PARKS INCREASE LAND VALUES 



1,847,161 square feet. In 1896 the assessors taxed but 1,353,649 

 square feet, the remaining 493,512 square feet having been 

 taken from the taxable lists for the park and new streets. 

 With the park uncompleted on the first day of May, 1896, it 

 would probably have met the expectations of the most confi- 

 dent, if it could have been shown that at that early date in 

 park development the city treasury had suffered no loss in 

 the total amount of taxes collected from the realty in the terri- 

 tory under consideration. The result, however, is much better, 

 for this territory in 1896 showed a valuation of $156,200 more 

 than it did in 1893, as follows: 



Square Feet Value of Value of Total 



Taxed Land Buildings Value 



1896 1,353,649 $442,000 $650,300 $1,092,300 



1893 1,847,161 403,100 533,000 936,100 



$38,900 $117,300 $156,200 



In other words, this territory, at the end of three years, after 

 being reduced 26 per cent, in taxable area, on a tax rate of 

 $15.10 on $1,000, showed an increased yearly earning for the 

 city treasury of $2,358.62. 



This creation of $156,200, due to park influences, was, on 

 the first day of May, more than the park had then cost. The 

 total cost of Cambridge Field to December l y 1896, is $194,733. 

 But since the assessors' valuations on May 1, there has been 

 an increase in this territory in new buildings to an approximate 

 amount of $100,000, which will appear in next year's valua- 

 tions. Cambridge Field has cost, to the present time, includ- 

 ing all expenses of land, filling, surfacing, building the Shelter, 

 etc., 35 cents per square foot. There is no land fronting on 

 any of the four sides of Cambridge Field which can now be 

 bought for less than 35 cents. 



It is proposed to make in the annual report each year in 

 the future a statement of the changes in values in this terri- 

 tory.* On a cost of $194,733 for the completed park, the annual 

 expense to the municipal treasury (estimating 6 per cent, for 

 interest and sinking fund requirements) will be $11,683.98. 

 It is believed that within a very few years the amount which 

 this territory will pay into the city treasury in taxes in excess 

 of the amount paid in 1893 will more than balance the annual 

 cost of the park, although this means that every dollar invested 

 in the park must create nearly four dollars outside. 



(Report of Cambridge Park Department, 1896.) 



*In 1897 the value of land increased to $475,400; buildings, to $1,051,800; 

 total value, $1,527,200, a gain over 1896 of $435,200. 



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