Agenda 01/12/2021 Item #14B1 (P6NT, LLC Economic Incentives)01/12/2021
EXECUTIVE SUMMARY
Recommendation that the Board of County Commissioners, acting as the Community
Redevelopment Agency Board, consider providing an economic incentive to P6NT, LLC for the
redevelopment of two parcels located in the Bayshore Gateway Triangle Community
Redevelopment Area.
OBJECTIVE: To determine if an economic incentive is warranted for the redevelopment of two parcels
(1705 and 1807 Tamiami Trail East) located in the Bayshore Gateway Triangle Community
Redevelopment Area (BGTCRA) as presented by P6NT, the contract purchaser.
CONSIDERATIONS: On September 16, 2020, the CRA received a letter from Richard Yovanovich,
legal counsel to the P6NT, LLC, the contract purchaser for 1705 and 1807 Tamiami Trail East, requesting
a 50% tax increment rebate based on the future redevelopment of these two parcels. The proposed project
will consist of 120-unit hotel and 24 condominium units, and a restaurant. Per the letter, the tax rebate is
necessary for the project to succeed financially.
On October 13, 2020, this item was presented to the Board as a Public Petition. The petitioner requested
the Board allow them to prepare a Feasibility Study for staff to review and suggested an item on a future
Board agenda to discuss the project. The Board voted to allow the P6NT to present their analysis of the
project at a future meeting.
On December 8, 2020, the petitioner presented an overview of the economic impact of the proposed
project and their commitment to complete the project by July 2023. The analysis estimated $16.4 million
in taxes and fees and 1,040 total new jobs would be generated from the development. The board directed
staff to draft an incentive for consideration based on 50% of the tax increment generated from the hotel
portion of the development over a ten-year period. Staff estimates that value at $714,113, but it will
depend on final assessment on the property when it hits the tax roll and any value increase over the ten -
year period.
Pursuant to Ordinance 2000-42 which established the Collier County Redevelopment Trust Fund, the
increment is based on the collection from two taxing authorities: Fund 001 - General Fund (3.5645) and
Fund 111 Unincorporated General Fund (.8069) - totaling 4.3714 mils. Per Section 163.387 F.S., funds
allocated to this fund shall be used by the Agency to finance or refinance any community redevelopment
it undertakes pursuant to the approved community redevelopment plan.
In April 2019, the Board approved the first amendment to the Community Redevelopment Plan updating
the long-term vision and approach to redeveloping the Bayshore Gateway Triangle Community
Redevelopment Area.
The Plan provides the following guidance related to economic incentives:
• Objective 3: Incentivize desired types of development
• Strategy 2: Identify incentives and targeted assistance for a range of development and
redevelopment, including consideration of large catalyst development projects.
• Examples of Development Assistance and Incentives include density/intensity increases, Impact
fee offsets or payment over time, TIF Rebates and TIF money for infrastructure; land acquisition
for targeted needs; tenant attraction and relocation support, and micro-enterprise incubator and
technical assistance support.
• Short-term Non-Capital Expenditures - The plan identifies the Gateway Property Development
and the funding for potential incentive in support of the project at the apex of Davis and US41.
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Options available to provide economic incentives to this project include the payment of Collier County
Impact Fees and Building Permit Fees on behalf of the developer. Impact Fees for the commercial portion
of this project (125-rooom hotel) are estimated at $200,100, which includes reductions for previous
structure credits and reductions for Road Impact Fees paid prior related to the concurrency program. This
amount does not include the City of Naples Water Impact Fees or the Greater Naples Fire District Impact,
as they are payments to separate governmental entities. Impact Fees for the residential portion of this
project are estimated at $170,000. Collier County Building Permit Fees (including Inspection Fees, etc.)
are paid by the developer at various stages of the building permit review process and are estimated at
$714,166 by the Economic Impact Study.
Based on the capital investment for the commercial portion of the project and estimates of the future tax
increment that will be generated by the new development, a total maximum incentive of $714,113 is
proposed for the payment of applicable impact fees and other building permit-related fees.
