities that are seeking to acquire land or open space, and also provides specific recommendations for the Horse Farm. Through this literature review and analysis of the Lafayette case, this professional report contributes to the literature on public financing of land for green space development, a subject of particular importance considering the important role parks play in urban life.