RES prepares economic and fiscal impact studies to assist policy makers in evaluating development proposals and for inclusion in application for public funding programs such as EB-5 and Pennsylvania’s Redevelopment Assistance Capital Program (RACP). The firm uses both the RIMSII and IMPLAN economic multiplier models. Our fiscal impact studies are completed using any of several recognized methodologies depending on client needs and program requirements.
Sam Schwartz Engineering
Spring Garden Street Greenway Impact Analysis, Philadelphia, PA
RES was part of a planning team designing a complete streets concept for the Spring Garden Street Greenway in Philadelphia, Pennsylvania. In addition to accommodating pedestrians, transit, automobile and bicycle traffic, the design provided innovative approaches to greening the corridor while managing stormwater from current and anticipated future development. RES prepared an impact analysis addressing the potential gain in property values and real estate tax revenue associated with the greening effort, the improved business environment and increased sales tax revenue that could be achieved with a more balanced complete streets environment, and the economic benefit to developers and building owners associated with the opportunity to tie into the proposed stormwater management infrastructure, thus reducing the cost of creating onsite solutions and retrofits. RES assisted PEC in preparing required cost-benefit analyses of the improved bicycle facilities that were one element of the greenway design.
University Circle, Inc., Cleveland, Ohio
Economic Impact Analysis of Institutional District
RES was retained to prepare an analysis of the regional economic impact attributable to the educational, cultural and health care institutions clustered in Cleveland’s University Circle special services district. RES designed a survey instrument to gather data on direct impacts to the Cuyahoga County economy generated by each of UCI member institutions. We then used the BEA RIMS II input-output model to estimate indirect and induced economic impacts of these institutions. RES also completed an analysis of the types and sizes of private businesses located in the district and supported by the economic activity of the major institutions. Our findings were presented to the UCI Board and public officials and widely reported in the Cleveland press.