Agenda - Council - 01/23/1990 - Laserfiche WebLink

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Year 1987 1990 1995 2OO5 1) 2) 3) 4) 5) TABLE 2-7 ESTIMATED ANNUAL ECONOMIC IMPACT OF INTINERANT PASSENGERS TO AREA ECONOMY Annual Annual Annual Total Non-based Non-based Direct Total Dollar Dollar Itinerant~ Intinerant Dollar Impact. IMPACT Arrivals z Passgn~ers Impact 3 (LOW) 4 (HIGH) 800 2000 $70,000 $112,000 $280,000 1300 3300 $116,000 $186,000 $464,000 2500 6200 $217,000 $347,000 $868,000 4100 10400 $364,000 $582,000 $1,456,000 Years represents 1987 est., last year of each development phase From Master Plan Study Forecasts At $35.00/Day per passenger Based on cyclic multiplier of 1.6 (U of M) Based on cyclic multiplier of 4 (Chamber of Commerce) ~dverse Impacts Property Taxes One of the larger concerns related to the project is the loss of property taxes due to the acquisition of private land. Approximately 230 acres will be acquired and placed in public ownership including 19 residences and two commercial establishments. If one were to assume that all businesses and residents whose land is proposed to be acquired left the Co~unity, the City's share of property taxes lost would be approximately $7830 per year.* It is unlikely that this would occur since the majority of both residents and businesses indicate a desire to relocate elsewhere in the Community° Thus, a more likely estimate of taxes lost to the Community may be in the 10 to 25 per cent range or between $800 to $2000 per year. These losses would be offset by property taxes on privately owned improvements on the airport and through taxes paid by-'future commercial industrial development. *City Assessor's Office - 1987 2-40