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The economic impacT of The TransformaTion of The Bull sTreeT properTy
Executive Summary................................................................... Page 2
1. Introduction.............................................................................. Page 6
2. Overview of the Bull Street Project.............................................Page 8
3. Economic Impact of the Bull Street Project ................................ Page 9
4. A Potential Catalyst for Bull Street Minor League Baseball.....Page 16
5. Summary.................................................................................. Page 18
Endnotes ..................................................................................Page 20
Miley & Associates.....................................................................Page 21
General Limiting Conditions .................................................... Page 22
Table o Contents
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The economic impacT of The TransformaTion of The Bull sTreeT properTy
Executive Summary
his report evaluates the
economic impacts of the
development of the Bull
Street property in Columbia,
S.C. on the Columbia metropolitan
economy. This analysis is intended
to provide the Greater Columbia
Chamber of Commerce and local
governments an estimate of the levelof economic activity and jobs that will
result from the development of the
Bull Street property. These impacts
are estimated to occur within the
multi-county Columbia metropolitan
area during the construction of the
Bull Street property as well as the on-
going permanent economic impacts
of the residential and commercial and
recreational activity that is antici-
pated once the project is completed.
Background
The potential development of the
Bull Street property has been an
ongoing topic of interest of the City
of Columbia for many years. The
property was once home to the South
Carolina Department of Mental
Health (SCDMH) and is the largest
single, unused tract of land in the
City. The property covers approxi-
mately 180 acres
The potential build-out plan of the
property has evolved over the last
eight years and in 2010, the owner of
the property, the SCDMH, signed a
contract for sale to Hughes Develop-
ment of Greenville, S.C.
Project Description TheHughes Development Plan
The most recent master plan for the
proposed development of the Bull
Street property has been developed
for Hughes Development by Duany
Plater-Zyberk & Company (DPZ) and
Copper Carry, a nationally recognizedarchitectural planning rm with
ofces in Atlanta, G.A., Washington,
D.C. and New York, N.Y.
The preliminary Hughes plan
includes substantial re-use of many
of the historic structures on the
property along with 3,558 residential
dwelling units, including apartment/
condominium units, townhomes
and single-family homes of a variety
of sizes and levels of affordability.In addition, the plan incorporates
approximately 1.7 million square
feet of commercial and ofce areas
and a 70-room hotel. The plan
also includes churches locations;
recreational spaces; hiking and biking
trails; preserved and open spaces,
community facilities; and major
off-site roadway improvements.
tIntroduction
The preliminary Hughesplan includes substantialre-use of many of thehistoric structures on the
property along with 3,558residential dwelling units,including apartment/condominium units, town-homes and single-familyhomes of a variety of sizesand levels of affordability.
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The economic impacT of The TransformaTion of The Bull sTreeT properTy
he development of the
Bull Street property will
have positive impacts
on the greater Columbia
metropolitan economy in at least four
phases. Many of the impacts would
occur during the construction of the
residential, commercial and other
components of the development.Once the residential and commercial
construction is completed, the per-
manent residents living and working
in the development would have
additional impacts on an ongoing
basis on the local economy. The four
phases are listed below:
ConstructionoftheResidential/
Ofce/Retailbuildings(annual
for 20 years)
OnetimeconstructionofHoteland Civic facilities
Infrastructureconstruction
(ongoingfor20years)
PermanentEmploymentofbusi-
nessesinBullStreet(ongoing)
When all of these impacts are
combined, the economic impacts of
the development of Bull Street are
impressive. As seen in Table 1A, the
total impacts of Bull Street will gener-
ate tremendous economic activity in
the Columbia area.
As seen in Table 1A, the development
of Bull Street will generate more
than $714 million of direct economic
activity. The indirect and induced
impacts of the project would add
another $495 million in economic
t
T a b l e 1 aAnnual Economic Impacts of the Development of Bull Street
Total Economic Impacts
it T et lb i ott
Dt et 6,754 $414,783,468 $713,464,407
idt et 1,519 $63,181,237 $169,995,222idd et 2,746 $103,172,605 $325,484,434
Tt et 11,020 $581,137,308 $1,208,944,062
Executive Summary(continued)
The development of Bull Street will generatemore than $714 million of direct economicactivity. The indirect and induced impacts of
the project would add another $495 millionin economic activity in the region -- for a totalimpact of $1.2 billion per year.
Economic Impact of the Bull Street Project
activity in the region -- for a total
impact of $1.2 billion per year.
The development activity will gener-
ate labor income while producing
this total output. The direct labor
income is estimated to be $415
million. Adding the indirect and
induced effects of this direct activity,the project would generate another
$166 million in labor income for a
total labor income impact of $581
million per year.
Finally, the development of Bull Street
would generate a substantial number
ofjobsintheColumbiaarea.Itis
estimated to directly create and sup-
port 6,142 jobs. The activity supports
another 3,900 jobs indirectly for a
total employment impact on the region
of 10,040 jobs. These jobs are relative-
ly high wage jobs, averaging well above$59,000 a year per employee. Thus, at
the projects build-out, it is estimated
that there will be an annual income
impact of almost $1.2 billion.
