The plan will yield at least $2,575,000 net annual increase in ongoing city general fund revenues. General fund revenues pay for things like police, fire service and parks.
Although this is a conservative estimate that is less than projected by proponents, it is still a very significant positive net increase to the city (net increase includes projected revenue minus expected increase to city costs for services).
City estimate does not include any moneys estimated for tourism impacts, since there is no accepted methodology for estimating this.
Any revenue generated from increased tourism resulting from the plan (primarily increased hotel room nights and thus increased TOT to city) will be in addition to the $2,575,000 per year to city.
By using a conservative estimate, if the city’s numbers are wrong, the city will see an even greater economic benefit.
Property taxes will automatically go up once the outstanding debt obligations of the former Carlsbad redevelopment areas are paid off.
During construction, the Environmental Analysis submitted with the plan, using the proprietary economic impact model IMPLAN, estimates that the plan will generate approximately 4,485 to 4,974 full-time equivalent (FTE) construction related jobs, approximately $284 to $315 million in labor income (wages) and approximately $626 to $698 million in economic output (spending) in the region through direct, indirect, and induced economic activity.
From ongoing operations of the plan area after completion and stabilization, the Environmental Analysis estimates that the plan will generate approximately 2,298 to 2,440 FTE jobs, approximately $102 to $108 million in labor income and approximately $392 to $624 million in economic output annually in the region through direct, indirect and induced economic activity.