I recieved this in my email the other day. If the city could get off their tails, This city could have a real gem.
Deborah Pacyna who used to work as a reporter and anchor for channel 10 wrote this up.
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http://sacramentorailyards.com/media/press11-03-2006.asp
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SACRAMENTO RAILYARDS PROJECT TO
ENERGIZE LOCAL ECONOMY
Construction to Create Tens of Thousands of New Jobs
Sacramento, CA – A new economic analysis of The Railyards redevelopment project that examines the impacts attributed to construction at the site concludes development of the 240-acre site at the Union Pacific Railyards in downtown Sacramento will generate a significant positive impact on the local economy over the next 15 years.
The economic impact analysis, conducted by the Philadelphia-based Public Financial Management Group, projects a total estimated economic impact of more than $9.4 billion and the employment of 78,000 part-time and full-time workers to build the project between now and 2021.
“The Railyards will re-energize the local economy and benefit the entire downtown,” said Suheil J.Totah, vice president of development for Thomas Enterprises. “As we work in partnership with the city, we have a tremendous opportunity to create a lasting legacy for the region.”
Further, the study estimates that at build-out 5,325 permanent part and full-time jobs will be created at The Railyards. The economic benefits from the increased area employment will correspond to approximately $5.4 billion in direct economic benefit, $1.6 billion in indirect benefits, and $2.3 billion in induced impact to the region for a total overall impact of $9.4 billion.
Overall, The Railyards will create a mixed-use urban village featuring 10,000 housing units, retail, office space and cultural and entertainment venues in a setting that celebrates the region’s historic ties to the railroad. Major elements of the plan include a sports and entertainment district, a performing arts center, a meandering urban waterway, the preservation of seven notable historic brick structures known as the Central Shops and a revitalized riverfront.
The Railyards 2
“This project has great public benefit because of the ratio of private versus public investment,” said Robert Gamble, PFM senior managing consultant. “While we project that the public sector will have to spend more than $550 million for infrastructure to support the development, private investment in construction alone is projected at about $4.5 billion. Over the life of the project, that’s roughly an 8 to 1 ratio of private versus public investment. Compared to other large scale redevelopment projects, that’s a very good deal for taxpayers.”
In addition, the analysis indicates some proposed new hotels in The Railyards, including a 500-room landmark hotel and 500 boutique hotel rooms which will result in additional economic benefits of $58.7 million annually.
The economic impacts to the city and county of Sacramento were modeled using the IMPLAN system, a program that uses regional and national data of commodity flows from producers down to final consumers to determine local economic impacts.
The program closely follows the input-output accounting conventions set out by the United States Bureau of Economic Analysis. This method uses multipliers which model the ripple-effect of spending in an area on the local economy. The multipliers look across a wide array of industries to allow the examination of various impacts.
The study examines three types of impacts including direct impacts, indirect impacts and induced impacts. Direct impacts include money spent for commodities and labor to produce a final product. Indirect impacts include money spent, for example, to produce cement to build a structure. Induced impacts are the successive rounds of increased household spending that result from direct and indirect impacts.
In this case, the direct impacts represent the estimated spending on construction to create The Railyards. The project includes spending to produce residential, retail, hotel, office, parking and cultural spaces along with the infrastructure needed to support them.
Other economic benefits to the City and County not captured in the study include property tax, sales tax and other business tax receipts that will be generated as the urban development progresses.
Deborah Pacyna who used to work as a reporter and anchor for channel 10 wrote this up.
-------------------------------------
http://sacramentorailyards.com/media/press11-03-2006.asp
-------------------------------------
SACRAMENTO RAILYARDS PROJECT TO
ENERGIZE LOCAL ECONOMY
Study Concludes Construction at The Railyards will have a $9.4 Billion impact on the Sacramento RegionConstruction to Create Tens of Thousands of New Jobs
Sacramento, CA – A new economic analysis of The Railyards redevelopment project that examines the impacts attributed to construction at the site concludes development of the 240-acre site at the Union Pacific Railyards in downtown Sacramento will generate a significant positive impact on the local economy over the next 15 years.
The economic impact analysis, conducted by the Philadelphia-based Public Financial Management Group, projects a total estimated economic impact of more than $9.4 billion and the employment of 78,000 part-time and full-time workers to build the project between now and 2021.
“The Railyards will re-energize the local economy and benefit the entire downtown,” said Suheil J.Totah, vice president of development for Thomas Enterprises. “As we work in partnership with the city, we have a tremendous opportunity to create a lasting legacy for the region.”
Further, the study estimates that at build-out 5,325 permanent part and full-time jobs will be created at The Railyards. The economic benefits from the increased area employment will correspond to approximately $5.4 billion in direct economic benefit, $1.6 billion in indirect benefits, and $2.3 billion in induced impact to the region for a total overall impact of $9.4 billion.
Overall, The Railyards will create a mixed-use urban village featuring 10,000 housing units, retail, office space and cultural and entertainment venues in a setting that celebrates the region’s historic ties to the railroad. Major elements of the plan include a sports and entertainment district, a performing arts center, a meandering urban waterway, the preservation of seven notable historic brick structures known as the Central Shops and a revitalized riverfront.
The Railyards 2
“This project has great public benefit because of the ratio of private versus public investment,” said Robert Gamble, PFM senior managing consultant. “While we project that the public sector will have to spend more than $550 million for infrastructure to support the development, private investment in construction alone is projected at about $4.5 billion. Over the life of the project, that’s roughly an 8 to 1 ratio of private versus public investment. Compared to other large scale redevelopment projects, that’s a very good deal for taxpayers.”
In addition, the analysis indicates some proposed new hotels in The Railyards, including a 500-room landmark hotel and 500 boutique hotel rooms which will result in additional economic benefits of $58.7 million annually.
The economic impacts to the city and county of Sacramento were modeled using the IMPLAN system, a program that uses regional and national data of commodity flows from producers down to final consumers to determine local economic impacts.
The program closely follows the input-output accounting conventions set out by the United States Bureau of Economic Analysis. This method uses multipliers which model the ripple-effect of spending in an area on the local economy. The multipliers look across a wide array of industries to allow the examination of various impacts.
The study examines three types of impacts including direct impacts, indirect impacts and induced impacts. Direct impacts include money spent for commodities and labor to produce a final product. Indirect impacts include money spent, for example, to produce cement to build a structure. Induced impacts are the successive rounds of increased household spending that result from direct and indirect impacts.
In this case, the direct impacts represent the estimated spending on construction to create The Railyards. The project includes spending to produce residential, retail, hotel, office, parking and cultural spaces along with the infrastructure needed to support them.
Other economic benefits to the City and County not captured in the study include property tax, sales tax and other business tax receipts that will be generated as the urban development progresses.
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