2012/12/05 Council Agenda Packet

Exhibit A to Ordinance No. 3 Central Waterfront Redevelopment Plan The most viable uses are the water-dependent uses and energy-related. According to Kimberly-Clark, all of the interest expressed at the time of the economic report was by • users rather than developers. 3. The cargo handling uses generally have lower employment densities than manufacturing uses or business park uses. 4: All of the sectors considered have high average wages. 5. A research or education facility would be a strong anchor for an institutional or business park setting. Such users may require public funding,and no existing institutions are candidates at this time. 6. Four conceptual economic scenarios were developed to provide an illustration of how future land uses could be combined on the site and access provided for vehicles and possibly the public. While the land use alternatives have been refined,the four conceptual economic scenarios provide a continuing basis for evaluating economic benefits of the land use alternatives. 7. All of the candidate uses and site concepts would create economic benefits in the form of business gross receipts,jobs,wages and salaries, and local tax revenues. Impacts would accrue on a one-time basis during construction, as well as an ongoing annual basis with business activity. In addition to the direct impacts on the site itself,there would be indirect and induced impacts throughout the economy as local purchases and household spending work their way through the economy. The economic benefits do vary by concept. Generally,the non-water-dependent use concept has the highest beneficial • economic impact across measures,with the water-dependent use the lowest impact. The mixed industrial use concepts fall between the two. 8. The Downtown would realize three specific economic benefits that differ among concepts. Spending in Downtown by workers at the site would be greatest for the concept with the highest employment density(Land Use Alternative#3). Further, purchases of goods and services by on-site businesses would be relatively higher for the water-dependent use concept because of its high employer multiplier(Land Use Alternative#2). Finally,the uses that would make the downtown most desirable to new residents and businesses are those that provide amenities and attractive views of the waterfront and beyond(Land Use Alternatives#3 and#4). 9. Overall,there is a trade-off between viability in terms of current demand and potential economic benefit. The Water-dependent use concept is the most viable in terms of 21 37