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The economic impacT of The TransformaTion of The Bull sTreeT properTy
Local Property Taxes inRichland County
The development of the Bull Street
property will also generate sub-
stantial local property taxes. At
build-out, the project is estimated to
generate almost $20 million in
local property taxes per year. Thesewould be generated for the various
local governments as indicated in
Table 2A.
As seen in Table 2A, the property
taxes for the school district would be
substantial, increasing to more than
$13 million a year. The City taxes
would grow to about $4.4 million
a year while County taxes would
increase to about $2.6 million a year
at the projects completion.
The development of the Bull Street propertywill also generate substantial local propertytaxes. At build-out, the project is estimated
to generate almost $20 million in localproperty taxes per year.
T a b l e 2 a
Estimated Annual Property Tax Revenues (At Buildout)
y 5 y 10 y 15 y 20
ettd ad V $19,451,306 $32,561,758 $45,040,739 $59,764,629
ct it Tx rv $1,431,130 $2,395,731 $3,313,872 $4,397,183
ct it Tx rv $717,753 $1,201,529 $1,662,003 $2,205,315
cunty Bnd inemental Tax revenue $131,296 $219,792 $304,025 $403,411s it Tx rv $3,453,093 $5,780,526 $7,995,857 $10,609,716
sl Bnd inemental Tax revenue $773,189 $1,294,330 $1,790,369 $2,375,644
Tt it Tx rv $6,506,462 $10,891,908 $15,066,127 $19,991,269
Executive Summary (continued)
Economic Impact o the Bull Street Project(continued)
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The economic impacT of The TransformaTion of The Bull sTreeT properTy
s outlined in this
analysis, the devel-
opment of the Bull
Street property clearly
will have a tremendous impact on
the greater Columbia metropolitan
economy.
The benets outlined here will begenerated from the construction
phases, and the permanent on-going
phase of the development project. If
the property is developed as outlined
in the Hughes Development plan
and successfully implemented within
the 20-year build-out, the impacts
as outlined in this analysis can be
reasonably expected to be realized
in the greater metropolitan area of
Columbia.
As described in this report,
the total economic impacts of
the development of Bull Street
would generate more than $1.2
billion of economic activity
per year, $581 million in labor
income and more than 11,000
new jobs when completed.
And the project will generate sub-
stantial property taxes in the region.
At build-out, Bull Street is estimated
to generate almost $20 million a year
in property taxes for the local govern-
ments and school district.
Columbia is ripe for minor league baseballand may even be at a competitive disad-vantage with other South Carolina citiesin terms of attractive places to live sinceit does not have a minor league team...
Columbia is the largest metropolitan areaeast of the Mississippi River that does nothave a minor league baseball franchise.
An additional benet from the pro-
posed development of the Bull Street
project is that many of the additional
costs to the City, Richland County
and Richland One School District
that result from new residential
development would most likely be
relatively modest. Since the project
is located in a well-established areawithin the City, a great deal of the off-
site infrastructure -- such as regional
water and sewer capacity, connecting
trafc arteries and school capacity
-- already exists to serve the area.
Finally, Columbia could further
enhance and speed up these
impacts occurring by including a
minor league baseball park in the
development plan. Cities such
as Charleston, Myrtle Beach, and
Greenville are examples of cities in
South Carolina where minor league
baseball is thriving and stimulating
additional development. Durham,
N.C. and Ft Wayne, I.N. are two
additional cities that have beneted
from minor league parks.
Columbia is ripe for minor leaguebaseball and may even be at a
competitive disadvantage with
other South Carolina cities in terms
of attractive places to live since it
does not have a minor league team.
According to the Central SC Alliance,
more than 1.3 million people live
within a 50-mile radius of Columbia.
Columbia is the largest metropolitan
area east of the Mississippi River
that does not have a minor league
baseball franchise.
Executive Summary (continued)
Summary
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The economic impacT of The TransformaTion of The Bull sTreeT properTy
his report evaluates the
economic impacts of the
development of the Bull
Street property in Columbia,
S.C., on the Columbia metropolitan
economy. This analysis is intended
to provide the Greater Columbia
Chamber of Commerce and local
governments an estimate of the level
of economic activity and jobs that will
result from the development of the
Bull Street property. These impacts
are estimated to occur within the
multi-county Columbia metropolitan
area during the construction of the
Bull Street property as well as the on-
going permanent economic impacts
of the residential and commercial and
recreational activity that is antici-
pated once the project is completed.
