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Year <br />1987 <br />1990 <br />1995 <br />2005 <br />ESTIMATED <br />Annual <br />Non -based <br />1 Itinerant2 <br />Arrivals <br />1) <br />800 <br />1300 <br />2500 <br />4100 <br />Years <br />phase <br />TABLE 2-7 <br />ANNUAL ECONOMIC IMPACT OF INTINERANT <br />PASSENGERS TO AREA ECONOMY <br />Annual Annual Total <br />Non -based Direct Total Dollar Dollar <br />Intinerant Dollar Impact IMPACT <br />Passengers Impact 3 (LOW) 4 (HIGH) 5 <br />2000 $70,000 $112,000 $280,000 <br />3300 $116,000 $186,000 $464,000 <br />6200 $217,000 $347,000 $868,000 <br />10400 $364,000 $582,000 $1,456,000 <br />represents 1987 est., last year of each <br />development <br />2) From Master Plan Study Forecasts <br />3) At $35.00/Day per passenger <br />4) Based on cyclic multiplier of 1.6 (U of M) <br />5) Based on cyclic multiplier of 4 (Chamber of Commerce) <br />Adverse Impacts <br />Property Taxes <br />One of the larger concerns related to the project is the loss of <br />property taxes due to the acquisition of private land. <br />Approximately 230 acres will be acquired and placed in public <br />ownership including 19 residences and two commercial <br />establishments. <br />If one were to assume that all businesses and residents whose <br />land is proposed to be acquired left the Community, the City's <br />share of property taxes lost would be approximately $7830 per <br />year.* It is unlikely that this would occur since the majority <br />of both residents and businesses indicate a desire to relocate <br />elsewhere in the Community. Thus, a more likely estimate of <br />taxes lost to the Community may be in the 10 to 25 per cent range or <br />between $800 to $2000 per year. These losses would be offset by <br />property taxes on privately owned improvements on the airport and <br />through taxes paid by future commercial industrial development. <br />*City Assessor's Office - 1987 <br />2-40 <br />