SERVICES | ECONOMIC AND FISCAL IMPACT ANALYSIS
Increasingly, development and public officials recognize the importance of assessing the economic and fiscal merits of proposed development projects and policy decisions. With the tools and an experienced staff of economic and development finance professionals, Camoin Associates can analyze how a proposed development will impact direct and indirect job creation, wages and spending within a defined local or regional economy. In addition, the firm develops financial models that project an expansion or development project's impact on a taxing jurisdiction's revenue and expenses and how those changes affect taxing rates.
Horizon Wind Energy - Horizon Wind Energy utilized Camoin Associates to evaluate the economic and fiscal impacts of its proposed wind farms. Specifically, Camoin assessed construction and operational expenditures, as well as jobs, wages, economic output and royalty payments to property owners.
LakeEast Hospital Relocation Impact Assessment - Painesville, OH - To assess the potential impact of the relocation of LakeEast Hospital from the City to a new site in the neighboring Concord Township, City officials commissioned Camoin Associates to determine the economic and public finance ramifications. The analysis relied on City budget information, as well as data provided by the Hospital on its operational costs.
Shore Development Partners - Long Beach, NY - Economic Impact Study that examined the commercial portion of a proposed $400 million mixed-use destination resort in Long Beach, NY. When accounting for both the direct and indirect economic impacts on Nassau County, total non-residential development employment created by the project was estimated to be 276 jobs and $42 million in annual sales.
Saratoga National Resort - First Columbia development group asked Camoin Associates to study the impacts of its proposed resort at the Saratoga National Golf Course. The development includes a 90-room five-star hotel and a 15,000 square foot high-end, full service day spa, a pro-shop and a number of upscale year-round and fractional condominium units.
FedEx Ground - To gain a clear understanding of the long term fiscal and economic impacts of the operations of a new regional distribution center, FedEx Ground and its development partner Scannell Properties, LLC commissioned Camoin Associates to perform a detailed fiscal and economic impact analysis as part of the State Environmental Quality Review (SEQR) process. The findings of the analysis were used by the East Greenbush planning board and town council to help determine the impact of the project for purposes of the SEQR process, and to help the community make an informed decision regarding long-term economic impacts of the applicant's rezoning request.
Lunar Module Park - Camoin Associates studied the economic and fiscal impacts of the conversion of an old industrial complex (former site where the first Apollo mission's lunar module moon lander was built) into a high tech office and industrial park.
Vista Technology Park - Working with BBL Development Group, LLC and the Town of Bethlehem, Camoin Associates developed an analysis to measure the economic and fiscal impact of a proposed business and technology park in New York State's Tech Valley. The analysis examined variables including job creation, capital investment, municipal costs and revenue sources.
Trudeau Institute - In an effort to demonstrate the current and future economic impact of Trudeau Institute on the State of New York, Camoin Associates was commissioned to conduct an economic impact study of Trudeau's current activities and compare it to the economic impact Trudeau will have after the completion of a proposed expansion. The expansion will include the addition of a new East Laboratory extension and Conference Center.
Coman Company - Camoin worked with Coman Company, a North Carolina-based consulting firm, to help size the potential economic impact for two types of research institutes in Asheville, North Carolina, one focusing on climate initiatives and the other focusing on biotechnology and integrative medicine. The impact analysis helped to establish the former and grow the operations of the latter.
NYSEDC Marketing High-Tech Economic Impact Assessment - NYSEDC developed a New York high tech business marketing program that is currently being proposed to the state legislature. The program would market the numerous resources and advantages available to technology based businesses in the State of New York in the interest of attracting investment from primary and supply chain manufacturing businesses in bio-technology, nano-technology, and clean tech/alternative energy.
To show the benefits of such a program, NYSEDC asked Camoin Associates to examine comparable marketing programs from around the country and to develop a preliminary assessment of the potential impact of a New York State based program. Camoin Associates identified key metrics that could be used to measure the impact of the program, including jobs and investment, and determined that a $5,000,000 marketing effort by New York State could result in the creation of 440 to 1,320 jobs and total earnings of $30 million to $89 million.
