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Planning Commission . <br /> 471-97: O'Neil Property <br /> March 8, 1997 • <br /> Page 18 <br /> reviewed the plans and has responded that the plan for this development does not present <br /> any areas of concern. The specifics of access width, internal circulation and fire lanes, and <br /> the need for on-site fire hydrants can be resolved at the development plan stage. <br /> 8. Effect on Property Values <br /> See the discussion under Item#2 <br /> 9. Economic Benefits <br /> ■ Property Taxes <br /> Approximately $66,000 dollars in property taxes are being paid annually on the O'Neil <br /> property, based on a market value for the land at $1.1 million. The estimated value of the <br /> property with development of the proposed project is $11 million, which would generate <br /> $691,000 in property taxes. The City's share of the property taxes would be $113,000 <br /> annually. <br /> ■ Employment <br /> It is estimated that the development will generate approximately 77 full 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 /> community and region as a whole. These impacts go beyond the direct tax benefits and <br /> job creation, and is referred to as the multiplier or ripple effect. When a business expands <br /> or a new business comes into the community, it creates additional jobs throughout the <br /> area's economy. The following shows the total job multiplier for different types of <br /> businesses. (These numbers are estimates to be used only as guidelines in measuring the <br /> economic impact to a region from industry growth. They are developed by the U.S. <br /> Department of Commerce.) <br /> Retail - 1.4 <br /> Manufacturing - 1.8 <br /> Restaurants - 1.3 <br /> Business Services - 1.5 <br /> Hotel/Entertainment - 1.8 <br /> Hotel/entertainment businesses have approximately the same effect as manufacturing. <br /> Every new hotel/entertainment-related job created supports the creation of three quarters <br /> of a job elsewhere. <br /> 10. Availability of Infrastructure: The applicant has included maps of the water, sewer, and <br /> storm water mains in the vicinity of the project. We do not have comments from the <br />