Operational Phase

The construction impacts, which will occur during the construction period, will have a significant short term impact on the local and regional economy.  The ongoing operational phase impacts, which will begin upon completion of Meriden City Center and will continue indefinitely, will have significant long term economic impacts.  The operational economic impact of Meriden City Center will be determined chiefly by the jobs and businesses to be based on-site in the stores, restaurants, offices and garage. 

Once Meriden City Center is fully operational, with 236,000 SF of retail and restaurant, 139,000 SF of office, 78 apartments and a new 576 space garage, its economic impact will be largely a function of jobs created by its business tenants, their earnings, and the output associated with business activity.

Altogether, as projected the City Center Initiative will generate 1,220 direct jobs, 1,521 indirect jobs and 2,741 total jobs.  Direct jobs will be generated from retail and restaurant (591 jobs) office (626 jobs) and garage operations (3 jobs).  Presently the redevelopment area has businesses with an estimated 100 FTE jobs, almost entirely generated by Stone Insurance and Goodwill outpatient services.  The Meriden City Center redevelopment will create 1,220 FTE jobs as fully occupied, a net increase of 1,120 direct jobs. 

Annual total gross direct earnings arising from employment at Meriden City Center are projected at $33.5 million.  Direct plus indirect earnings of $21.1 million will total a projected $54.6 million in overall earnings.  Much of the spending associated with these earnings will occur locally.  The net increase in total earnings, after consideration of current earnings, is projected to be $48.8 million.

Net disposable expenditure projections based on operational earnings shown above will aggregate $27.9 million.  Of this amount, we anticipate 40% or $11.2 million will be spent on retail goods and $16.7 million on other types of consumption. 

Business operations at Meriden City Center will generate an estimated $74.0 million in direct annual output, $145.9 in indirect output and $219.9 million in total annual output.  On a net basis, after consideration of economic activity now in place in the redevelopment area, total annual output will increase by $194.3 million.

Refer to Exhibits 3.0, 4.0 and 5.0 on the for a summary of our findings relative to the projected construction, operational and net economic impacts of the proposed City Center Initiative:

Exhibit 3.0:  Total Construction Economic Impact
Exhibit 4.0:  Total Operational Economic Impact
Exhibit 5.0:  Total Net Operational Economic Impact

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