1. Introduction
t
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The economic impacT of The TransformaTion of The Bull sTreeT properTy
1. Introduction (continued)
Background
The potential development of the Bull
Street property has been an ongoingtopic of interest of the City of Columbia
for many years. The property was once
home to the South Carolina Depart-
ment of Mental Health (SCDMH) and
is the largest single, unused tract of
land in the City. The property covers
approximately 180 acres. In January of
2005, the Central Carolina Community
Foundation (CCCF) retained the
planning rm, Duany Plater-Zyberk
& Company (DPZ) to undertake an
extensive community-based planningeffort and develop a conceptual master
plan for the Bull Street property. The
DPZ plan incorporated a mixed-use
development with approximately 1,300
dwelling units, more than 500,000
square feet of commercial/ofce space
and substantial re-use of many of the
historic structures on the property.
The potential build-out plan of the
property has evolved over the lasteight years and in 2010, the owner of
the property, the SCDMH, signed a
contract for sale to Hughes Develop-
ment of Greenville, S.C. Hughes
is a well-known developer and is
best known in South Carolina for
the successful development of the
downtown Greenville area. The sale
has not been nalized and the city,
DMH and Hughes are still in negotia-
tions. The impacts outlined in this
study reect the mixed-use projectplanned by Hughes Development.
The Hughes design is similar but not
exactly the same as the original DPZ
plan, which was later revised by DPZ
and others to reect changed market
conditions and opportunities. The
details of the Hughes plan are outlined
in the following section.
The DPZ plan incorporateda mixed-use developmentwith approximately 1,300dwelling units, more than500,000 square feet ofcommercial/ofce space
and substantial re-use ofmany of the historic struc-
tures on the property.
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The economic impacT of The TransformaTion of The Bull sTreeT properTy
2. Overview o the Bull Street Project
Project Description TheHughes Development Plan
he most recent master plan
for the proposed develop-
ment of the Bull Street
property has been developed
for Hughes Development by Duany
Plater-Zyberk & Company (DPZ) and
Copper Carry, a nationally recognized
architectural planning rm with ofces
in Atlanta, G.A., Washington, D.C. and
New York, N.Y. The impact analysis
in this report assumes the pricing,
number of dwelling units, commercial
and ofce facilities, build-out schedule
and components as detailed in that
plan as closely as possible.
The preliminary Hughes plan also
includes substantial re-use of many
of the historic structures on the
property along with 3,558 residentialdwelling units, including apartment/
condominium units, townhomes and
single-family homes of a variety of sizes
and levels of affordability. In addition,
the plan incorporates approximately 1.7
million square feet of commercial and
ofce areas and a 70-room hotel. The
plan also includes churches locations;
recreational spaces; hiking and biking
trails; preserved and open spaces,
community facilities; and major off-site
roadway improvements.
Table 1 outlines the major components
of the mixed-use land uses. It is
estimated that there will be an average
of 150 to 200 dwelling units built on
the campus per year. The plan assumes
build-out will take about 20 years
pd ld u pd sq ftg
rt rdt 3,000,000
ow-od rdt 549,600
Tw h rdt 250,000
ht 70,000
rt 579,380
cv 70,000
Ofce 500,000
MedicalOfce 300,000
Bbk Bdg 200,000
Tt 5,518,980
to complete. As the project nears
start-up, the exact number, pricing and
timing of this to preliminary build-out
may vary. The initial pace will most
likely be faster, but using the average isa conservative methodology.
Early development of the baseball
park would likely speed up other
development activities within the
Bull Street site.
t
Development Plan Mix
T a b l e 1
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The economic impacT of The TransformaTion of The Bull sTreeT properTy
3. Economic Impact o the Bull Street Project
he development of the
Bull Street property will
have positive impacts on
the greater Columbia met-
ropolitan economy in at least four
phases. Many of the impacts would
occur during the construction of the
residential, commercial and ballpark
properties. Once the residential
and commercial construction is
completed, the permanent residents
living and working in the develop-
ment would have additional impacts
on an ongoing basis on the local
economy. The four phases are listed
below:
Construction of the Residential/
Ofce/Retail buildings (annual
for 20 years)
One time construction of Hotel
and Civic facilities
Infrastructure construction
(ongoing for 20 years)
Permanent Employment of busi-
nesses in Bull Street (ongoing)
The analysis in this report utilizes
impact models generated by the
IMPLAN modeling system. IMPLAN
is a nationally recognized system of
local economic models that are spe-
cically designed to represent a state
economy such as the South Carolina
economy.1
The IMPLAN modelsare modications of the national
input-output models developed by
the Bureau of Economic Analysis,
US Department of Commerce. The
IMPLAN models incorporate the
most recent data available and are
2011 unless otherwise noted.
The IMPLAN input-output model
mathematically derives the indirect
and induced effects. The resulting
multipliers describe the change in
output for every regional industry
caused by a one-dollar change in nal
demand for any given industry. The
notion of a multiplier rests upon the
difference between the initial effect of
a change in nal demand and the total
effects of that change. Total effects are
the direct effects plus indirect effects,
plus induced effects. Direct effects
are the production changes associated
with initial nal demand changes.
Indirect effects are production changes
in backward-linked industries caused
by the changing input needs of directly
affected industries. Induced effects
result from the household expendi-
tures from the directly or indirectly
generated labor income.