Should the Board elect to provide this incentive package, the following structure is recommended to be
included in a future Capital Investment Agreement:
• Performance Standards:
o Certificate of Occupancy (CO) for the entire project will be received prior to July 31,
2023 and any delay in obtaining CO, except due to force majeure causes of delay, would
reduce the incentive by 20% for each 30-day extension; and,
o Incentive is contingent on the mix of uses proposed and architectural renderings as
presented and approved in the final Site Plan and any substantial deviation may terminate
the incentive; and,
o The Developer agrees to no annexation into the City of Naples.
• Following receipt of the Certificate of Occupancy, Impact Fees and/or Building Permit Fees will
be reimbursed by the CRA to the Developer in a total amount not to exceed $714,113.
• Impact Fees are due prior to Certificate of Occupancy and will be paid, in accordance with the
performance standards, to the applicable Impact Fee Trust Funds by the Developer and
reimbursed by the CRA.
• Building Permit Fees will be paid by the Developer and reimbursed by the CRA.
• City of Naples Utility Fees, Greater Naples Fire Impact Fees, and any other fees required by other
governmental agencies are the responsibility of the Developer.
FISCAL IMPACT: The maximum recommended incentive package is $714,113. The incentive will be
paid to the developer on a reimbursement basis upon issuance of the Certificate of Occupancy. The source
of funding for the reimbursement will be Bayshore CRA Fund (187). The Bayshore CRA budget will
include an annual set aside to ensure funding is in place for the incentive payment.
Estimated impact fees due total $370,100 with $200,100 applicable to the hotel and $170,000 applicable
to the residential component. The Developer estimated building permit fees to be $714,166.
GROWTH MANAGEMENT IMPACT: Not Applicable.
LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney, is approved as to
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form and legality, and requires majority vote for approval. -JAK
RECOMMENDATION:
1. That the Board deny the incentive because the project has not demonstrated a financial need or
public benefit: or
2. Approve the incentive and direct staff to facilitate the payment through the appropriate
mechanism (Capital Investment Agreement) consistent with the terms outlined in this Executive
Summary.
Prepared by: Debrah Forester, CRA Director
ATTACHMENT(S)
1. Site Map Mini Triangle (PDF)
2. P6NT Economic Impact Report 11-09-2012 (PDF)
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COLLIER COUNTY
Board of County Commissioners
Item Number: 14.B.1
Doc ID: 14602
Item Summary: Recommendation that the Board of County Commissioners, acting as the
Community Redevelopment Agency Board, consider providing an economic incentive to P6NT, LLC for
the redevelopment of two parcels located in the Bayshore Gateway Triangle Community Redevelopment
Area.
Meeting Date: 01/12/2021
Prepared by:
Title: – County Manager's Office
Name: Debrah Forester
12/28/2020 5:14 PM
Submitted by:
Title: – County Manager's Office
Name: Debrah Forester
12/28/2020 5:14 PM
Approved By:
Review:
County Manager's Office Debrah Forester Director - CRAs Completed 12/28/2020 5:14 PM
Corporate Business Operations Sean Callahan Executive Director- Corp Business Ops Completed 12/30/2020 9:58 AM
Capital Project Planning, Impact Fees, and Program Management Amy Patterson Additional Reviewer Completed 12/30/2020 1:47 PM
County Attorney's Office Jeffrey A. Klatzkow Level 2 Attorney Review Completed 12/31/2020 9:03 AM
Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 12/30/2020 1:51 PM
Budget and Management Office Ed Finn Additional Reviewer Completed 12/30/2020 2:38 PM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 01/04/2021 10:37 AM
County Manager's Office Sean Callahan Level 4 County Manager Review Completed 01/04/2021 2:28 PM
Board of County Commissioners MaryJo Brock Meeting Pending 01/12/2021 9:00 AM
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Mini Triangle:
CRA Boundary
Metropolitan Naples
P6NT
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Economic Impact of Construction, Sales Commissions, and
Operation of a Hotel and Condominium in Naples, FL
Prepared for:
P6NT, LLC
Prepared by:
David R. Evans
Evans, Carroll & Associates, Inc.
