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ta <br />www.FinanceDTA.com <br />SECTION III <br />RECURRING ANNUAL AND ONE- <br />TIME ECONOMIC IMPACTS <br />III RECURRING ANNUAL AND ONE-TIME ECONOMIC IMPACTS <br />As noted previously, the Study identifies the general impacts on the County and City <br />economy that would result from the construction of the Project and quantifies these <br />impacts wherever possible. General economic impacts include additions to the County's <br />and City's employment (number of average annual full-time and part-time jobs), economic <br />output (e.g., gross receipts), and earnings (the sum of wages, salaries and benefits, and other <br />labor income). The Study also distinguishes between one-time economic impacts and <br />permanent economic impacts. One-time impacts include benefits to the community that <br />occur on a non -recurring basis as a result of construction and development activity, while <br />permanent recurring impacts refer to benefits that occur on a continuous basis year after <br />year. <br />A Description of the Annual Recurring Impacts of the Project <br />A.1 Employment <br />"Employment" follows the same definition as the U.S. Bureau of Economic Analysis' <br />regional economic accounts and U.S. Bureau of Labor Statistics' Census of <br />Employment and Wages data, which is the full-time/part-time annual average. Thus, <br />one (1) job lasting 12 months is equivalent to two (2) jobs lasting 6 months each or <br />four (4) jobs lasting 3 months each. In terms of a typical IMPLAN analysis, a job that <br />lasts 6 months would be considered 1/2 (0.50) of a job, while one that lasts 3 months <br />would be considered 1/4 (0.25) of a job. Notably, IMPLAN's analysis normally includes <br />both FTE jobs and part-time jobs, which overstates the number of FTE jobs generated <br />by a development project. In order to compensate for that factor, DTA applies a <br />discounting factor provided by IMPLAN that varies by industry and can be used to <br />reduce the number of direct jobs generated by IMPLAN in our Study so that it <br />represents the equivalent of the number of FTE direct jobs. <br />The indirect and induced full-time/part-time job estimates for the Project were <br />derived utilizing the IMPLAN Study Model. While the specific location of the <br />additional indirect jobs created within the County cannot be definitively determined, <br />experience and modeling indicate that a large percentage of these jobs will be <br />support service jobs. These jobs are also likely to be located close to the Project and, <br />therefore, within the County itself, with an estimated 50% of those jobs to be located <br />within the City. Similarly, the Project's jobs will lead to more consumer spending by <br />employees in existing retail establishments within the County and City, as well as <br />new retail development that will be attracted to the County and City as a result of <br />this spending. Job creation also results in increased tax revenues to the County and <br />City through increased property taxes and sales taxes related to this new <br />development. <br />However, because of potential differences in the timing of the build -out of the <br />Project, the number of employees summarized above will likely not be realized at <br />South Coast Technology Center Project May 13 2024 <br />Economic Impact Study <br />11 <br />