Agenda Packet_2024-08-06 - Laserfiche WebLink

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ta www.FinanceDTA.com SECTION I EXECUTIVE SUMMARY instruments, wholesale, warehousing, machine and other metal working shops, and research laboratories. As illustrated in Figure 2 and presented in Table 1 on the following page, the Project site is proposed to be redeveloped with three buildings encompassing approximately 313,244 building square feet ("BSF") of LLIU space. Figure 20 Proposed Project Site Plan 'I-,"��. Vl� CEMER �NVE ' INfE CENIFA �RM1EIRMbI � �. / — . o Buil Build ' ng 2A uildin 2B 45 SEI -- - -' OVERALL SITE PLAN South Coast Technology Center B Overview of Economic Impact Analysis This Study identifies the general economic impacts of the Project on the County and City. Economic impact studies operate under the basic assumption that any increase in spending resulting from a development project has direct, indirect, and induced economic effects. First, there is a direct impactcaused by the additional output of goods or services on -site. Second, there are a ripple of indirect impacts on all the industries whose outputs are used by firms located within the Project and various firms' supply chains. Third, there are induced impacts that arise when employment increases in the region and stimulates greater household spending. In evaluating these economic impacts, the Study incorporates two stages of the development process: (i) construction and (ii) recurring operations. First, there is a one- time impact from the construction of the various types of land uses within the Project. Then, after the construction and tenant improvement phases are complete, the Study determines the magnitude of the permanent annual recurring impact on the economy through the ongoing operations of the development that has occurred on the Project site. South Coast Technology Center Project May 13 2024 Economic Impact Study City Council 28 — 212 3