How will Storrs Center benefit the Town financially?
Storrs Center is projected to be an economic generator for the Town of Mansfield, creating a new tax base for the Town. Initially, new property tax revenue for the Town of Mansfield of over $2 million per year was projected at full build-out after accounting for the cost of services to businesses and residents of the project to be provided by the Town and the school system. With the project more defined in terms of program, costs and revenue generation, in the fall of 2008, additional analysis was done by Leyland’s consultant HR&A, which essentially confirmed the earlier analysis stating that at full build-out there would yield an additional estimated net fiscal tax benefit of $2.6 million annually. The fiscal analysis looked at each phase of the project with respect to net revenue projections. HR&A’s work was reviewed by the Town’s financial consultant Economic Research Associates (ERA) which concurred with the HR&A analysis. It should be pointed out that, as the investment scope for
Related Questions
- Is the cost of the parking garage built into the fiscal analysis? Does the cost of the garage center affect the fiscal benefit to the Town?
- How much has been committed to Storrs Center by the Town, UConn, and master developer LeylandAlliance thus far?
- How will Storrs Center benefit the Town financially?
