$1.2 billion over the same period.
Thus, the total economic impact of TripleA in El Paso is estimated to be over $1.6 billion over 25 years.
Over the last seven years, El Paso’s downtown has undergone a renaissance.
In that time, the local public and private sectors have invested over $250million in downtown. Local political and business leaders realize thatdowntowns matter because they reflect on the health and vibrancy of acommunity.
A downtown ballpark complements public and privateinvestment in the San Jacinto Park area, the museum/arts district, and UnionPlaza. Further,
advises that exemplary projects should be
directed to the downtown where they “will have economic and social benefitsshared by the entire city.”
How much will it cost to construct the ballpark? How will it befinanced?
A total of up to $50 million will be allocated for demolition, site preparation,and construction of the ballpark.
There are two scenarios for financing: 1)
Voters approve an increase to the “hotel/motel tax” of 2% that will generate
approximately $35 million
the $15 million balance would be paid byballpark related revenue generators (i.e., ticket surcharges, parking revenues,concessions, rental fees, etc.) or 2) if voters do not approve an increase of hotel/motel tax, then the ballpark would be funded by general revenues (i.e.,sales taxes, bridge revenues, meter revenues, etc.,) to exclude property taxes.
Why the city hall site?
Use of the city hall site eliminates the need for private property acquisitionand allows the project to proceed in a t
imely manner in the community’s
Additionally, the city hall site is strategically situated givendowntown land uses, is accessible from I-10 and the Southern Relief Route,
and is within close proximity to downtown’s international b
Is there enough parking?
Over 4,300 structured and surface parking spaces currently exist within a fiveminute walking distance of the proposed site.
Additionally, the proposed
The indirect economic impact estimation uses an accepted standard value added multiplierof over 3.0. Source: City of El Paso Planning and Economic Development Director MattMcElroy
Plan El Paso
, Volume 1, March 6, 2012, pg. i.4