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<br />r . <br />i <br /> <br />FIGURE 2 <br /> <br />The Composition of a Hypothetical "Ne~ Effectsll <br />Location Rent Curve for Parks <br /> <br />Market Va 1 ue <br />of <br />Property <br />($) <br /> <br /> <br />Increase in property value because <br />of benefits attributable to location <br />near a park. <br /> <br />FIGURE 2(a) <br /> <br />(+) <br /> <br />Value of <br />Property ~. <br />Without the <br />Park <br /> <br />Distance <br />From Park <br /> <br />(-) <br /> <br />~Decrease in property value because <br />of the noise and congestion <br />attributable to normal park use. <br /> <br />Market Value <br />of <br />Property <br />($) <br /> <br />Va 1 ue of <br />Property ~ <br />Without the <br />Park <br /> <br /> <br />The "net effects" location rent curve <br />(is the sum of the costs and benefits <br />~. - ,of locating near a park. <br /> <br />.- <br /> <br />FIGURE 2(b) <br /> <br />Distance <br />From Park <br /> <br />* <br />This illustration comes from Lyon(1972), p. 122. <br />