Assignment Task:

ECONOMIC IMPACT OF COCONINO INDUSTRIAL PARK ON THE CITY OF FLAGSTAFF

PROBLEM
This study was designed to analyze the direct and indirect economic impact of Coconino Industrial Park in the city of Flagstaff. Specifically, the study seeks answers to these questions:
• What current tax and other revenues result directly from this park? What tax and other revenues may be expected in the future?
• How many and what kind of jobs are directly attributable to the park? What is the employment picture for the future?
• What indirect effects has Coconino Industrial Park had on local employment, incomes, and economic growth?

BACKGROUND
The development firm of Goldman-Lyon & Associates commissioned this study of Coconino Industrial Park at the request of the Flagstaff City Council. Before authorizing the development of a proposed Goldman-Lyon industrial park, the City Council requested a study examining the economic effects of an existing park. Members of the City Council wanted to determine to what extent industrial parks benefit the local community, and they chose Coconino Industrial Park as an example.

For those who are unfamiliar with it, Coconino Industrial Park is a 400-acre industrial park located in the city of Flagstaff about 4 miles from the center of the city. Most of the area lies within a specially designated area known as Redevelopment Project No. 2, which is under the jurisdiction of the Flagstaff Redevelopment Agency. Planning for the park began in 2000; construction started in 2002.

The original goal for Coconino Industrial Park was developed for light industrial users. Land in this area was zoned for uses such as warehousing, research and development, and distribution. Like other communities, Flagstaff was eager to attract light industrial users because such businesses tend to "employ a highly educated workforce, are quieter and do not pollute the environment" (Cohen). The city of Flagstaff recognized the need for light industrial users and widened an adjacent highway to accommodate trucks and facilitate travel by workers and customers coming from Flagstaff.

Model Long Report with MLA Documentation. May be reproduced and used only by instructors and students using the textbooks of Dr. Mary Ellen Guffey and Dr. Dana Loewy.

The park now contains 14 building complexes with over 1.25 million square feet of completed building space. The majority of the buildings are used for office, research and development, marketing and distribution, or manufacturing uses. Approximately 50 acres of the original area are yet to be developed.

Data for this report came from a 2012 survey of over 5,000 Coconino Industrial Park employees, interviews with 15 CIP tenants and managers, the Annual Budget of the City of Flagstaff, county and state tax records, current books, articles, journals, and online resources. Projections for future revenues resulted from analysis of past trends and “Estimates of Revenues for Debt Service Coverage, Redevelopment Project Area 2” (Miller 79).

DISCUSSION OF FINDINGS
The results of this research indicate that major direct and indirect benefits have accrued to the city of Flagstaff and surrounding metropolitan areas as a result of the development of Coconino Industrial Park. The research findings presented here fall into three categories: (a) revenues, (b) employment, and (c) indirect effects.


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  • Posted on : June 09th, 2019

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