2785 NW 26th St.
Boca Raton, FL 33434
703-835-6978
www.evanscarrollecon.com
devans@evanscarrollecon.com
November 9, 2020
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Table of Contents
1. Executive Summary 3
2. Tabulation of Principal Results 5
3. Construction Costs, Hotel Revenue, and Condominium Sales Projections 8
4. Collier County Taxes and Fees 12
5. Jobs, Output, and Earnings 16
Appendix: About Evans, Carroll & Associates 25
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1. Executive Summary
This report provides the economic impact of the construction, sales commissions,
and hotel operations of a project with 125 hotel rooms and 24 condominiums. It will be
located at 1705 and 1807 Tamiami Trail East, Naples, FL 34112, in Collier County.
As will be described in the rem ainder of this report, based on projected property
taxes, construction costs, sales commissions, hotel revenue, and RIMS II multipliers for
Collier County, the project will generate about $16.4 million in taxes and fees from
2020 through 2032, 1,040 total new jobs, $137.5 million in new output (GDP)1, and
about $46.3 million in new earnings. Summary results are shown in Table 1-1.
Table 1-1. Summary, Economic Impact of the Project
Hotel Condos TOTAL
Taxes and Fees, 2020-32 (million $) $11.946 $4.406 $16.351
Total New Jobs 723.1 316.7 1,039.8
Increase in Output (million $) $94.815 $42.651 $137.466
Increase in Earnings (million $) $31.981 $14.333 $46.314
All figures calculated from unrounded numbers
Collier County Taxes and Fees
As described in detail in Section (4), about $16.4 million in taxes and fees will be
generated for Collier County in 2020 through 2032, from the following:
• $7.4 million in ad valorem tax – hotel ($3.6 million) and condos ($3.8 million):
o Property taxes for the site have been assessed at $49,270 in 2020; it is
assumed these will rise 3% per year during the construction phase.
o Once the hotel is open, property taxes have been estimated at $340,000
in 2024, and are also expected to rise 3% per year thereafter.
o Once the condos have been sold and occupied, property taxes have been
estimated at about $370,000 in 2024 (and rising 3% per year thereafter).
• $5.3 million in tourist development taxes, based on 5% of room revenue:
o Room revenue is projected to total about $8.3 million in Year 1 (May 1,
2023 through April 30, 2024), rising to about $12.7 million in Year 10.
o Total room revenue in calendar years 2023 through 2032 is projected to
total about $105.1 million – 5% of which is about $5.3 million.
• $2.3 million in sales tax, based on 1% of total hotel revenue (Collier County
sales tax is 7%; 6% goes to the state of Florida and 1% goes to the county):
o Total revenue is projected to total about $16.6 million in Year 1, rising to
about $28.9 million in Year 10.
o Total room revenue from 2023 through 2032 is projected to total about
$233.5 million – 1% of which is about $2.3 million.
1 Gross Domestic Product (GDP), or output, is the total market value of goods and services produced.
Note that GDP for all of Collier County was $17.9 billion (in 2018), per the Bureau of Economic Analysis.
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• $1.3 million in impact and building permit fees on the hotel and condos:
o About $761,000 for the hotel – $275,000 in impact fees (which includes
water and sewer fees) and $486,000 in building permit fees.
o About $583,000 for the condominiums – $355,000 in impact fees and
$228,000 in building permit fees.
Jobs, Output, and Earnings
As described in Section (5), about 1,040 total new jobs, $137.5 million in total
new output, and $46.3 million in total new earnings would be generated by the project.
The latest available RIMS II multipliers (2018) for Collier County are shown in
Table 2-4. Final demand multipliers represent the increase in total 2 employment,
output, or income for each $1 million in job-creating expenditures or revenue. For
example, a final demand employment multiplier of 10 would mean that for every $1
million spent, there would be an increase of 10 total jobs. As the RIMS II data are from
2018, all figures are deflated to 2018 dollars before applying the multipliers.
Hotel Jobs, Output, and Earnings
Construction and operation of the hotel would create about 723 new jobs,
$94.8 million in new output, and $32.0 million in new earnings:
• Hard Costs for the hotel are projected to total about $44.7 million, or $41.9 million
in 2018 dollars. The RIMS II final demand multipliers for nonresidential structures
in Collier County for employment, output, and earnings are 11.5438, 1.4588, and
0.5483, respectively. Thus the Hard Construction activity would create 484
new jobs, $61.1 million in output, and $23.0 million in earnings.