The multipliers used in this analysis
estimate three components of total
change within the local area:
Direct effects represent the initial
change in the output of an industry.
Indirect effects are changes in
inter-industry transactions as
supplying industries respond
to increased demands from the
directly affected industries.
Induced effects reect changes inlocal spending that result from
income changes in the directly and
indirectly affected industry sectors.
This cycle of spending continues until
leakages from the region (spending
on goods and services outside the
area) stop the cycle. Due to these
multiplier effects, the initial, direct
investment results in indirect and
induced impacts of many more
dollars.
In essence, the multipliers estimated
by this methodology represent the
consecutive rounds of buying and sell-
ing that ripple through an economy.
To produce one dollar of new product,
employees must be hired and paid.
The wages paid to these workers will
then be spent on goods and services,
such as food, gasoline, clothes, hous-
ing, etc. within the region and outside
the region. As these dollars are spent,
they become income to the recipient,
and the spending continues over and
over again. The induced effect is the
cumulative amount of spending.
The economic activity of the directly
impacted industry also requires
intermediate inputs to be purchased
such as electricity, raw materials,
transportation services, labor etc.
These expenditures become income
to the recipient and pay for the
purchases of raw materials, labor,
etc. They, in turn, are then spent
over and over again in the economy.
Purchases made from outside the
region are considered leakagesfrom the economy. The consecutive
rounds of selling goods and services
continue until these leakages from
the region end the cycle. The indirect
effect is the cumulative amount of
such spending.
t
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The economic impacT of The TransformaTion of The Bull sTreeT properTy
3. Economic Impact o the Bull Street Project (continued)
One of the largest and most obvious
economic impacts will result from
the relatively large scale construction
projects that will occur as the more
than 5.5 million square feet of mixed
use residential and commercial
buildings are constructed. In smaller
projects, construction impacts are
often considered to be temporary.
However, given the 20-year build outscenario planned for the Bull Street
property, these construction impacts
can be considered more permanent.
To more accurately estimate these
impacts, an average annual construc-
tion impact is estimated here.
As seen in Table 2, the build-out of
Bull Street will generate tremendous
economic activity on an annual basis
in the Columbia area. The annual
impacts of the construction are
estimated to generate direct output
of more than $86 million.
As with any economic activity, the
direct activity of this construction
activity has indirect and induced
impacts. Together, as seen in Table 2,
A Construction o the Residential/Ofce Buildings
The build-out of BullStreet will generatetremendous economicactivity on an annualbasis in the Columbiaarea. The annual impactsof the construction areestimated to generatedirect output of more than$86 million.
the indirect and induced impacts of the
construction of residential and ofce
space would add another $58 million
in economic activity in the region for a
total impact of $144.5 million.
The construction activity will gener-
ate substantial labor income while
producing this total output. The direct
labor income of the construction activ-ity is estimated to be $36.1 million a
year. Adding the indirect and induced
effects of this direct activity, the
construction activity would generate
another $19.6 million in labor income
per year for a total labor income
impact of $55.8 million a year.
Finally, this construction activity is a
substantial job generator in the area.
The construction activity is estimated
to directly create and support more
than 760 jobs a year. This, in turn,
supports another 477 jobs indirectly
for a total employment impact on the
region of 1,236 jobs. These direct jobs
are relatively high wage jobs, averag-
ing well above $47,000 a year per
employee.
T a b l e 2Annual Economic Impacts o the Development o Bull Street
Construction o Residential and Ofce buildings
it T et lb i ott
Dt et 760 $36,131,369 $86,295,956
idt et 212 $9,759,995 $26,873,758
idd et 265 $9,941,160 $31,366,262
Tt et 1,236 $55,832,524 $144,535,976
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The economic impacT of The TransformaTion of The Bull sTreeT properTy
3. Economic Impact o the Bull Street Project (continued)
B Hotel and Civic Facilities
As seen in Table 3, the construction of
the hotel and civic facilities will also
generate economic activity on a one-
time basis in the Columbia area. These
impacts will be temporary and last as
long as the construction activity occurs.
The impact of the construction of the
hotel and civic facilities is estimated
to generate direct output of more than
$18 million.
The direct activity of this construc-
tion activity has indirect and induced
impacts. Together, as seen in Table
3, the indirect and induced impacts of
the construction of the hotel and civic
facilities would add another $12.2 mil-
lion in economic activity in the region
for a total impact of $30.5 million.
The construction activity will generate
labor income while producing this total
output. The direct labor income of
the construction activity is estimated
to be $8.3 million a year. Adding the
indirect and induced effects of this
direct activity, the construction activity
would generate another $4.2 million
in labor income a year for a total labor
income impact of $12.5 million.
Finally, this construction activity is
also job generator in the area. The
construction activity is estimated
to directly create and support 174
jobs. The activity supports another
98 jobs indirectly for a total employ-
ment impact on the region of 272
jobs. These direct jobs are relatively
high wage jobs, averaging well above
$48,000 a year per employee.
