December 14, 2011

Mr. Dennis P. Lockhart
President and Chief Executive Officer
Federal Reserve Bank of Atlanta
1000 Peachtree Street NE
Atlanta, GA 30309-4470

Dear President Lockhart:

Following up on your recent meeting and discussions with Mike Messner, I wanted to voice support for the ongoing exploration of how best to turn the "Redfields to Greenfields" concept into reality. The Trust for Public Land has been an active participant in looking for mechanisms that would help stabilize real estate values and free up capital tied up in real estate while expanding parks and open space, which have been shown to create jobs, address public health issues and increase quality of life and therefore competitive advantage for cities.

The work going on in Atlanta and in cities across America to evaluate the extent of "redfields", dead malls, empty buildings and vacant land that is not likely to be developed for years to come, has made clear what we all know: a huge amount of capital is trapped in these assets. This is capital that needs to get back into the system, and great opportunities exist for expanding urban parks systems that will add value and put land back into productive use for the public.

We are seeing opportunities for local public funding initiatives to take advantage of some of these opportunities and it is our belief that private sector philanthropic dollars would flow to this opportunity were there significant leverage from some form of federal financing mechanism. Thank you for your thoughtful consideration of these opportunities. We would certainly be willing to participate in further discussions about how to help this powerful concept get traction.

Sincerely, Will Rodgers
President ~ CEO
The Trust for Public Land