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Akron: Downtown: Bowery Project

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Six building project.

 

Akron's Bowery project moves forward with $5 million in historic tax credits

BY JENNIFER CONN, AKRON REPORTER, CLEVELAND.COM jconnCleveland[/member].com

 

AKRON, Ohio - Akron's Bowery project, formerly the Lock 4 redevelopment, is progressing toward reality with more than $5 million in Ohio Historic Preservation Tax Credits.

 

The $38 million project led by the Bowery Development Group -- DeHoff Development Co. working with the Welty Building Co. -- will redevelop the historic 12-story Landmark building and five smaller retail buildings on Main Street next to the Akron Civic Theatre into a block of retail and office space with residential housing above. Four of the six buildings received the historic credits.

 

http://www.cleveland.com/akron/index.ssf/2017/06/akrons_bowery_project_moves_fo.html

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Downtown Akron’s Bowery Project expected to generate $245 million in economic impact over 20 years, study finds

 

"Among the report’s findings, every dollar invested into the $42 million project will result in $6 in economic impact. “The findings of this study verify what we have been saying from day one: the Bowery Project is a truly catalytic endeavor that will help usher in the next wave of private investment in downtown Akron,” Mayor Dan Horrigan said. “Better yet, we can expect to see substantial benefits to the community within the next five years, which is even sooner than we could have hoped.”

 

Link: https://www.cleveland.com/business/2019/09/downtown-akrons-bowery-project-expected-to-generate-245-million-in-economic-impact-over-20-years-study-finds.html

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On 9/21/2019 at 6:58 PM, marty15 said:

$6 for every $1?  What kind of accounting magic is that?

What do you mean? They have provided the report publicly.

Among the report’s findings, every dollar invested into the $42 million project will result in $6 in economic impact.

 

https://thinkwelty.com/Akron+Bowery+Economic+Impact+Study

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It’s nonsense. Think they just adjusted the $1 for the next 20 years of inflation. $6 dollars in 2039 will probably go as far a $1 today. Now that makes sense. 

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^ It's not nonsense it's simple economics. It refers to the concept that when dollar x is invested in a development by a government agency then x additional dollars are pumped into the area by ancillary private developers. Ex: public dollars invested into the Gateway sports facilities followed by additional private investment in the surrounding neighborhood or public dollars invested in a convention center followed by private dollars invested to build hotels, apartments, restaurants etc. 

 

Now that's not to say that EVERY investment by government in economic development will generate additional public investment. It's simply that each project has to be viewed individually. Some produce way more in additional private development and some don't. 

 

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Usually the economic multiplier is 3-to-1 or even 4-to-1. Six-to-1 is pretty extravagant. I hope it's accurate.


"Life is 10% what happens to you and 90% how you respond." -- Coach Lou Holtz

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On 10/3/2019 at 11:17 AM, KJP said:

Usually the economic multiplier is 3-to-1 or even 4-to-1. Six-to-1 is pretty extravagant. I hope it's accurate.

 

There has not been any private investment in Downtown like this yet. Akron has been very slow to get to the development levels that Cleveland has.

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