Taft Park is operated by the City of Richfield.

Three Rivers Park District and the City of Richfield partnered to install a first-in-the-Twin Cities accessible dock that allows wheelchair users to transfer to kayaks and launch them in Taft Lake using a system of rollers. The partnership between Three Rivers and the city also included construction of an accessible path to the dock, as well as installation of an iPaddlePort self-serve paddle equipment rental station.

The iPaddlePort was partially funded through a Hennepin County Youth Sports Grant, and it contains one- and two-person kayaks, stand-up paddleboards and the appropriate paddles and life jackets. The iPaddlePort allows people to reserve paddling equipment via an app on their phone or on iPaddlePort.com.

In 2020, Three Rivers added a small playground along the regional trail in the southern part of the park.

In 2023, the City of Richfield and Three Rivers Park District partnered to build the Taft Bike Park, which offers off-road bike features including berms, rock features, rollers, jumps, pump track (including a smaller pump track for youth) and wood decking. The bike park is free to use and is located at 62nd Street and Bloomington Avenue, on the western side of Taft Park.