• Architectural & Engineering (A&E) costs for the hotel are projected to total $2.2
million in 2018 dollars. Based on the multipliers for A&E, A&E Services would
create 22 new jobs, $3.2 million in output, and $1.2 million in earnings.
• FF&E Purchases for the hotel are projected to total about $3.5 million in 2018
dollars. As described in Section (5), only indirect and induced effects are
included for FF&E Purchases. Based on the wholesale trade multipliers
(excluding direct effects), FF&E Purchases will create 10 new jobs, $1.2
million in output, and $0.3 million in earnings.
• For hotel operations, the economic impact is based on an annual revenue figure.
Revenue from the first stabilized year (Year 6) is used here – $25.7 million, which
equates to about $21.5 million in 2018 dollars. Based on the multipliers for
accommodations, Hotel Operations will create 208 new jobs, $29.3 million in
output, and $7.5 million in earnings.
2 “Total”, when referring to employment, output, or income, is the sum of direct, indirect, and induced
effects. Direct effects are the results of the money initially spent or received. Indirect effects are the
subsequent rounds of business activity in the supporting industries. Induced effects are the results of
increased personal income caused by the direct and indirect effects – i.e., a business with increased
revenue would increase its payroll; households would then increase spending at local businesses.
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Condominium Jobs, Output, and Earnings
Construction and sales commissions of the condos would create about 317
new jobs, $42.7 million in new output, and $14.3 million in new earnings:
• Hard Construction Costs for the condos are projected to total about $26.7 million,
or $25.1 million in 2018 dollars. Based on the RIMS II final demand multipliers for
residential structures, the Hard Construction activity would create 282 new
jobs, $38.1 million in output, and $13.3 million in earnings.
• A&E Services for the condos are projected to total about $1.0 million in 2018
dollars. Based on the A&E multipliers, A&E Services would create 10 new
jobs, $1.5 million in output, and $0.6 million in earnings.
• Sales Commissions are projected to be 4.5% of the sales prices of the condos
($55.2 million), which equates to about $2.5 million, or $2.3 million in 2018
dollars. Based on the multipliers for real estate, Sales Commissions would
create 25 new jobs, $3.0 million in output, and $0.5 million in earnings.
2. Tabulation of Principal Results
Table 2-1 shows the annual taxes and fees that would be received by Collier
County as a result of the project from 2020 through 2032, as will further be described in
Section (4). These include an ad valorem tax (property tax), a 5% tourist development
tax on hotel rooms, 1% of the sales tax going to the county, and fees associated with
construction of the project.
Table 2-1. Summary of Collier County Taxes and Fees,
2020 through 2032
HOTEL CONDOMINIUMS PROJECT
Ad Valorem Tourist tax Sales tax Fees Total Ad Valorem Fees Total TOTAL
2020 33,531 33,531 15,740 15,740 49,270
2021 34,536 761,097 795,634 16,212 582,692 598,904 1,394,538
2022 35,573 35,573 16,698 16,698 52,271
2023 36,640 276,510 110,927 424,076 17,199 17,199 441,276
2024 340,000 460,918 188,542 989,459 369,827 369,827 1,359,287
2025 350,200 503,527 211,929 1,065,656 380,922 380,922 1,446,578
2026 360,706 523,559 228,463 1,112,728 392,350 392,350 1,505,078
2027 371,527 539,266 244,105 1,154,898 404,120 404,120 1,559,018
2028 382,673 556,468 254,534 1,193,675 416,244 416,244 1,609,919
2029 394,153 572,619 262,055 1,228,828 428,731 428,731 1,657,559
2030 405,978 589,270 269,805 1,265,054 441,593 441,593 1,706,647
2031 418,157 606,949 277,900 1,303,005 454,841 454,841 1,757,846
2032 430,702 626,310 286,480 1,343,492 468,486 468,486 1,811,978
Total 3,594,375 5,255,396 2,334,738 761,097 11,945,607 3,822,965 582,692 4,405,657 16,351,264
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Table 2-2 shows (a) the developer’s projections for Hard Construction Costs,
A&E Services, FF&E Purchases, Sales Commissions, and stabilized annual revenue
from Hotel Operations; (b) the RIMS II final demand employment multipliers; and (c) the
number of jobs that would be created by the project. All figures are calculated from
unrounded numbers.
