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THE ECONOMIC AND FISCAL IMPACT OF THE PROPOSED TOURO UNIVERSITY VILLAGE DEVELOPMENT

THE ECONOMIC AND FISCAL IMPACT OF THE PROPOSED TOURO UNIVERSITY VILLAGE DEVELOPMENT. A Presentation to the Vallejo Chamber of Commerce June 13, 2007 Gruen Gruen + Associates. PURPOSE. Estimate the economic and fiscal impacts on the City of Vallejo and Solano County resulting from:

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THE ECONOMIC AND FISCAL IMPACT OF THE PROPOSED TOURO UNIVERSITY VILLAGE DEVELOPMENT

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  1. THE ECONOMIC AND FISCAL IMPACT OF THE PROPOSED TOURO UNIVERSITY VILLAGE DEVELOPMENT A Presentation to the Vallejo Chamber of Commerce June 13, 2007 Gruen Gruen + Associates

  2. PURPOSE Estimate the economic and fiscal impacts on the City of Vallejo and Solano County resulting from: • Construction activities and expenditures; • On-site sale of retail goods and services; • Operations of health services and bio-technology-related tenants; • Operations of 146-room hotel; • Expenditures made by students and faculty members living in campus housing units; and • Expenditures made by Touro University to operate and maintain facilities.

  3. METHODOLOGY • Utilized input-output model, IMPLAN, to estimate total economic impacts in terms of: • Employment (number of jobs created); • Income (additional wages and salaries generated); and • Output (volume of added production/activity). • Two economic impacts considered: • “One-Time” – the economic impact attributable to construction process • “On-Going” – the economic impact attributable to day-to-day operations

  4. Touro University Village Economic Benefits Attraction of High Skill Workers Increase in Human Capital Direct Expenditures Attraction of Students and Visitors Creation of Jobs Entrepreneurial Activities Student and Faculty Spending Employee Spending Productivity Increase Multiplier Effects Economic Impact to Vallejo and Solano County

  5. PROPOSED DEVELOPMENT Touro University Village Land Use Plan Sources: ARCADIS, INC.; Touro University; Gruen Gruen + Associates

  6. ECONOMIC IMPACT ON SOLANO COUNTY Average Annual Impact of Construction Expenditures Sources: MIG, Inc; Gruen Gruen + Associates

  7. ECONOMIC IMPACT ON SOLANO COUNTY Average Annual Impact of On-Going Operations Sources: MIG, Inc; Gruen Gruen + Associates

  8. ECONOMIC IMPACT ON CITY OF VALLEJO Average Annual Impact of Construction Expenditures Sources: MIG, Inc; Gruen Gruen + Associates

  9. ECONOMIC IMPACT ON CITY OF VALLEJO Average Annual Impact of On-Going Operations Sources: MIG, Inc; Gruen Gruen + Associates

  10. FISCAL BENEFITS TO CITY OF VALLEJO • Franchise tax, utility user tax, property transfer tax, and business license tax revenues will also be generated as will sales tax attributable to employees of occupants of the development. Sources: City of Vallejo; Gruen Gruen + Associates

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