Darkbeer
07-13-2007, 04:21 PM
Economic Study of Anaheim Resort Area Concludes That a Large Portion of City Tax Revenue is Derived from the District
Resort/Commercial Development Will Produce Far Greater Fiscal Benefits for the City Than Residential Developments in the ARA
<!---------- END MULTIMEDIA BOX ----------><!---------- START STORY BODY ---------->LOS ANGELES--July 13th, 2007--The Anaheim Resort Area (ARA) is an economic powerhouse that generated a large portion of Anaheim’s total city tax revenues in fiscal year 2006, providing significant tax dollars to fund essential city services, according to a new economic study released today.
The study also compared the revenue impacts of resort use versus residential use for a 26-acre parcel in the Resort Area, where a high-density residential housing project is being considered. It concluded that resort uses are likely to produce annual multimillion-dollar revenue surpluses for Anaheim compared to marginal surpluses for residential development.
The study was commissioned by the Save Our Anaheim Resort (SOAR) coalition and the Disneyland Resort, and was prepared by CBRE Consulting.
Highlights include:
<LI class=bwlistitemmarginbottom>In 2006, the ARA contributed $107 million in total revenues to the City’s General Fund, including Transient Occupancy Tax (TOT), property tax and sales taxes and indirect taxes. <LI class=bwlistitemmarginbottom>The tax contribution is equivalent to 54 percent of the City’s $195 million total tax revenues from all sources citywide. When adjusted for revenues used for debt service, this percentage may range from 41 to 45 percent. <LI class=bwlistitemmarginbottom>Those ARA General Fund revenues include a $5 million special payment the Disneyland Resort makes annually to the City for police, fire and paramedic services to offset the cost of public safety staffing at the resort. <LI class=bwlistitemmarginbottom>The Anaheim Resort Maintenance District also paid $4 million in special assessments for the cost of maintaining landscaping and other public infrastructure. <LI class=bwlistitemmarginbottom>A resort and commercial development on the 26-acre parcel in the ARA recently rezoned for residential use would generate annual fiscal surpluses far in excess of what would be generated from residential uses.
More than 25,000 people work at Resort Area businesses with an estimated payroll of $700 million per year.“The Anaheim Resort Area is the single largest source of revenue for the City of Anaheim and one of the largest in the United States. It is a primary driver of the tourism related economy in the Southern California area,” said Thomas Jirovsky, senior managing director of CBRE Consulting. “This new report also estimates the comparative fiscal impact of alternative development scenarios for a 26-acre parcel in the ARA, which can serve to inform City decision makers of the important fiscal implications of the land use decisions currently under consideration.”
About CBRE Consulting
Founded in 1978 as Sedway Group, CBRE Consulting is a full service real estate and urban economics firm. Since 1999, it has been a wholly owned subsidiary of CB Richard Ellis, Inc., the world’s largest provider of commercial real estate services (based on 2006 revenues).
About SOAR and the Anaheim Resort Area
SOAR is a broad coalition of concerned Anaheim businesses, organizations and residents, who want to preserve the Anaheim Resort District and protect the essential city services that it funds. More than 25,000 people work at Anaheim Resort Area businesses, with an estimated 10 percent of them living in the City of Anaheim. These full- and part-time employees of Anaheim Resort Area businesses and franchisees have an estimated payroll of $700 million per year, and with their significant amount of local purchases generate an economic impact of over $1 billion per year.
The ARA includes the Anaheim Convention Center, numerous hotels and restaurants, as well as the Disneyland Resort, which encompasses Disneyland and Disney’s California Adventure theme parks, three hotels with a total of 2,224 rooms and the 310,000-square-foot Downtown Disney retail, restaurant and entertainment district. With 20,000 employees, the Disneyland Resort is Orange County’s largest employer and a $3.6 billion annual contributor to the local economy.
Resort/Commercial Development Will Produce Far Greater Fiscal Benefits for the City Than Residential Developments in the ARA
<!---------- END MULTIMEDIA BOX ----------><!---------- START STORY BODY ---------->LOS ANGELES--July 13th, 2007--The Anaheim Resort Area (ARA) is an economic powerhouse that generated a large portion of Anaheim’s total city tax revenues in fiscal year 2006, providing significant tax dollars to fund essential city services, according to a new economic study released today.
The study also compared the revenue impacts of resort use versus residential use for a 26-acre parcel in the Resort Area, where a high-density residential housing project is being considered. It concluded that resort uses are likely to produce annual multimillion-dollar revenue surpluses for Anaheim compared to marginal surpluses for residential development.
The study was commissioned by the Save Our Anaheim Resort (SOAR) coalition and the Disneyland Resort, and was prepared by CBRE Consulting.
Highlights include:
<LI class=bwlistitemmarginbottom>In 2006, the ARA contributed $107 million in total revenues to the City’s General Fund, including Transient Occupancy Tax (TOT), property tax and sales taxes and indirect taxes. <LI class=bwlistitemmarginbottom>The tax contribution is equivalent to 54 percent of the City’s $195 million total tax revenues from all sources citywide. When adjusted for revenues used for debt service, this percentage may range from 41 to 45 percent. <LI class=bwlistitemmarginbottom>Those ARA General Fund revenues include a $5 million special payment the Disneyland Resort makes annually to the City for police, fire and paramedic services to offset the cost of public safety staffing at the resort. <LI class=bwlistitemmarginbottom>The Anaheim Resort Maintenance District also paid $4 million in special assessments for the cost of maintaining landscaping and other public infrastructure. <LI class=bwlistitemmarginbottom>A resort and commercial development on the 26-acre parcel in the ARA recently rezoned for residential use would generate annual fiscal surpluses far in excess of what would be generated from residential uses.
More than 25,000 people work at Resort Area businesses with an estimated payroll of $700 million per year.“The Anaheim Resort Area is the single largest source of revenue for the City of Anaheim and one of the largest in the United States. It is a primary driver of the tourism related economy in the Southern California area,” said Thomas Jirovsky, senior managing director of CBRE Consulting. “This new report also estimates the comparative fiscal impact of alternative development scenarios for a 26-acre parcel in the ARA, which can serve to inform City decision makers of the important fiscal implications of the land use decisions currently under consideration.”
About CBRE Consulting
Founded in 1978 as Sedway Group, CBRE Consulting is a full service real estate and urban economics firm. Since 1999, it has been a wholly owned subsidiary of CB Richard Ellis, Inc., the world’s largest provider of commercial real estate services (based on 2006 revenues).
About SOAR and the Anaheim Resort Area
SOAR is a broad coalition of concerned Anaheim businesses, organizations and residents, who want to preserve the Anaheim Resort District and protect the essential city services that it funds. More than 25,000 people work at Anaheim Resort Area businesses, with an estimated 10 percent of them living in the City of Anaheim. These full- and part-time employees of Anaheim Resort Area businesses and franchisees have an estimated payroll of $700 million per year, and with their significant amount of local purchases generate an economic impact of over $1 billion per year.
The ARA includes the Anaheim Convention Center, numerous hotels and restaurants, as well as the Disneyland Resort, which encompasses Disneyland and Disney’s California Adventure theme parks, three hotels with a total of 2,224 rooms and the 310,000-square-foot Downtown Disney retail, restaurant and entertainment district. With 20,000 employees, the Disneyland Resort is Orange County’s largest employer and a $3.6 billion annual contributor to the local economy.