FISCAL IMPACT REPORT SNAPSHOT Fiscal Impact Overview Green Door Advisors (“GDA”) was retained by Vision McMillan Partners (“VMP”) to conduct a fiscal and economic impact analysis of the proposed redevelopment of the historic McMillan Reservoir. GDA analyzed the fiscal and economic benefits of the proposed redevelopment plan to the District of Columbia over a 30-year period, from 2012 to 2041. This analysis took account of all relevant categories of District of Columbia revenues and expenditures expected to be received and incurred as a result of the redevelopment which were incorporated into a detailed model to provide the overall net fiscal impact of the development over the 30-year period.
Summary of Fiscal Impact Analysis Results The results from our detailed model show that the redevelopment of the McMillan Reservoir site will have a positive fiscal impact on the District of Columbia. The total net fiscal impact of the proposed redevelopment for the 30-year period 2012-2041 will be $905.0 million for the District of Columbia (see Exhibit to the right).
Job Creation The redevelopment of the McMillan Reservoir will also have a positive economic impact in the form of new job creation in the District of Columbia. GDA estimates that at project buildout, approximately 4,400 new permanent jobs will be created as a consequence of the on-site commercial development. Of the 4,400 total new employees, 130 are retail, restaurant and grocery employees, and 3,140 are medical office employees. In addition to these new full-time jobs, the project development will also create approximately 3,000 construction jobs created during the construction phase of the project. The following chart shows the estimated average income of future McMillan employees, based on the Bureau of Labor Statistics average annual industry-specific wages for employees in the District.
Estimated Jobs Created through McMillan Redevelopment
Land Use Retail & Restaurant
% DC Residents
TOTAL DIRECT JOBS
TOTAL DIRECT & INDIRECT