For Immediate Release
Contact: Leslie Valpey
916.329.4500
Ongoing Annual Economic Impact Pegged at
$2.7 Billion
Sacramento,
CA - The City of Sacramento
today released two independent reports which
forecast the creation of thousands
of new jobs and billions of dollars in economic benefits for the region
as a
result of development at the Railyards.
The City-commissioned
studies, by Economic and Planning Systems, (EPS) examine the direct
fiscal and
economic impact of development at the 244-acre Railyard site in
downtown Sacramento using assumptions and forecasts that were
intentionally conservative.
Among the findings:
An ongoing annual positive economic impact of $2.7 billion
19,000 permanent jobs over 20 years
One time cumulative economic impact from construction alone of $5.7
billion over 20 years
2,800 construction jobs annually over the life of the project
A net surplus (after city service costs are deducted) to the City
general fund every year ranging from $500,000 to $2 million each
year
At the project’s build-out, an estimated $1.4 million annual ongoing
surplus is anticipated
Transient occupancy tax (TOT) revenues of $3.6 million each year
TOT plus $1.4 million annual surplus results in total annual surplus of
$5 million at build-out
An overall regional impact of $33 billion over the 20 year period
“These studies confirm our
long-held belief that the Railyards project will be the region’s
economic
engine for decades to come,” said Suheil Totah, vice president, Thomas
Enterprises. “This project will be our
legacy
and our gift to future generations.”
The Railyards development in
the heart of the city is strategically situated to complement,
integrate and
connect to the existing downtown. The Railyards will create a vibrant
new
neighborhood of mixed-use, high density housing with entertainment and
retail
venues, a transportation hub, offices, open space and cultural
offerings in a
setting that celebrates the connection to our historic past.
Following
unanimous
recommendations from the City Planning, Design and Preservation
Commissions,
the Sacramento City Council will conduct three public hearings before
voting on
the project on December 11. Thomas
Enterprises is seeking final action this year so the project can
qualify for
millions of dollars of state infrastructure bond funds, Proposition 1C,
approved by the voters last year.
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