What are the economic benefits?
The most significant economic benefits of vision42 projected by the Economic Studies are a 35% increase in annual sales at retail shops and restaurants on 42nd Street, and a one-time gain of $3.5 billion in commercial proerty values, which will translate into an annual $277 million in increased City and State property taxes —sufficient to finance construction of the project in less than two years. Experiences abound of similar circumstances in other cities. Research suggests that, for every $10 million in capital investment, transit projects spur some $30 million in sales for local businesses. Nationwide in 1987, 54% of businesses surveyed saw increased sales due to their proximity to light rail transit, while more recently in Dallas in areas served by light rail, sales jumped 32.6% above the city average. In Denver, throughout its ten years of operation, the light rail system has supported a 5% yearly increase in the volume and prices of retail goods sold near stations, together with
