HomeMy WebLinkAboutIII. Tab 4. Economic Impact StudyEconomic Impact Analysis
Submitted to:
City of Miami
Prepared For:
EFC HOLDINGS
Prepared by:
SHARPTON, BRUNSON & COMPANY, P.A.
One Southeast Third Avenue
Suite 2100
Miami, Florida 33131
(305) 374-1574
TABLE OF CONTENTS
PAGE(S)
THE PROJECT OVERVIEW 1
EXECUTIVE SUMMARY
introduction 2
Summary of Benefits 3
OBJECTIVES AND DEFINITIONS
Objectives 5
Definition of Economic and Tax Impact 5
Direct and Indirect Effects 5
Measures of Economic impact 6
Description of Results 7
DISCUSSION OF THE RESULTS BY ECONOMIC INDICATORS
Impact Indicators 8
Results of Indicators 8
Impact of Construction 8
impact of Ongoing Operations 9
Impact on Local Tax Revenues 9
Analysis by Economic Indicators 9
Employment 9
Wages 10
Output 10
Local Taxes 11
Public Sector Cost 12
Impact Fees 12
EXHIBITS
Exhibit Summary of Economic Impact 13
Exhibit II: Impact and Other Fees 14
Grove Estates is located at 4055 Douglas Road in the City of Miami, Florida. The
Project consists of 12 parcels of land with an average lot area of 19,660 square
feet (0.45 acres).
Excellent area demographics and a boorning local economy enhance the status
of Grove Estates as one of the future premier single family opportunities.
Targeted for completion in 2007, Grove Estates will set a new standard of
excellence in South Florida living. The lots are located on one of Coconut
Grove's last undeveloped bay -front parcels. Grove Estates is considered the
premier residential corridor south of the Downtown Miami area. With Coco Walk
located a few blocks away, Grove Estates will be situated in one of the most
desirable locations in Miami.
US-1 is less than half a mile to the west, while nearby Interstate 1-95 provides
quick access to Downtown Miami and Miami Beach. The property's proximity to
I-05 and ease of access to the surrounding transportation network augments its
bay -front location and creates a uniquely convenient and desirable address.
This document represents an in-depth
economic and tax benefits analysis of
the development of a high end single
family community.
The Project currently contemplated is
comprised of the following:
Twelve single family homes
sited on lots averaging .45
acres.
2