economic output, 2,300 jobs, and $61 million (in 2024 dollars) in net new City and County property taxes after both the capital project and the redevelopments are completed. This significant impact is propelled by boosts in foot traffic for existing businesses, tenants located in new buildings around the Stitch, and the operations and maintenance of the Stitch. o The boost to existing businesses due to increased foot traffic will generate an estimated $30 million of economic output per year (in 2024 dollars), supporting 200 permanent jobs. The impact will initially start around $4 million of economic output per year in 2030 (after the completion of Phase 1 of the Stitch) and reach the full level in and after 2039. o The businesses occupying new real estate construction will generate an estimated $350 million in economic output per year (in 2024 dollars), supporting 1,900 permanent jobs. The impact will initially start in 2030 (after the completion of Phase 1 of the Stitch) and reach the full level in and after 2049. o The operations of the Stitch will generate an estimated $32 million in economic output per year (in 2024 dollars), supporting 180 permanent jobs. The impact will initially start around $15 million of economic output per year in 2030 (after the completion of Phase 1 of the Stitch) and reach the full level in and after 2037. o Increase in property value due to proximity to high-quality open space and redevelopments around the Stitch are estimated to generate net new City and County property taxes of $61 million per year (in 2024 dollars), with a net new present value of $532 million (in 2024 dollars) in the 30- year period. The impact will start around less than 2 million when the first redevelopment projects are completed and reach full level in and after 2044.
The economic impacts quoted above and throughout the report include direct, indirect, and induced impacts, unless otherwise specified.
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