Meriden City Center Initiative

Public Involvement Process
Commercial Center Market Assessment
Environmental Impact Analysis
Harbor Brook Realignment
Preliminary Design of Transportation Improvements
Conceptual Land Use
Design Guidelines
Fiscal and Economic Impact Assessment

	Fiscal Impact Analysis Results

	Summary of Impact Analysis Report

	Comparative Economic Impact Analysis

	Construction Phase

	Operational Phase

	Definitions & Methodology
Appendix A: Property Acquisition Plan
Appendix B: Residential Relocation Strategy
Appendix C: Preliminary Opinion of Cost Summary

Construction Phase

During the construction and site work period, on-site and off-site activity associated with the project will entail employment impacts, or jobs produced in on- and off-site construction, trade, transportation, manufacturing and services in support of construction. These jobs will in turn generate earnings impacts, which are calculations of the wages and salaries generated by the jobs. From earnings flow personal expenditures, which extend the income earned by project-related workers into the local and regional economy. Economic output, a measure of business activity associated with the development, has also been projected.

Calculations for this phase of Meriden City Center were based on a rough construction estimate of hard & site costs totaling $88 million supplied by BL Companies. The total budget including soft costs is estimated to be $114 million. These impact calculations usually reflect annual impacts, but in this case we have provided an annual summary and an eight year summary, due to the potentially long term nature of site preparation and construction.

During the construction phase, the jobs impact is projected to be 882 direct, 365 indirect and 1,247 total jobs over the entire time frame. Based on an eight-year time frame, the annual impact would be 110 direct jobs, 46 indirect and 156 total jobs.

Of the direct employment, 307 are projected to be on site construction jobs. Many of the jobs created will not be “visible” and on-site: for example the 240 jobs created through manufacturing of materials and 164 jobs created in the trade, transportation and services sectors.

Gross total salaries and wages (earnings) arising from construction budget hard costs are projected to total $44.3 million over eight years. On site construction wages contribute $14.1 million to the direct earnings shown above.

Net disposable expenditure projections based on jobs earnings shown above will aggregate $24.5 million. Of this amount, 40.3% or $9.9 million will be spent on retail goods and $14.6 million on other types of consumption. Assuming 40% of this expenditure takes place in Connecticut, the impact would be $13.7 million.

Building materials associated with construction hard costs will also generate expenditure impacts. However, it is not possible to estimate these expenditures this far in advance.

Based on the original investment of $113.7 million in the Meriden City Center development, we anticipate total output to aggregate $323.7 million. Very roughly speaking, the total budget for the project will ripple through the economy to the total extent of approximately $325 million over the assumed eight year period.