Selected fiscal & econOmic impact analysis projects
reynolds development impact analysis
Henrico County, Virginia
Reynolds Development, LLC was interested in developing a portion of its former headquarters with a plan that called for a mixed of uses including additional office and medical office space, a 175-room hotel, and between 200,000 and 300,000 square feet of retail. This development required a zoning change and Henrico County was wary of bringing such a concentration of uses to an already burdened intersection along Broad Street. In addition, the County did not feel there was adequate demand for some of the uses, particularly the hotel and retail components.
RKG Associates completed a detailed market analysis for each of the proposed land uses at the site. The findings of this analysis supported the construction of each component of the plan, with slight modifications to the hotel proposal. RKG also performed a fiscal impact analysis of the proposed project as well as a by-right project to highlight the added benefit the mixed-use project would bring to the County, in terms of net tax revenue. Reynolds Development, LLC submitted a zoning change application to the County, based on the data provided in the RKG report, which was approved utilizing a slightly modified site plan.
Capital One Corporate Expansion
Glen Allen, Virginia
Capital One created a corporate expansion plan for a new, 2.2 million square foot corporate office as well as another 520,000 square foot corporate facility located in Northern Virginia. RKG Associates, Inc. prepared an economic impact analysis for Capital One Services, Inc., employing an econometric policy simulation model that measured the regional and State impacts of various policy actions or economic events. With RKG’s assistance, Capital One was able to secure tens of millions of dollars in state infrastructure commitments. This project has been recognized as the largest single corporate expansion project in Virginia’s history.
foxboro casino economic impact analysis
RKG recently completed a fiscal impact analysis for Wynn Resorts’ proposed casino resort in Foxborough. RKG’s analysis included an estimation of the municipal revenues and expenditures directly attributed to the proposed resort casino. Particular emphasis was paid to examining how the proposed facility would impact potential losses in future state aid as a result of an $800 million increase in assessed valuation.
Triangle noir Tax increment financing
The City of Memphis was seeking to reposition two aging residential neighborhoods, including Cleaborne Homes, with 466 units built in 1954. One potential funding source for the comprehensive redevelopment of the Triangle Noir district, is the incremental property tax to be generated over time through a Tax Increment Financing (TIF) district. To assist with this approach, RKG completed an extensive analysis and inventory of the 4,200 parcels of land in the 2 square mile proposed TIF district, documenting blight, new and planned development, and identifying development sites/opportunities—all which could impact future property tax revenues. Once identified, RKG developed a 30-year interactive financial model to estimate the incremental property taxes, for the City of Memphis and Shelby County, to be realized from real estate activity within the TIF district. RKG’s analysis indicated an approximate $170 million in incremental property taxes, for the City and County combined, over a 30-year period.