The impact of the construction of the hoteland civic facilities is estimated to generatedirect output of more than $18 million.
T a b l e 3Annual Economic Impacts o the Development o Bull Street
Hotel and Civic Construction
it T et lb i ott
Dt et 174 $8,354,663 $18,207,000
idt et 39 $1,944,595 $5,256,095
idd et 59 $2,227,739 $7,028,451
Tt et 272 $12,526,996 $30,491,545
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The economic impacT of The TransformaTion of The Bull sTreeT properTy
3. Economic Impact o the Bull Street Project (continued)
C Inrastructure Construction
The Bull Street property will require
a substantial investment in infra-
structure. As seen in Table 4, the
construction of the required infrastruc-
ture at the Bull Street property will
generate additional economic activity.
Infrastructure construction will most
likely occur on an annual basis but will
not be evenly distributed throughout
the 20-year build-out period. In thisanalysis, the impacts are estimated
for the rst ve years of infrastructure
investment. This investment includes
roads, water and sewer, stormwater
management and a baseball park.
The ve-year impact of the construc-
tion of infrastructure is estimated to
generate direct output of more than
$49.3 million.
The direct activity of this infrastruc-ture construction activity has indirect
and induced impacts. Together,
as seen in Table 4, the indirect and
induced impacts of the construction
of infrastructure would add another
$33 million in economic activity in
the region for a total impact of $82.6
million.
The construction activity will gener-
ate labor income while producing
this total output. The direct labor
income of the construction activity is
estimated to be $21.4 million. Add-
ing the indirect and induced effects
of this direct activity, the construc-
tion activity would generate another
$11.4 million in labor income for a
total labor income impact of $32.9million.
Finally, this construction activity is
also a job generator in the area. The
construction activity is estimated to
directly create and support 439 jobs.
The activity supports another 269
jobs indirectly for a total employment
impact on the region of 708 jobs.
These direct jobs are relatively high
wage jobs, averaging almost $49,000
a year per employee.
phoTo fWke
The ve-year impact ofthe construction of infra-structure is estimated togenerate direct output ofmore than $49.3 million.
T a b l e 4Annual Economic Impacts o the Development o Bull Street
Inrastructure Construction
it T et lb i ott
Dt et 439 $21,383,940 $49,258,810
idt et 113 $5,653,983 $14,848,313
idd et 156 $5,845,982 $18,443,261
Tt et 708 $32,883,904 $82,550,384
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The economic impacT of The TransformaTion of The Bull sTreeT properTy
3. Economic Impact o the Bull Street Project (continued)
D Permanent Employment by Businesses in Bull Street
The largest economic impact from
the development of the Bull Street
property will be from the ongoing,
permanent employment of those
working within Bull Street and by
those residents living in Bull Street.
Once the project is complete, ongoing
economic activity (commercial, ofce,
retail, etc.) at Bull Street will generate
tremendous economic activity on anannual basis in the Columbia area.
The annual impacts of this per-
manent activity are estimated to
generate direct output of $646
million per year.
The direct activity of this ongoing
activity has indirect and induced
impacts. Together, as seen in Table
5, the indirect and induced impacts
of the ongoing activity would
add another $450 million in eco-
nomic activity in the region for a total
impact of $1.1 billion per year.
This activity will generate labor
income while producing this total
output. The direct labor income of
the ongoing activity is estimated to
be $385 million a year. Adding the
indirect and induced effects of this
direct activity, this annual, ongoing
activity would generate another $150
million in labor income a year for a
total labor income impact of $536million a year.
Finally, the ongoing, permanent
economic activity at Bull Street is
estimated to be a substantial job
generator in the area. The ongoing
activity is estimated to directly create
and support 6,142 jobs. The activity
supports another 3,900 jobs indi-
rectly for a total employment impact
on the region of 10,040 jobs. These
direct jobs are relatively high wage
jobs, averaging more than $62,000 a
year per employee.
Once the project is com-plete, ongoing economicactivity (commercial,ofce, retail, etc.) at
Bull Street will generatetremendous economic
activity on an annual basisin the Columbia area.
T a b l e 5Annual Economic Impacts o the Development o Bull Street
Employment (At Buildout)
it T et lb i ott
Dt et 6,142 $385,044,865 $645,998,597
idt et 1,367 $55,582,659 $149,890,814idd et 2,531 $95,098,884 $300,012,722
Tt et 10,040 $535,726,408 $1,095,902,133
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The economic impacT of The TransformaTion of The Bull sTreeT properTy
3. Economic Impact o the Bull Street Project (continued)
E Total Impacts
When all of these impacts are
combined, the economic impacts of
the development of Bull Street are
impressive. As seen in Table 6, the
total impacts of Bull Street will gener-
ate tremendous economic activity in
the Columbia area.
The development of Bull Street is
estimated to generate direct output ofmore than $713.5 million per year.
This direct activity also has indirect
and induced impacts. Together,
as seen in Table 6, the indirect and
induced impacts of the project would
add another $495 million in eco-
nomic activity in the region -- for a
total impact of $1.2 billion per year.
