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Cool Cities Money for GR announced


gr49503

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So the DA Blodgett building is going to create a whopping eight jobs? Maybe they should have just omitted that part from the article

Fulton Square, 1 South Division.

$5 million tax credit +

$33 million investment

Total $38 million

85 new jobs

$447,058 per new job

Clearwater Place

$6.6 million tax credit +

$8.7 million investment

Total $15.3 million

40 new jobs

$382,000 per new job

DA Blodgett Building

$5.8 million tax credit

Total project $7.4 million

8 new jobs.

$925,000 per new job

Average for all jobs created is $584,700 per new job. Does anyone know if that typical return on investment? It seems rather high. I really hate associating this kind of stuff with the creation of jobs.

Good thing this is not just about creating new jobs, but rather making better places and a better city.

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I really hate associating this kind of stuff with the creation of jobs.

Good thing this is not just about creating new jobs, but rather making better places and a better city.

Me too. I posted the "8 new jobs" thing because I thought it was funny that they would print that.

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584k per new job. Sounds high until you figure out the "trickle down" effect of the money spent there. Plus, would the existing jobs disappear if they didn't get the grant? If you were to turn the 584k into an annuity, how many years would you have until you ran out of money if you paid the average wage in the area? My guess is that it is not much more than 45k with bennies. The money chimp annuity calculator says that you could have the principal, at 4.5% return, last seventeen years at $47,000 per job. Finally, the actual value of the building is being increased; not to mention the surrounding property.

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I think that to assess the value of a given project based soley on the number of direct jobs generated is misleading and unfair. As was stated above, there is a lot more to it than that, with the effect the project has on the neighborhood and the city in general. If the environment of the city is pleasant, then more people will want to live there and more companies will want to open there and you will have an upward spiral.

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I laughed at the 8 jobs too, but there is a heckuva lot more to the DA Blodgett building than just the 8 jobs. They should have reported on the housing etc. that will also happen as this project takes off.

Joe

Me too. I posted the "8 new jobs" thing because I thought it was funny that they would print that.
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