= "Fee ga EXECUTIVE SUMMARY | LOT J DEVELOPMENT ECONOMIC AND FISCAL IMPACT PROGRAM ELEMENTS ECONOMICIMPACT aan TT FISCAL IMPACT (YEAR 30) El-o-= The impact of Lot (or Phase 1) wil be immense: ‘By Year 0, tha annual economic impact ofthe proposed development Is estimated to include $375, milion of tial spending (ncluing $213 millon in direct sponding), $121 millon in neeased earings, and support 070 fuse equvalnt (FTE) obs. Te annua foc! impact is proeced to include $20.0 milion n tax revenues to the sale snd local ‘governments by Year 30 * Over a 20-year perio, the Escalimpact fhe projec is projectod to total $402.2 milion in tax rovers. ‘Consicton actos ae estimated to generate $13.3 milion in sal impact.roam Propel “Types ot pst ‘Assumptions Shening Spun pat. Comore Poem maa sone se ‘The proposed Lot J pject and the broader development wil pay @ ica ole in enhancing the long-term tvactveness and suezess of the Nonhbank area of downtown Jacksonvile. Ech proposad land use wl contaute to this overal succes na varity of way, 2 fll 1+ Resident: Atracs etcal mass of residents tothe downtown core, toa range of housing pes and ‘suppers the eal urbanization ofthe local area, which i @ end being observed national similar cles. New having wil algo supper talent reeutment and retention by proving sources of labor cose to amployers. Rota: Provides new and atractve otal opportunites fr residents and vistors alk. This wi serve to ‘ennance the overall mage of acksonvilo and proviso necessary amon to dive demard to the ‘vntown coe + Office: 8y increasing the invertor of Cass A ole space inthe Nortibank area, Lot J Devlopent wi ‘help oat mew alent tothe lackeomvile and Frida economy, and help oalevat the cure fow of ‘workers and businesses out ofthe market. ‘+ Hott: The now hotel properts wl serve to strengthen the mage of Jacksonvile as @ destination for corporate, croup and liu ravelee. They wills increase the eral mass of hla in the downtown car, thereby helping to tive up Average Daly Rates (ADR) and Revenue por Avalable Room (RevPAR) ‘at exatingpropries. The proposed hte in Lat J Development wil provide the supper neceeeay 12 ‘ow business and cura nities osavance,= Fe asa + debe: The mse assumos an average base salary of $33,600 fr constuction and permarent jos, ions consistant wah euront pee expt income dat er Jacktonile and Dwal County. The impact of Lot J equates to an average salary fer construction and permanant jobs of $48,010 in Year 1 recting vatity of empbyment types and acseciated salary ranges, ad is consistont with the average saarios reporiodin he Jacksonvile Metropolitan Stattcal Aves (MSA) and Flora [As I lates to the alsting anchor attractions (TIAA Bank Field, Daly's Place, the Sasoball Grounds of acksorvile ane the Jo:ksonile Veterans Memorial Arena), Lt wl supper ongoing patronage and scoass of ‘hose venues by proving @ cies! mass of proximate acy end an extensive inventory of compbmentry amenities