The development activity will gener-
ate labor income while producing this
total output. The direct labor income
is estimated to be $415 million. Add-
ing the indirect and induced effects of
this direct activity, the project would
generate another $166 million in
labor income for a total labor income
impact of $581 million.
Finally, the development of Bull
Street would generate a substantial
number of jobs in the Columbia area.
It is estimated to directly create and
support 6,754 jobs. The activity sup-
ports another 4,265 jobs indirectly
for a total employment impact on the
region of 11,020 jobs. These direct
jobs are relatively high wage jobs,
averaging almost $62,000 a year per
employee.
While it is expected that the develop-
ment of Bull Street would impact
the construction sector, the indirect
impacts reach across many industries
across the region. As seen in Table 7,
these indirect and induced impacts
will be felt across a wide spectrum of
industries in the Midlands. Table 7
highlights the top 15 industry sectors
that will be impacted by Bull Street in
terms of new job creation.
T a b l e 7
Annual Economic Impacts o the Development o Bull StreetTotal Economic Impacts
Top 15 Industries Impacted by the Development o Bull Street
it T et lb i ott
Dt et 6,754 $414,783,468 $713,464,407
idt et 1,519 $63,181,237 $169,995,222
idd et 2,746 $103,172,605 $325,484,434
Tt et 11,020 $581,137,308 $1,208,944,062
T 15 idt itd Tt Jb std
Medical/Ofce/Service/Occupations 4874
rt st - m 1496
cntutn f te new nnedental tutue 1105
fd v d dkg 717
et v 325
r tt tbt 313
mt- tt 237
rt st - G d 155
W td b 142
pvt t 126
sv t bdg d dwg 111
atvt 97
att, gg, d td v 61
ot t d t dt 48
ht d t, dg t 32
T a b l e 6
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The economic impacT of The TransformaTion of The Bull sTreeT properTy
3. Economic Impact o the Bull Street Project (continued)
Local Property Taxes inRichland County
The development of the Bull Street
property will also generate sub-
stantial local property taxes. At
build-out, the project is estimated to
generate almost $20 million in
local property taxes per year. These
would be generated for the various
local governments as indicated in
Table 8.
These tax revenue estimates are
based on the total build-out as
outlined in Table 8 and assume the
millage rates that exist in 2013 are
constant over the build-out period.
All commercial, ofce and retail
improvements and all multi-family
dwelling units are assumed to be
assessed at 6% as well as 50% of the
single-family dwelling units. Theremaining 50% of the single-family
dwelling units are assumed to be
owner-occupied and assessed at 4%.
These 4% assessed units are also
assumed to be exempt from school
operating millages due to Act 388.
As seen in Table 8, the property
taxes for the school district would be
substantial, increasing to more than
$13 million a year. The City taxes
would grow to about $4.4 milliona year while County taxes would
increase to about $2.6 million a year
at the projects completion.
The development of the Bull Street propertywill also generate substantial local propertytaxes. At build-out, the project is estimatedto generate almost $20 million in local
property taxes per year.
T a b l e 8
Estimated Annual Property Tax Revenues (At Buildout)
y 5 y 10 y 15 y 20
ettd ad V $19,451,306 $32,561,758 $45,040,739 $59,764,629
ct it Tx rv $1,431,130 $2,395,731 $3,313,872 $4,397,183
ct it Tx rv $717,753 $1,201,529 $1,662,003 $2,205,315
cunty Bnd inemental Tax revenue $131,296 $219,792 $304,025 $403,411
s it Tx rv $3,453,093 $5,780,526 $7,995,857 $10,609,716
sl Bnd inemental Tax revenue $773,189 $1,294,330 $1,790,369 $2,375,644
Tt it Tx rv $6,506,462 $10,891,908 $15,066,127 $19,991,269
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The economic impacT of The TransformaTion of The Bull sTreeT properTy
4. A Potential Catalyst or Bull Street Minor League Baseball
s outlined in this
report, the develop-
ment of Bull Street
will have tremendous
economic impacts on the Columbia
area. However, Columbia could
further enhance and speed up these
impacts occurring by including a
minor league baseball park in the
development plan. Cities such
as Charleston, Myrtle Beach, and
Greenville are examples of cities in
South Carolina where minor league
baseball is thriving and stimulating
additional development. Durham,
N.C. and Ft Wayne, I.N. are two
additional cities that have beneted
from minor league parks.
Columbia is ripe for minor league
baseball and may even be at a competi-
tive disadvantage with other South
Carolina cities in terms of attractive
places to live since it does not have a
minor league team. According to the
Central SC Alliance, more than 1.3 mil-
lion people live within a 50-mile radius
of Columbia.2 However, Columbia is
the largest metropolitan area east of
the Mississippi River that does not
have a minor league baseball franchise.
