Read the report yourself:
Economic and Fiscal Impacts of the Proposed Harrison Square Project (PDF)
City Releases Economic and Fiscal Impact Study on Proposed Harrison Square Development
Link
"City leaders today released a report examining the economic and fiscal impact of the proposed Harrison Square development. The analysis indicates that Harrison Square is projected to have a positive overall effect on the local economy. The report was conducted by Crowe Chizek, a public accounting and consulting firm with offices in several states including Indiana. "
Report highlights:
Fiscal Impacts
Harrison Square offers an opportunity for the collection of revenue from a variety of tax streams, including state sales, state income, innkeepers, COIT and CEDIT, food and beverage, and property. The tax impact in 2010, the first year the project components are anticipated to be operational, may generate more than $1.8 million in new tax revenue for state and local governmental units. Over a 10-year period, the tax impact could reach $28 million.
Direct Economic Impacts
New jobs, household earnings to those employed by Harrison Square and output will provide a direct economic impact. The construction of the development will bring $106 million in output, create 854 jobs and yield over $31 million in household earnings. Once constructed, the project, in its first year of operation, may yield over $20 million, create 366 new jobs and result in more than $5.6 million in household earnings. Over a 10-year period, the total output may be over $245 million, may create 471 jobs and may increase household earnings by nearly $68 million.
Indirect Economic Impacts
Additional businesses and industries in the community provide an indirect economic impact as a result of the direct economic activity. The construction of Harrison Square will have an indirect impact of over $147 million in output, create 1,176 jobs and yield $43 million in household earnings. Once constructed, the project, in its first year of operation, may yield over $26.4 million, create 414 new jobs and result in $7 million in household earnings. Over a 10-year period, the total output may be over $313 million, may create 530 jobs and may increase household earnings by over $83.6 million.
City Releases Economic Impact Study on Harrison Square
http://www.fortwayne.com/mld/journalgazette/17056055.htm
Tuesday, April 10, 2007
Show Me The Money
Posted by scott spaulding at 4/10/2007 04:35:00 PM
Labels: City Development, Downtown development, Harrison Square
Subscribe to:
Post Comments (Atom)
7 comments:
Nice of the City to not release the full report. Also very typical.
Mark Garvin
We're in the process of trying to get a copy of the report.
Thank you. That will be great.
Mark Garvin
A few thoughts:
1. The administration did the right thing by pusuing and releasing the results of this economic impact study
2. The job numbers are misleading as they are not all full-time positions. The 368 operational jobs created are really only 148 full-time equivalent jobs.
3. It's incorrect to assume that the construction jobs will lead to such a substantial increase in indirect jobs. This is due to the temporary nature of these construction jobs. The assumption that 855 temporary jobs will create 1176 more temporary jobs is not grounded in economic reality.
4. Most of the inputs for this study came from something called the CRED consultants' study. Anyone know what this is referring to? Has this been published?
5. It appears there may not be enough tax revenue generated in the first year to make the bond payments. How will the city make up this shortfall?
Jeff, boy you are basically saying that you know more about the numbers than Crowe Chizek, one of the most prestigous accounting firms in the midwest. And, it only took you 4 hours to render the Crowe people incompetent. Wow, you must be the smartest guy in then entire world.
How cute of Anonymous to assume that the report is not result oriented.
Anon,
What are you talking about? I'm certainly not suggesting anyone is incompetent and any rational reading of my comments would not lead you to that conclusion.
I read the report and posted my thoughts and I would welcome you or anyone else to challenge those thoughts...
Post a Comment