Atlanta Braves new spring facility to be huge boon to SW Florida
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.