Wal-Mart Economic & Fiscal Impact - Village of Ballston Spa residents were concerned about the potential impacts of a new Wal-Mart Supercenter proposed just outside the Village boundaries. The Village hired Camoin Associates to assess the possible impacts on the Village's downtown, including its many small business owners.
Lowes Home Centers - Camoin Associates examined the economic impact of a number of proposed Lowes stores on communities in Vermont and New York.
Village at Tempel Farm - Nigro Companies, a developer in the Albany region, is proposing a large-scale, mixed used development in the Town of East Greenbush. Camoin Associates was asked to study the impacts of the project on the community pursuant to New York's State Environmental Quality Review Act.
Tug Hill ATV Economic Impact - As a result of increasing ATV use in the Tug Hill region, the Cooperative Tug Hill Council (CTHC) hired Camoin Associates to examine the economic and fiscal impact of the activity of the region. As a result of limited existing data, Camoin Associates worked with Jefferson County Community College to obtain real time data through on trail surveys and business owner interviews.
The Esplanade Development - Empire Warehousing Corporation of Saratoga Springs is proposing a large new mixed use development in the City of Mechanicville. Camoin Associates assisted the company on assessing the financial viability of the project and the developer's anticipated return-on-investment. We also helped the developer submit a grant application through Empire State Development Corporation to finance infrastructure and site improvements necessary to undertake the project.
Fort Stanwix Visitor Center Study - As part of an environmental assessment, Camoin Associates analyzed the potential economic and fiscal impact of three alternative sites for a a planned visitor center at the Fort Stanwix National Historic Monument. Camoin Associates created a municipal revenue and expenditure model to determine the impact each alternative would have of City finances.
Western Erie Canal Heritage Corridor Study - Camoin Associates determined the economic impact of a proposed heritage corridor development initiative targeting the western New York section of the Erie Canal. The analysis considered the increased visitation and spending by travelers from outside the region resulting from the proposed State investment.
Walkway Over the Hudson - A community group was promoting the total redevelopment and conversion of the Poughkeepsie-Highland railroad bridge spanning the Hudson River into a multi-use trail system. The group "Walkway Over the Hudson" asked Camoin Associates to assess the fiscal impacts of the bridge project on the State and local municipalities. Using our report, the group was able to secure $25 million in state funding and has completed the project.
Bangor Arena and Conference Center Study - As part of a multi-disciplinary facility planning process, Camoin Associates was commissioned by the Eastern Maine Development Corporation (EMDC) to assess the economic impact that a new Arena and Conference Center would have on the City of Bangor, ME. The analysis considered the increased visitation and spending by event attendees from outside the region, as well as impacts from spending by the facility itself. Camoin Associates determined that the new visitor and facility spending generated by the new facilities will result in over $26 million in sales at local businesses, which will support 405 jobs paying $9.7 million in wages to local workers annually.
Additional impact studies conducted by Advanced Energy Economics, a division of Camoin Associates, can be found here: http://www.advancedenergyeconomics.com/experience.html
Whether to replace the existing Nassau Coliseum (the current home of the NYS Islanders hockey team) with a new Arena has been the subject of a heated political debate for a number of years. A proposal was floated for the County to enter into a revenue sharing agreement with the Islander's franchise owner to pay for the issuance of public debt to build the new arena. To evaluate the deal, the Nassau County IDA hired Camion Associates to analyze the potential economic impacts associated with a new Arena. In particular, the Agency requested that Camoin Associates analyze: (a) the one time economic impacts associated with the construction period, (b) ongoing economic impacts related to spending occurring at the site and to spending by visitors to the site, (c) sales and hotel occupancy taxes paid by visitors, and (d) the creation of new businesses and private sector jobs that may be targeted for IDA assistance in the area.