The economic impacts include direct, indirect, and induced impacts.
PROPERTY TAX During the 30-year study period, which includes the 11-year Stitch construction, redevelopment in multiple phases, and the subsequent operations and business growth, net new property taxes is estimated to be generated at an average of $74 million per annum, representing a Net Present Value of $532 million in the 30-year period.
Figure K.39 : Economic Impact from Property Tax Growth
● Existing properties located within the impact area 317 currently have an aggregated property value of $2 billion (in 2024 dollars). Applying the park premium, which induces an increase in property value due to proximity to high- quality open space, the net increase in property value on these parcels is projected at $300 million in 2037, after the completion of Phase 3 of the Stitch, resulting in $9 million in additional City and County property taxes in 2037. ● Redevelopments located within the impact area are expected to increase property value by $3 billion in 2044, resulting in $98 million in additional City and County property taxes in 2044.
317 For this analysis, the impact area for property tax increase is the same as the Scenario 2 of the value capture analysis, which includes parcels within half a mile from the center of the Stitch.
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