One of the real success stories of
minor league baseball in South
Carolina and the entire Southeast is
the Greenville Drive at Flour Field
in Greenville. Recent news of the
teams success and impact include
the following highlights3:
Recognized as 2006 Ballpark of
the Year
Welcomedover1.3MMfans
sinceOpeningDay;morethan
330,000inattendanceeachyear
Set the South Carolina Upstate
record for season attendance in
2006
Brokeitsownseasonattendance
record in 2007 and again in 2008
Rankedrstamong14South
AtlanticLeagueTeamsbasedon
percentageofavailableseatssold
WonTheNationalSportsForum
2009OverallAwardofExcellence
Business leaders in Greenville have
documented the tremendous econom-
ic benets of the team, including4:
48newbusinesseshaveopened,
generating$12.5MMinsales
through2009,e.g.,17newrestau-
rantsandbars,10newretailers,
artstudios,healthclub,dance
studioandmore
67buildingpermitshavebeen
issuedforbothcommercialand
residentialprojects,e.g.,Field
Street,CustomHouse,Brown-
stoneCondos,RhettStreetdevel-
opmentandmore
Local businesses have also stated that
Fluor Field and its amenities are
one of the top quality of life advan-
tages consistently mentioned when
companies are encouraged to move to
the Upstate and out-of-area talent is
being recruited by local employers.5
The Greenville park is one of the
more modern, multi-purpose parks
that host a wide range of activities
in addition to baseball games. A re-
cent article in the Greenville Journal
noted the following activities that are
clear indicators of how the ball park
and team form a true part of the local
community6:
PartoftheDrivessuccessisthe
teamsefforttoturneverygame
intoaneventfocusedonasegmentofthecommunity.A.J.Whitten -
bergNightcenteredonthenearby
engineering-focusedelementary
school,therstdowntownschool
builtinfourdecades.Another
initiative,theDriveReadingAll-
Stars,promotesreadingtomore
than75,000studentsinGreen -
Minor League Baseball FacilitiesF I G U R e 1
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The economic impacT of The TransformaTion of The Bull sTreeT properTy
ville,SpartanburgandPickens
counties.Theprogramculminates
withfourpre-gameceremonies
celebratingparticipantsreading
successes.
Andwhenthestadiumisnot
hostingoneoftheteams70home
games,theDrivemakesitavail-
ableforeventssuchastheSusan
G.KomenRacefortheCure,
collegeandhighschoolbaseball
gamesandfundraisersfornon-
protgroups.
The Travelers Rest Tribune provided
additional evidence that a minor
league park in the right place can
stimulate downtown development7:
Accordingtoafeasibilitystudy
releasedearlierthisyear,proper-
tieslocatedclosetoFluorField
haveexperiencedincreasesin
valueatatimewhenmuchofthe
nationwasreelingfromtheef-
fectsofasaggingrealestatemar-
ket.ThestudycitestheGreenville
Driveasatextbookexamplethat
illustratestheeconomicgrowth
associatedwithaminorleague
baseballstadium,statingthat
propertieswithin[ahalf-mile]
radiussawanaverage31percent
annualincreaseinassessedvaluefrom2006-2011,andthefacility,
byallaccounts,hascompletely
transformedthecity.
This is echoed by developers in the
region. Joe Pazdan, an Upstate
developer, stated:
You wouldnt believe the mar-
keting power Fluor Field has
for Greenvillereally a strong
attraction and advantage to
companies thinking of relocat-
ing or setting up a new facility
here in the Upstate!8
The minor league franchises appreci-
ate this type of community involve-
ment and understand the connection
between minor league baseball and
economic development.
Eric Krupa, president of the South
Atlantic League, said .The Drive
is the poster child for how a
stadium can drive downtown
development.9
Jim Bourey, former Greenville City
Manager, said: The Drive has
been the spark plug in the West
Ends economic development
engine! The numbers of new
businesses opened and invest-
ments being made around the
ballpark are remarkable.10
Perhaps an April 2013 editorial in
the Greenville News summed it up
best when it stated: All of this
has helped make Fluor Field
a hub for downtown activ-
ity, and it is further evidencethat bringing this particular
baseball team to downtown
Greenville has been a civic
home run.11
A plan that incorporates a minor
league baseball franchise as part
4. A Potential Catalyst or Bull Street Minor League Baseball (continued)
You wouldnt believe themarketing power Fluor
Field has for Greenvillereally a strong attractionand advantage to compa-nies thinking of relocatingor setting up a new facilityhere in the Upstate!
-JoePazdan,UpstateDeveloper
of an urban redevelopment while
also focusing on neighborhood level
economic development can be suc-
cessful especially if, at the end of the
project, baseball is played in the off
season, meaning the development is
sustainable year-round based on its
own development merits.
Therefore, baseball inside a greater
development plan needs to be
considered versus a stadium alone.
The reason to use this approach is
to increase the urban developments
chance of success. This is the model
that should be considered for Bull
Street.
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The economic impacT of The TransformaTion of The Bull sTreeT properTy
5. Summary
s outlined in this
analysis, the devel-
opment of the Bull
Street property clearly
will have a tremendous impact on
the greater Columbia metropolitan
economy.
