Project 60/65 a community collaboration site for Springfield Missouri

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impact

Economic Benefits

The development construction cost is expected to be $500 million over 10 years.

  • Conservatively estimating that 40% of the construction cost will be labor, the projected infrastructure and building construction could generate $200 million of direct labor revenue to the community over ten years.

A total of 3,285 direct and indirect jobs could be created:

  • The businesses in the commercial development potentially represent 2,250 new direct jobs created in the community.
  • Economic development professionals estimate that for every new direct job created with a development that .46 indirect jobs are created. The number of indirect jobs created would be another 1,035 jobs.

The Appraised value of the development at completion is expected to exceed $442 million which, in turn can generate $7.9 million per year of Property Tax.

Assuming a modest $275 per sf/year of retail sales, the gross sales for the development would be $412 million per year, which generates over $27 million per year of state, county and local sales tax revenue. $11 million of that is local sales tax.

The economic impact on the community of a development like this is calculated by adding the sales taxes, property taxes and direct construction costs per year and use a modest 1.85 multiplier.

  • When this project is 100% complete, the combined sales and property tax will be approximately $35 million. Using the 1.85 multiplier, the annual economic impact of this development could be near $66 million per year.

Quality of Life Benefits

Mixed-use developments create walkable neighborhoods. In essence, we are creating a community where many people can live, work, recreate and shop. A walkable community reduces the need to drive and takes cars off the road. This development provides abundant partnership opportunities with City Utilities of Springfield, the Parks Department and the Springfield-Greene County Library. The development is committed to preserving nearly 200 acres of green space The development will encourage -- and incentivize where possible – that properties in the development achieve Silver LEED Certification.

Conservation

A conservation buffer will be established along James River Opportunities exist to integrate the Greenways Trail along James River Potential addition of James River access for a water trail to complement Parks Boathouse Lake Springfield access for kayak/canoe recreation Use of floodplain for water quality efforts: Finding a use for this land will not only enhance the community, but it also assures residents that the land will be maintained and protected. Integration of Park recreational opportunities into flood plain The developers are currently researching the potential of integrating alternative energy sources