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The Economic Impact of the Conceptual Plan for the Redevelopment of the Green Bay Correctional Institution Site Commissioned by the Village of Allouez.

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Presentation on theme: "The Economic Impact of the Conceptual Plan for the Redevelopment of the Green Bay Correctional Institution Site Commissioned by the Village of Allouez."— Presentation transcript:

1 The Economic Impact of the Conceptual Plan for the Redevelopment of the Green Bay Correctional Institution Site Commissioned by the Village of Allouez Conducted by the Center for Business & Economic Analysis, Donald J. Schneider School of Business & Economics, St. Norbert College Marc Schaffer, Ph.D., Associate Professor of Economics, CBEA Director Sandy Odorzynski, Ph.D., Professor of Economics Alexa Schulze, CBEA Research Analyst September 4, 2018

2 Overview Introduction & Objectives Methodology
Potential Site Development: Conceptual Redeveloped GBCI Plan Annual Economic Impact Property Valuation & Tax Revenue Concluding Remarks The Economic Impact of the Conceptual Plan for the Redevelopment of the Green Bay Correctional Institution Site

3 Introduction & Objectives
Green Bay Correctional Institute – 1898 Maximum security prison located on a 50 acre landlocked area in the Village of Allouez In need of significant security upgrades 2nd oldest correctional institute in the state Discussion to modernize and/or move the prison is a state-level decision This study analyzes one potential impact of decommissioning GBCI and replacing with a mixed-use development Assesses the annual economic activity of the current conceptual plan fully operational “This analysis is based off a conceptual plan only and is not a final version of the redevelopment in consideration, nor has it been officially endorsed by local leaders and constituents.” The Economic Impact of the Conceptual Plan for the Redevelopment of the Green Bay Correctional Institution Site

4 The conceptual Plan The Economic Impact of the Conceptual Plan for the Redevelopment of the Green Bay Correctional Institution Site

5 The Conceptual Plan The Economic Impact of the Conceptual Plan for the Redevelopment of the Green Bay Correctional Institution Site

6 Methodology & Data: Annual Economic impact
Study Region: Brown County Input-output analysis utilizing IMPLAN platform Direct: Direct spending on new capital or industry change Multiplier Effects: result of direct spending cycling through the economy Indirect: Associated other business or firms receiving revenue from the direct spending Induced: Spending that occurs at the household level from employees’ income Data was estimated through various methods to best fit the type of economic enterprises Retail establishment estimations used a revenue by square foot approach Commercial enterprises revenues were estimated using employment per square foot and applying Brown County office employment demographics Hospitality enterprise estimates were based on primary research of comparable, existing hospitality operations Property valuation estimates were based on a capitalization rate approach along with some comparable property market research The Economic Impact of the Conceptual Plan for the Redevelopment of the Green Bay Correctional Institution Site

7 Overall Annual Economic Impact
“The potential annual total impacts in Brown County resulting from the operations of the entities include: 1,463 jobs, $59.3 million in labor income, and $138.5 million in economic output to the region.” The Total Economic Impact of the Redeveloped GBCI Site The Economic Impact of the Conceptual Plan for the Redevelopment of the Green Bay Correctional Institution Site

8 Conceptual Plan Property Valuation
Comparison of Property Valuation Under Various Assumptions “The conceptual plan suggests a possible new taxable property valuation of roughly $58.9 million as a median estimate and $71 million as a high end estimate." The Economic Impact of the Conceptual Plan for the Redevelopment of the Green Bay Correctional Institution Site

9 Alternative Conceptual Plan Property Valuation
“An alternative version of the conceptual plan that increases the building density by adding only one additional floor to the corporate and residential units and a riverside luxury condo unit creates a $100.6 million property valuation.” Comparison of Alternative Property Valuation 2 Under Various Assumptions The Economic Impact of the Conceptual Plan for the Redevelopment of the Green Bay Correctional Institution Site

10 Conceptual Plan Potential Tax Revenues
Comparison of Property Taxes Under Various Assumptions Note: This table assumes a total gross property tax mill rate (2017) on assessed values = “Using the median property valuation estimates, this Redeveloped GBCI site could create $1.1-$1.4 million in new tax revenue for the local government and public entities.” The Economic Impact of the Conceptual Plan for the Redevelopment of the Green Bay Correctional Institution Site

11 Key Findings Annual Economic Impacts:
The conceptual plan for the Redeveloped GBCI site can potentially create the following annual economic impacts for Brown County: Direct Economic Impact: 1,040 jobs, $39.6 million in income, $80 million in output Total Economic Impact: 1,463 jobs, $59.3 million in income, and $138.5 million in output New Taxable Property Valuation: The conceptual plan suggests a possible new taxable property valuation: Roughly $58.9 million as a median estimate and $71 million as a high end estimate A higher density alternative version of the conceptual plan suggests a possible new taxable property valuation: Roughly $100.6 million as a high end estimate New Potential Property Tax Revenues: Using the median property valuation estimates of the original conceptual plan, this Redeveloped GBCI site could create $1.1- $1.4 million in new property tax revenue for the local government and public entities. The Economic Impact of the Conceptual Plan for the Redevelopment of the Green Bay Correctional Institution Site

12 Thank you


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