A new economic impact report has been completed and submitted to the State of Florida as part of an application for state sports development funds. The numbers suggest that the Braves’ presence in SW Florida will be a game-changer for the region.
A new press release obtained by TomahawkTake.com via email summarizes the total expected economic impact of the proposed Atlanta Braves Spring Training facility to be located at North Port, FL in Sarasota County.
The report conservatively estimates that the total economic flow resulting from the West Villages development will be at least $1.7 billion.
This information is being provided to the State of Florida as part of one of the last funding hurdles to be overcome before construction can begin.
This study, conducted by the Stantec, Inc., an engineering services and consultants company, is being announced this morning by the West Villages Florida developers.
Quoting from the press release:
"“The study looks at comparative Southwest Florida spring training facilities and even evaluates the fan base in segments to make sure the impact numbers reflect the real direct expenses. Conservatively, the study looks at the 6,500-seat stadium at a slowly rising attendance over the first 10 years of the deal.” “To understand the long-term economic impact of Atlanta Braves Spring Training in West Villages, the total economic impact over the next 30 years was calculated, in net present value, assuming a conservatively steady annual attendance growth rate of 1 percent for the first ten years, to 2028, maintaining approximately 82 percent stadium capacity, for the following 20 years,” the study reads."
This comes to $56.7 million per year for the region – and that again was termed as a “conservative” estimate.
In January, a story from Mark Bowman on MLB.com quoted an official as saying:
"“This is an exciting opportunity for the entire region,” said Sarasota County Commission chairman Paul Caragiulo. “The potential economic impact for our community could be tremendous. We are looking forward to hearing more details about the negotiations next week.”"
Residents have been skeptical, since taxpayer dollars have been committed to this public-private partnership. North Port’s contribution is $300,000 per year for the duration of the 30 year lease, but it appears they would also garner the lion’s share of the increased economic activity.
North Port’s approval of funds will be the last link in the chain before the Braves can break ground.
The entire project is slated to cost $75 million, with the Braves assuming responsibility for cost overruns. $20 million is coming from the State of Florida’s Sports Foundation fund – with this economic study figuring prominently in the developer’s application to that agency.
In May, Sarasota County approved their portion of the deal: $21.3 million to be funded via a bond issue. The State of Florida is expected to approve the application to the Sports Foundation soon. The Braves and the developers are to kick in the rest of the up-front funds.
But all of that should be put into the perspective of this report: an enormous windfall of development that can be expected in an area known more for retirement and vacation homes.
The taxpayers should be paid back many times over before the minimum 30-year lifespan of this project is complete.
The Full Press Release
"Study Conservatively Projects Braves Spring Training will have $1.7 Billion in Economic Impact West Villages, FL — The new Atlanta Braves Spring Training Complex being developed in West Villages Florida in North Port is expected to generate more than $1.7 billion in economic impact during the 30-year contract with the team. On June 12, 2017, The West Villages Improvement District, along with Sarasota County, the City of North Port and the Atlanta Braves, filed a grant application with the State of Florida asking for $20 million to help with facility construction costs. The economic impact study is part of the application process. “This conservative impact study shows what a dynamic impact the Atlanta Braves Spring Training Complex is going to have on North Port, Sarasota County and the region,” said West Villages Improvement District Chairman Martin Black, AICP, ICMA-CM. “We know this stadium and the excitement of Major League Baseball have more than just an economic impact, it will truly touch this community for two generations or more.” The spring training complex will enhance and promote tourism while providing jobs and economic growth within the City of North Port and Sarasota County. The Stantec study goes into great detail explaining how the company came to its conclusions about the economic impact of the spring training complex. More from Tomahawk Take Braves News: Braves prospect rankings, Correa deal with Mets at risk, more Why the Atlanta Braves won’t extend Max Fried Atlanta Braves 2023 Preseason Top 30 Prospects List: 1-5 Braves News: Braves acquire Diaz, moves around the division, more Atlanta Braves 2012 Top Prospects Review: J.R. Graham “Using the Total Direct Annual Expenses … the indirect and induced effects were estimated using the multiplier provided in the 2009 Major League Baseball Florida Spring Training Economic Impact Study Report, to estimate a total economic impact resulting from Direct Expenses,” the report reads. The study looks at comparative Southwest Florida spring training facilities and even evaluates the fan base in segments to make sure the impact numbers reflect the real direct expenses. Conservatively, the study looks at the 6,500-seat stadium at a slowly rising attendance over the first 10 years of the deal. “To understand the long-term economic impact of Atlanta Braves Spring Training in West Villages, the total economic impact over the next 30 years was calculated, in net present value, assuming a conservatively steady annual attendance growth rate of 1 percent for the first ten years, to 2028, maintaining approximately 82 percent stadium capacity, for the following 20 years,” the study reads."
"About West Villages Florida The 15,500 acres that comprise the West Villages (www.MyWestVillages.com) are located adjacent to the Tamiami Trail corridor in South Sarasota County between the urban centers of the City of Venice and the City of North Port. The community is being developed by a partnership that includes Mattamy Homes (www.MattamyHomes.com), the largest privately owned home builder in North America, and Vanguard Land (www.VanguardLand.com), one of the region’s premier and well-respected land developers. In 2017 John Burns Real Estate Consulting named West Villages Florida the 4th fastest selling Master-Planned Community in the country."