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MainPlace Mall
<br />Net Fiscal Impact and Economic Analysis
<br />December 2018
<br />Page 7 of 33
<br />Exhibit 1.1.3: Economic Benefits from Annual Onarations
<br />Phase One
<br />Direct (On -Site)
<br />Indirect
<br />Induced
<br />Employment
<br />1,143
<br />209
<br />200
<br />Labor Income
<br />$45,583,000
<br />$13,722,000
<br />$11,746,000
<br />Economic output
<br />$130,263,000
<br />$32,902A00
<br />$31,061,000
<br />Total Countywide
<br />1551
<br />$71052000
<br />$200,2271000
<br />Estimated City Capture
<br />1,185
<br />$48,207,000
<br />$142 854,000
<br />Direct (On -Site)
<br />Indirect
<br />Induced
<br />Employment
<br />3,425
<br />877
<br />1.124
<br />Labor Income
<br />279,198,000
<br />54,594,000
<br />6e,147,000
<br />Economic Output
<br />439,342,000
<br />120,188,000
<br />174,918,000
<br />Total Countywide
<br />6,426
<br />399,939,000
<br />734,448,000
<br />Estimated City Capture
<br />3,631
<br />291,638,000
<br />469,748,000
<br />Source: IMPLAN, Kosmont Companies (2018)
<br />Lessons Learned
<br />Many communities and malls have begun to adapt to the new realities of retail, This report
<br />examines three similar malls In Southern California in the process of redeveloping their sites
<br />Into mixed or "blended -use" developments by Incorporating office, hotel, and residential uses.
<br />The Baldwin Hills Crenshaw Plaza was first opened in 1947 and has served as a key
<br />commercial center in central Los Angeles ever since, In June, the Los Angeles City
<br />Council approved a redevelopment plan to create a mixed -use entertainment center.
<br />'r Laguna Hills Mali is being reconfigured as a mixed -use redevelopment project in Orange
<br />County, due to the loss of all major anchor tenants,
<br />The Westfield Promenade in Woodland Hills has suffered from high tenant vacancy, so
<br />the owners have filed a proposal to demolish the existing structure and replace It with a
<br />34-acre mixed use project including hotels, residential units, office space, and an
<br />entertainment center.
<br />With a loss of over 8,000 retail stores nationally in 2017, mall owners are unable to find new
<br />tenants for vacant spaces, showing the critical importance of investing In a strategy to diversify
<br />the types of land uses, such as apartments, with pedestrian -friendly promenades and open
<br />spaces, outdoor dining, and entertainment and retail, all within a unified site.
<br />The analyses, projections, assumptions, and any examples presented herein. are for
<br />kosiMiig11-Illustrative purposes and are not a guarantee of actual and/or future results. Tax analyses
<br />are projections only. Actual results may differ from those expressed In this analysis.
<br />75D-542
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