The benets outlined here will be
generated from the construction
phases, and the permanent on-going
phase of the development project. If
the property is developed as outlined
in the Hughes Development plan
and successfully implemented within
the 20-year build-out, the impacts
as outlined in this analysis can be
reasonably expected to be realized
in the greater metropolitan area of
Columbia.
As described in this report, the total
economic impacts of the develop-
ment of Bull Street would generate
more than $1.2 billion of economic
activity per year, $581 million in
labor income and more than 11,000
new jobs when completed.
The total economic impacts of the develop-ment of Bull Street would generate morethan $1.2 billion of economic activity peryear, $581 million in labor income and morethan 11,000 new jobs when completed.
T a b l e 9Annual Economic Impacts o the Development o Bull Street
Total Economic Impacts
it T et lb i ott
Dt et 6,754 $414,783,468 $713,464,407
idt et 1,519 $63,181,237 $169,995,222
idd et 2,746 $103,172,605 $325,484,434
Tt et 11,020 $581,137,308 $1,208,944,062
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The economic impacT of The TransformaTion of The Bull sTreeT properTy
5. Summary (continued)
And the project will generate sub-
stantial property taxes in the region.
At build-out, Bull Street is estimated
to generate almost $20 million a
yearin property taxes for the local
governments and school district.
An additional benet from the pro-
posed development of the Bull Street
project is that many of the additional
costs to the City, Richland County
and Richland One School District
that result from new residential
development would most likely be
relatively modest. Since the project
is located in a well-established area
within the City, a great deal of the
off-site infrastructure -- such as
regional water and sewer capacity,
connecting trafc arteries and school
capacity -- already exists to serve the
area.
Finally, Columbia could further
enhance and speed up these
impacts occurring by including a
minor league baseball park in the
development plan. Cities such
as Charleston, Myrtle Beach, and
Greenville are examples of cities in
South Carolina where minor league
baseball is thriving and stimulating
additional development. Durham,
N.C. and Ft Wayne, I.N. are two
additional cities that have beneted
from minor league parks.
Columbia is ripe for minor league
baseball and may even be at a
competitive disadvantage with
other South Carolina cities in terms
of attractive places to live since it
does not have a minor league team.
According to the Central SC Alliance,
more than 1.3 million people live
within a 50-mile radius of Columbia.
Columbia is the largest metropolitan
area east of the Mississippi River
that does not have a minor league
baseball franchise.
The evidence is clear that multi-
purpose, neighborhood minor
league parks, similar to the ones in
Greenville, S.C. and Ft. Wayne, I.N.
that are part of an urban develop-
ment project, can be a major catalyst
for the overall development project
and provide substantial economic
impacts to the metropolitan area.
Columbia is ripe for minor
league baseball and may
even be at a competitive
disadvantage with other
South Carolina cities in
terms of attractive places
to live since it does not
have a minor league
team... Columbia is the
largest metropolitan area
east of the Mississippi
River that does not have
a minor league baseballfranchise.
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The economic impacT of The TransformaTion of The Bull sTreeT properTy
Endnotes
1 IMPLAN is regional modeling system developed by MIG, Inc., Stillwater, MN.
2 Central SC Alliance, 2013, http://www.centralsc.org/regionaldata/populationcharacteristics.aspx
3 Greenville Drive Celebrate 5 Year Anniversary in Downtown West End, Greenville Drive, 2010
4 Greenville Drive Celebrate 5 Year Anniversary in Downtown West End, Greenville Drive, 2010
5 Greenville Drive Celebrate 5 Year Anniversary in Downtown West End, Greenville Drive, 2010
6 Greenville Journal, A Home Run on the West End, December 13, 2012
7 Travelers Rest Tribune, More Than Just Greenvilles Drive, May 4, 2012
8 Greenville Drive Celebrate 5 Year Anniversary in Downtown West End, Greenville Drive, 2010
9 Greenville Journal, A Home Run on the West End, December 13, 2012
10 Greenville Drive Celebrate 5 Year Anniversary in Downtown West End, Greenville Drive, 2010
11 Greenville News, Drive keep winning for Greenville, April 14, 2013
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General Limiting Conditions
his economic impact
analysis is not a budget
or forecasting docu-
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to depict a denitive course of
action. Moreover, economic impact
analysis is not designed as a space or
facility-planning document. Many
assumptions underlying economic
impact analyses are based on policy
decisions which, if modied, would
affect the overall results.
This study is based on estimates,
assumptions and other information
developed by Miley & Associates,
Inc. from its independent research
effort, consultations with the client
and its representatives, and primary
and secondary sources. We have
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to be reliable but cannot guarantee
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and analysis are based on trends and
assumptions and, therefore, there
will usually be differences between
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do not occur as expected, and those
differences may be material. No
responsibility is assumed for inac-
curacies in reporting by the client,
the clients agent and representatives
or any other data source used in
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that was current as of April 2013
and Miley & Associates, Inc. has not
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