HomeMy WebLinkAboutFollowUpFrom:Jamie D. Thomas
To:Armondo Pavone; Ruth Perez; Carol Ann Witschi; Ed Prince; Don Persson; Randy Corman; Ryan McIrvin
Cc:Robert Harrison; Denis Law; Jan Hawn; Julia Medzegian
Subject:Finance Committee Follow Up
Date:Wednesday, July 17, 2019 4:44:39 PM
Attachments:EMSI Report.pdf
Follow up to the 7/15/2019 finance committee:
1. EMSI, $5,000, 200 Mill Impact Analysis
a. What kind of study was this and what were the results?
b. This was an impact study to assess the financial and economic impact the sale of 200
Mill would have on the city. The attached document, EMSI Report , is a summary of
the analysis.
If you have additional questions, please let me know.
Jamie Thomas
Fiscal Services Director
City of Renton
425-430-6929
200 MILL AVE.
PROJECT
CONSTRUCTION IMPACTS
MILLENNIAL IMPACT
526
47
5 43
INITIAL DIRECT INDIRECT INDUCED
622
526
47
5 43
INITIAL DIRECT INDIRECT INDUCED
JOB IMPACT/JOBS ADDED
Initial: This number represents the initial investment or change in earnings, jobs, or sales.
Direct: The effect of new input purchases by the initially changed industries.
Indirect: The subsequent ripple effect in further supply chains resulting from the direct change.
Induced: Induced effects enter the economy as employees and business further invest in the region.
EARNINGS IMPACT
IMPACT TYPES
To estimate the economic impact of the
200 Mill Ave. project, inputs were provid-
ed by the City of Renton and were derived
using industry standards from a variety of
data sources. These inputs were then put
through the Emsi Input-Output model. The
results are a high level economic impact of
the construction and long-term operations
of the new project.
200 MILL AVE.
PROJECT
LONG-TERM ECONOMIC IMPACTS
JOB IMPACT/JOBS ADDED
$13.0 $12.3
$2.2
$0.5
Retail Hotel Education Multi-Family
SALES IMPACT
EARNINGS IMPACT
TAX IMPACT
The long-term tax impact is based off the sales of tenants occupying the retail, office, hotel,
and housing spaces made available by the construction project. Sales are estimated on a
yearly basis, therefore, the long-term tax impact is a reoccurring number set to repeat into
perpetuity.
IN MILLIONS