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Planning Co�►mission <br />471-97: O'Neil Property <br />March 8, 199i <br />Page I8 <br />reviewed ihe plans and has responded that ihe ptan %r this development does not preseni <br />any areas oi concem. The specifics of access width, internal circulation and fire lanes, and <br />th� need for on-site fire hydrants cart be resoived at the development plan stage. <br />8. Effect on Properiy Values <br />See the discussion under Item #2 <br />9. Economic Benefits <br />� Property Taxes <br />Ap�roximately $66,000 dolIars in property taxes are being paid a�nually on the O'IVeil <br />property, based on a market value %r the land a� $1.1 million. The estimated vaIue of the <br />properiy with devetopment of Yhe proposed project is $11 million, which �vould generate <br />$b91,000 in property ta.xes. The City's share of the properiy taxes wouid be $113,000 <br />annualiy. <br />� Employment <br />It is estimated that the development will �enerate approximately 77 fuli time and 52 part <br />time new jobs for the community. <br />� Multiplier Effect <br />New commercial growth creates a host of short and long term economic impacts to the <br />cotnmunity and region as a whole. These impacts go beyond the direct tax benefits and <br />job creatiori, and is refemed to as the multiplier or ripple effec�. Vdhen a business expands <br />or a new business comes into the community, it creates additionat jobs tlu-oughout the <br />area's economy. The following shows the total job multiplier for different types of <br />business�s. (These numbers are estimates to be used oz�ly as guidelines in measuring the <br />economic impact to a region from industry growfh. They are developed by the U. S. <br />Department of Commerce.) <br />Retail - 1.4 <br />IVlanufacturing - 1.8 <br />Restaurants - 1.3 <br />Busiriess Services - 1. S <br />HateUEntertainment - 1. � <br />HoteUentertainme�t businesses have approximately the same effect as manufaciuring. <br />Every new hoteUentertainment�related job created supports the creation of ihree quarfers <br />of a job elsewhere. <br />10. AvailabiIity oi Tnfrastructure: The applicant has included maps of ihe water, ser�er, and <br />storm w�ater mains in the `ricinity of the project. We do noi have comm�nts from the <br />