Streetcar Economic Development Impact and Projected Ridership Ken Danter The Danter Company - PowerPoint PPT Presentation

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Streetcar Economic Development Impact and Projected Ridership Ken Danter The Danter Company. Streetcar Working Group November 13, 2006. Economic Impact Considerations. Residential/Commercial/Business Development Property Taxes New Jobs to Downtown and Resulting City Income Taxes

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Streetcar Economic Development Impact and Projected Ridership Ken Danter The Danter Company

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Streetcar economic development impact and projected ridership ken danter the danter company l.jpg

Streetcar Economic Development Impact and Projected RidershipKen Danter The Danter Company

Streetcar Working GroupNovember 13, 2006


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Economic Impact Considerations

Residential/Commercial/Business Development

Property Taxes

New Jobs to Downtown and Resulting City Income Taxes

Convention and Tourism and Resulting Expenditures


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PORTLAND TREND

ESTIMATEDSTREETCARIMPACT

STREETCAROPENS

STREETCARCONSTRUCTION BEGINS

COLUMBUS TREND

ESTIMATED PORTLAND TREND WITH NO STREETCAR DEVELOPMENT


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Condominium/Apartment – 1,500 units

Ground-floor Commercial/Business – 120,000 to 150,000 square feet

Hotel/Lodging – 300 additional hotel rooms

Brings additional Bed Tax Revenues

City’s Emergency Human Services Fund

Columbus General Fund

Housing Trust Fund

Cultural Development

Promote City of Columbus

Residential/Commercial/Business Development By Type


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Vacant parcels

Surface parking

Underused parcels

Historic properties in fair to poor condition that might be eligible for historic tax credits

Candidates for Development Potential


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Key Characteristics of Proposed Lines

Within 400 feet of line (approximately 1 city block)


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Projected Residential/Commercial/ Business Development Impact

*Adjusted to 2008 dollars (4.0% annual increase – Source: CDDC)


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Property Tax Estimates – (5-year Cumulative)(75% Abatement Applied to Downtown Properties)

*Adjusted to 2008 dollars (4.0% annual increase – Source: CDDC)


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Over 3,000 jobs Downtown from streetcars

Types of jobs projected:

Construction

Residential management/maintenance

Commercial/business services

Streetcar drivers/maintenance/support

Average income: $42,200

Cumulative (5-year) increase in city income tax:

$2.7 million*

Additional Jobs to Downtown Generated by Streetcars

*Adjusted to 2008 dollars (4.0% annual increase – Source: CDDC)


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90,000 additional visitors

50,000 overnight stays

40,000 day trips

$52.8 million* cumulative expenditures over 5 years

Convention and Tourism Increase and Resulting Expenditures

*Adjusted to 2008 dollars (4.0% annual increase – Source: CDDC)


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Total Economic Development5 years

*All totals adjusted to 2008 dollars (4.0% annual increase – Source: CDDC)

Includes market value of development of condominiums, rental units, commercial/businesses and hotels; cumulative property tax (not considering abatements); cumulative net gain from city income tax (over 800 new employees); cumulative increase in convention/tourism expenditures


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Population

Employment

Hotel rooms

Student enrollment

Destinations

Case studies

Ridership Considerations


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Ridership Case Study Factors Within 800 Feet of Line

* At stabilization (5 years)


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Average Daily Ridership Estimates

Blue/Green

Stabilized ridership (Year 5) – 5,000 to 5,600

First 4 years of operation - 3,000 to 4,500

Red Line Extension (Buttles to 11th Avenue)

Stabilized ridership (Year 5) – 1,400 to 1,600

First 4 years of operation - 840 to 1,280

Ridership Estimates


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