LOCATION
Chicago, Illinois
PROJECT HIGHLIGHTS
Economic and Fiscal Impact Model and Analysis
Used IMPLAN to Calculate Impacts
Projections of Tax Increment Financing (TIF) Revenue
PROJECT DESCRIPTION
Johnson Consulting was retained by Hammes Company Sports Development, Inc. to provide an economic and fiscal impact analysis of the proposed ONE Central Station project in Chicago, IL. Our analysis served to justify the project to the Metropolitan Pier and Exposition Authority (MPEA), the City of Chicago, Cook County, and the State and to support an application for Tax Increment Financing (TIF) and other project financing.
In order to prepare estimates of the economic and fiscal impacts of the proposed ONE Central Station project, Johnson Consulting analyzed key market trends, including demographic and socio-economic characteristics and key metrics in Chicago’s hotel and convention markets; performed an economic and fiscal impact analysis of the proposed project by its project components using IMPLAN; calculated the amount of net new incremental tax revenues that would be generated by the project to support the TIF incentive; evaluated financing and funding viability for the project, given the estimated incremental tax revenues, financing needs, and available financing solutions; and identified broader impacts of the proposed project on the surrounding local areas, including the existing inventory of event venues and attractions.
