HomeMy WebLinkAbout06. Vail Economic Impact - infographic-08-14-19a41L f
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PER UNIT RETURNS
For every $65,000
invested in one unit of
resident housing in the
Town of Vail, there are
tangible returns to the
Town and community,
The following diagrams show how
these returns are calculated in this
analysis using the economic and
community benefits described on the
previous pages.
QER UNIT
RETURN ON
INVESTMENT
SALES TAX STUDENT
TO TOWN GENERATION
alb Ilir �i lir
$3,239
annual return
(divided by)
R$65,000
Town investment
QER UNIT
INVESTMENT.
MULTIPLIER
COMMUNITY + ECONOMIC + OPPORTUNITY
BENEFITS VALUE COSTS
r'$
COMMUTE FILLED PARKING
TIME POSITIONS SOLUTIONS
°—
O
co
V Ifau_
STUDENT HOUSEHOLD WORKER
GENERATION SPENDING TURNOVER
0 o ��Z
$312,467
annual return
(divided by)
R$65,000
Town investment
0
9
This packet presents
the economic and
community benefits
of investments in
resident housing in
the Town of Vail.
In times of competing community
investment priorities and alternatives,
it is important that the benefits of
resident housing investment are
understood by the community and
its leadership,
The Town of Vail has made
significant investments in resident
housing over many decades. Such
investments have been rooted in an
awareness that affordable and
available housing for residents and
the workforce benefit not only
residents, but the broader economy,
business community, overall
community character, and quality of
the guest experience.
For more information please visit
http: //wwwva i l i n d eed,co m
• HOUSING TARGETS
The Vail Housing 2027
Strategic Plan set a
goal of adding 1,000
new units to this
inventory by 2027, or
100 units per year,
The existing Town of Vail
deed -restricted housing inventory (as
of May 2019) includes 830 units.
Based on investments made through
its Vail InDEED purchase program
between 2017 and May 2019, the
Town's average per -unit investment
was $65,000, an investment amount
the Town will target through 2027
A $65,000 INVESTMENT
IN ONE UNIT OF RESIDENT
HOUSING RETURNS...
The direct return back to the Town of
Vail from an investment of $65,000 in
one unit of housing is $3,239 in the
form of local sales tax and
student back -fills, The annual
return on investment to the Town is 5
percent of the initial investment,
Nearly $312,500 in community
benefits, economic value, and
opportunity costs to the
community as a whole, This return to
the community is 4,81 times the initial
investment by the Town, resulting in
an investment multiplier of 4.81X,
1, 0 0 0 BY 2027
ASA
100 ANNUALLY
$6m5MILLION
Annual Town Investment
PAGE 4
Prepared for the Vail Local Housing Authority (VLHA) August 2019
COMMUTE
TIME
00
$825
THOUSAND
Value of time ($20.40 per
hour) for more than
40,000 annual commute
hours eliminated
CARBON
EMISSIONS
A
561
Reduced miles
traveled reduces
carbon emissions
by 845 MTCO2e
GUEST
EXPERIENCE
=w1b
�V
STUDENT
GENERATION
$207
THOUSAND
Estimated total State
of Colorado back -fill
for 26 school -aged
children
A 845 MTCO2e
DECREASE IN CARBON
EMISSIONS IS EQUAL TO:
95 THOUSAND
GALLONS OF GAS
MILLION
2,2 VEHICLE MILES TRAVELED
VOLUNTEERISM
Alit
$1,2
MILLION
Value of increased
volunteer labor to the
non-profit community
(at $28.02 per hour)
2.1%OF ALL COLORADO
TO THE TOWN OF VAILCOMMUTERS
14 THOUSAND
TREE SEEDLINGS GROWN FOR 10 YEARS
Anecdotally, the quality of the guest experience improves with
increased filled positions, business capacity, and local residents'
community investments.
FINDINGS
The annual community benefits of an investment in 100 units of resident housing
($65 million) include the elimination of over 40,000 commute hours resulting in
$825,000 in the value of time savings, a reduction of 845 MTCOZe in carbon
emissions, $207,000 in State of Colorado back -fill for 26 school -aged children, and
$1.2 million in volunteer labor.
....................................................
FILLED
POSITIONS
o —
�o_
$18A
MILLION
Estimated impact
of 123 full- and
part-time
positions filled
HOUSEHOLD
SPENDING
111114
�o
$2,6
MILLION
Increased local
resident household
spending
--------------------------------- .FINDINGS
SALES TAX
TO TOWN
c/2
orb
$116
THOUSAND
New local sales tax
revenue to the Town
from increased local
household spending
The annual economic value of an investment in 100 units of resident housing
($6.5 million) is $18.1 million as a result of an increase in filled positions, $2.6 million
in increased local household spending, and $116,000 in new local sales tax revenue.
---------------------------------------------------------------------------------------
PARKING
SOLUTIONS
$11m3
MILLION
Estimated
construction cost
for 113 spaces
WORKER
TURNOVER
1111Ato o*
$841
THOUSAND
Cost of worker
turnover, training,
and lost productivity
FINDINGS.
The annual opportunity costs of an investment in 100 units of resident housing ($6.5
million) are $11.3 million in avoided construction cost for 113 parking spaces and
$841,000 in saved costs to businesses for worker turnover, training, and lost productivity
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