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

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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  1. Streetcar Economic Development Impact and Projected RidershipKen Danter The Danter Company Streetcar Working GroupNovember 13, 2006

  2. Economic Impact Considerations Residential/Commercial/Business Development Property Taxes New Jobs to Downtown and Resulting City Income Taxes Convention and Tourism and Resulting Expenditures

  3. PORTLAND TREND ESTIMATEDSTREETCARIMPACT STREETCAROPENS STREETCARCONSTRUCTION BEGINS COLUMBUS TREND ESTIMATED PORTLAND TREND WITH NO STREETCAR DEVELOPMENT

  4. 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

  5. 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

  6. Key Characteristics of Proposed Lines Within 400 feet of line (approximately 1 city block)

  7. Projected Residential/Commercial/ Business Development Impact *Adjusted to 2008 dollars (4.0% annual increase – Source: CDDC)

  8. Property Tax Estimates – (5-year Cumulative)(75% Abatement Applied to Downtown Properties) *Adjusted to 2008 dollars (4.0% annual increase – Source: CDDC)

  9. 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)

  10. 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)

  11. 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

  12. Population Employment Hotel rooms Student enrollment Destinations Case studies Ridership Considerations

  13. Ridership Case Study Factors Within 800 Feet of Line * At stabilization (5 years)

  14. 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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