Presented by: Proposed Sports and Event Complex in Coeur d ...

More documents

Recommendations

Info

Overview of Economic Impacts Economic impacts are typically conveyed through measures of direct spending, total output, personal earnings and employment. Each of the measures of economic impact is defined below: • Direct spending represents spending generated by the proposed facility including construction-related spending on labor and materials as well as spending during annual operations consisting of in-facility expenditures on facility rentals, food and beverage and advertising; and out-of-facility spending on hotels, food and beverages, retail, transportation, entertainment and other expenditures. • Total output represents the total direct, indirect and induced spending effects generated by the proposed facility. • Personal earnings represent the wages and salaries earned by employees of businesses impacted by the proposed facility. • Employment is expressed in terms of person years of employment and is based on project spending. Person years are defined as one year of employment, or 2,080 annual hours, and may be full- or part-time. Direct Spending The operation of a sports and event facility can impact the local economy in a variety of ways. As outlined in the following exhibit, initial direct spending is generated during construction on materials and labor and during operations at events on facility rentals, food and beverage and advertising, as well as before and after events throughout local hotel, restaurant, retail and other establishments. Total Direct Spending Direct Spending Construction •Materials •Labor • Professional Fees Sources of Spending Feasibility Analysis of a New Sports and Event Complex in Coeur d’Alene Economic and Fiscal Impact Analysis Page 89 In-Facility Out-of-Facilty •Rentals •Hotel • Concessions • Food & Beverage • Merchandise •Retail • Premium Seating • Entertainment • Advertising • Transportation • Naming Rights • Miscellaneous
In order to estimate the incremental economic and fiscal impact benefits generated to the local economy as a result of proposed event facility development in Coeur d’Alene, certain adjustments must be made to initial direct spending to reflect the fact that all spending is not likely to impact the local economy. The following exhibit summarizes the adjustments made to initial direct spending in order to determine net new direct spending impacting the local economy. • Rentals • Tickets • Concessions • Merchandise Direct Spending Adjustments Initial Direct Spending • Advertising •Naming Rights •Hotel • Food & Beverage • Retail • Entertainment • Transportation •Other Adjustments • Leakage • Displacement • Local Spending Net New Direct Spending • Non-Local Sources • Out-of-Town Patrons • Spending Remaining in Area As illustrated in the exhibit above, adjustments must be made to account for the fact that a portion of spending associated with the proposed facility will be made by local residents and, therefore, likely represents money already spent in the economy in another form. This phenomenon is called displacement and reduces the overall net new impacts. This type of spending is not considered net new to the local economy. Additionally, not all spending associated with the proposed facility will take place in the local economy. A portion of this spending is likely to occur outside the immediate area. For example a family visiting Coeur d’Alene for an event at the proposed facility may stay in a hotel in Spokane, or may spend a portion of their entertainment budget at attractions outside of Coeur d’Alene. This phenomenon is called leakage and reduces the overall impact. Throughout the remainder of this section, the economic and fiscal impacts estimated to be generated by the ongoing operations of the proposed facility are discussed in terms of “gross” impacts and “net new” impacts. Gross impacts represent the total spending and resulting economic impacts. Net new impacts are the estimated impacts after making the aforementioned adjustments. Therefore, net new impacts represent the portion of the gross impacts that are estimated to be “new” to the local economy and would not have taken place if not for the development and operations of the facility. Feasibility Analysis of a New Sports and Event Complex in Coeur d’Alene Economic and Fiscal Impact Analysis Page 90
Page 1 and 2:
Feasibility Study: Proposed Sports
Page 3 and 4:
Mr. David Tomson February 6, 2008 P
Page 5 and 6:
- Executive Summary - Conventions,
Page 7 and 8:
• These types of arenas can offer
Page 9 and 10:
part of the Visitor and Convention
Page 11 and 12:
• Because the proposed Coeur d’
Page 13 and 14:
• As shown, the estimated operati
Page 15 and 16:
• The following table illustrates
Page 17 and 18:
• Based on conversations with pro
Page 19 and 20:
Organizations and Stakeholders Cont
Page 21 and 22:
II. Local Market Conditions Analysi
Page 23 and 24:
The following exhibit illustrates t
Page 25 and 26:
Income Another socioeconomic variab
Page 27 and 28:
The Kootenai Medical Center is the
Page 29 and 30:
Summary of Event Space at Couer d'A
Page 31 and 32:
As shown, six indoor venues are off
Page 33 and 34:
Spokane Convention Center The Spoka
Page 35 and 36:
III. Comparable Facilities Analysis
Page 37 and 38:
Budweiser Events Center Located in
Page 39 and 40:
Qwest Arena The 5,190-seat Qwest Ar
Page 41 and 42:
Toyota Center Originally known as t
Page 43 and 44:
Tyson Events Center Located in Siou
Page 45 and 46:
Comparable Arena/Convention Facilit
Page 47 and 48:
Cabarrus Arena & Event Center Locat
Page 49 and 50:
La Crosse Center Located in downtow
Page 51 and 52:
Mid-America Center The Mid-America
Page 53 and 54:
Swiftel Center The Swiftel Center i
Page 55 and 56: While the multi-purpose nature of t
Page 57 and 58: • Meetings/Banquets - Events incl
Page 59 and 60: Arena Football Arena football has g
Page 61 and 62: 12,000 10,000 8,000 6,000 4,000 2,0
Page 63 and 64: Touring Sports Events Indoor event
Page 65 and 66: also serve as a valuable recruiting
Page 67 and 68: o Presence of a minimum of 150 comm
Page 69 and 70: Amateur Sports Another potential us
Page 71 and 72: USA Judo • Potential exists for a
Page 73 and 74: • The event attracts over 100 tea
Page 75 and 76: Conventions, Conferences, Exhibitio
Page 77 and 78: A facility offering a clear span co
Page 79 and 80: While a sports tenant could add app
Page 81 and 82: West Coast League Attendance Sorted
Page 83 and 84: The development of two fields is li
Page 85 and 86: Seating Capacities of Regional Faci
Page 87 and 88: Premium Seating Many modern sports
Page 89 and 90: One option would be for the Fairgro
Page 91 and 92: Gate Receipts/Rental Revenue Summar
Page 93 and 94: concession profits allocated to fac
Page 95 and 96: Parking Based on conversations with
Page 97 and 98: Naming Rights Agreements at Selecte
Page 99 and 100: As shown, based on an estimated 10
Page 101 and 102: Estimated Financial Results The tot
Page 103 and 104: Tenant Sports Impact In order to es
Page 105: VI. Economic and Fiscal Impact Anal
Page 109 and 110: The appropriate multipliers to be u
Page 111 and 112: Based on this direct spending estim
Page 113 and 114: Based on the in-facility spending e
Page 115 and 116: As detailed in the previous table,
Page 117 and 118: VII. Funding Analysis The purpose o
Page 119 and 120: The P&R District could generate the
Page 121 and 122: Once the referendum has passed, the
Page 123 and 124: Year Public Contribution Facility L
Page 125 and 126: Laredo Entertainment Center The Lar
Page 127 and 128: Sovereign Center The 9,000-seat Sov
Page 129 and 130: The City’s lease payments are der
Page 131 and 132: In addition to the bonds, a $25.0 m
Page 133 and 134: TIF The proposed event facility sit
Page 135 and 136: Hotel/Motel Tax As discussed previo
Page 137 and 138: Facility Fee A potential means of r
Page 139: Summary The intent of this section
show all

Presented by: Proposed Sports and Event Complex in Coeur d ...

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?