Downtown Columbia Fiscal Impact Analysis

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Downtown Columbia Fiscal Impact Analysis
Jeff Bronow, Chief Division of Research Howard
County DPZ
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Types of Financial Studies

• Economic Impact Analysis
• Market Studies
• Financial Feasibility Study
• Fiscal Impact Analysis

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What is a Fiscal Analysis

• A fiscal analysis measures the costs and revenues
  to the public sector.
• Both operating costs capital costs are
  included.
• Current levels of service are used to determine
  cost and revenue factors.
• The analysis projects costs and revenues annually
  over the 30 year development timeframe.
• Sensitivity analysis scenarios should be
  conducted.

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Scenarios Analyzed
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Scenarios Analyzed
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Scenarios Analyzed
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Scenarios Analyzed
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Scenarios Analyzed
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Scenarios Analyzed
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Scenario Details - Assumptions
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Scenario Details - Assumptions
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Scenario Details - Assumptions
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Scenario Details - Assumptions
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Scenario Details - Assumptions
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Scenario Details - Assumptions
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Scenario Details - Assumptions
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Scenario Details - Assumptions
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Scenario Details - Assumptions
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Scenario Details - Assumptions
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Fiscal Results
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Fiscal Results
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Fiscal Results
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Fiscal Results
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Fiscal Results
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Fiscal Results
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Fiscal Results
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Fiscal ResultsWhy?

• The market values of the projected commercial
  development in Downtown are higher than the
  current countywide average.
• The ratio of commercial to residential assessment
  is higher in the proposed development compared to
  the current countywide ratio.
• The County also collects a significant amount of
  one-time revenues from new construction including
  transfer taxes, excise taxes, and recordation
  fees - 9,100 per unit.
• School costs represent 60 of the current budget.
  And school yields are relatively low compared to
  countywide average.

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Revenue Comparisons to BAE Economic Impact Study
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Revenue Comparisons to BAE Economic Impact Study
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Revenue Comparisons to BAE Economic Impact Study
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Revenue Comparisons to BAE Economic Impact Study
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Income Tax Methodology
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Income Tax Methodology
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Income Tax Methodology
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Fiscal Results
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Fiscal Results
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Fiscal Results
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Scenario Details - Assumptions
The Residences at Park Place, Annapolis Year
Built 2007 Average Sales Price 2007 through 2009
682,938 (based on proposed GGP avg. size unit)
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Scenario Details - Assumptions
Grand View, Annapolis Town Centre Year Built
2009 Average Sales Price 2009 594,198 (based
on proposed GGP avg. size unit)
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Scenario Details - Assumptions
The Palladium, Rockville Town Square Year
Built 2007 Average Sales Price 2007 to 2009
510,960 (based on proposed GGP avg. size unit)
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Scenario Details - Assumptions
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Scenario Details - Assumptions
Mariner Bay 1910 Town Centre Blvd. Annapolis
Town Centre 10 floors residential above 2 floors
of retail.
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Scenario Details - Assumptions
1 Park Place 3 Park Place, Park Place in
Annapolis
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Scenario Details - Assumptions
The Westin Annapolis in Park Place, 225 guest
rooms
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Cost Revenue DetailsScenario 2
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Cost Revenue DetailsScenario 2
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Cost Revenue DetailsScenario 2
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Cost Revenue DetailsScenario 2
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Cost Revenue DetailsScenario 2
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