Table 2-2. Summary of Expenditure/Revenue Projections and
New Jobs Created
Hotel Exp / Rev Exp / Rev Final Demand Total
Activity (mill curr $) (mill 2018 $) Multiplier New Jobs
Hard Construction Costs 44.745 41.921 11.5438 483.9
Architectural & Engineering Services 2.207 2.156 10.1621 21.9
FF&E Purchases * 3.700 3.548 2.7209 9.7
Hotel Operations 25.713 21.468 9.6687 207.6
Total, Hotel 723.1
Condominiums Exp / Rev Exp / Rev Final Demand Total
Activity (mill curr $) (mill 2018 $) Multiplier New Jobs
Hard Construction Costs 26.747 25.059 11.2462 281.8
Architectural & Engineering Services 1.036 1.012 10.1621 10.3
Sales Commissions 2.484 2.318 10.6061 24.6
Total, Condominiums 316.7
Project Total 1,039.8
* Indirect and Induced effects only
All figures calculated from unrounded numbers
Table 2-3 shows the NAICS codes for each type of economic activity. The
descriptions are taken from: www.census.gov/cgi-bin/sssd/naics/naicsrch?chart=2017
Table 2-3. NAICS Codes for Each Type of Activity
2361 Residential Building Construction
2362 Nonresidential Building Construction
4232 Furniture and Home Furnishing Merchant Wholesalers
4234 Professional and Commercial Equipment and Supplies Merchant Wholesalers
4236 Household Appliances and Electrical and Electronic Goods Merchant Wholesalers
5312 Offices of Real Estate Agents and Brokers
5413 Architectural, Engineering, and Related Services
7211 Traveler Accommodation
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Table 2-4 shows the latest available (2018) RIMS II multipliers for Collier County,
Florida.
Table 2-4. RIMS II Multipliers for Collier County
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3. Construction Costs, Hotel Revenue, and Condominium Sales
Projections
This section provides the developer’s projections for construction expenditures,
hotel revenue, and sales of the condominiums.
Table 3-1. Construction and Development Budget
Land Costs
Land $8,600,000
RE Fee $86,000
Closing Costs $23,000
Land Cost Total $8,709,000
Finance
Loan Value $75,000,000
Lender Fee ( Origination Fee) $2,250,000
Finder's Fee $250,000
Loan Closing Costs $300,000
Mezzanine Interest N/A
Prepaid Construction Loan Interest $2,250,000
Title and Recording Fees $80,000
Sponsor Equity Interest / Pref $1,108,550
Property Taxes $156,858
Finance Cost Total $6,395,408
Soft Costs
Architectural $1,321,000
MEP and FP $387,725
Low Voltage In MEP / FP $0
Structural $145,000
Interior Design Inc Restaurant $635,000
Civil $76,500
Land Planning In Civil $0
Acoustic $69,300
Lighting $96,000
Landscape Architect $207,300
Geotech $17,500
Waterproofing $79,200
Pools and Water Features $82,536
Construction Inspections $67,500
Wind Analysis $0
Kitchen Design $8,000
Life Safety and Smoke Analysis $51,000
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Hotel Pre-Opening $350,000
Marketing $1,000,000
Procurement $500,000
Operational Accounting $35,000
Loan Administrator $15,000
Legal $10,000
Soft Costs Subtotal $5,153,561
Soft Cost Contingency 10% $515,356
Total Soft Costs $5,668,917
Development Fees
Development Fees $2,572,336
Development Fee Total $2,572,336
Owner Insurances
Builder's Risk & Gen Liability 1.50% $1,071,249
Insurance Cost Total $1,071,249
Impact, Utility and Permit Fees
Impact Fees incl Water and Sewer $629,623
FPL $125,000
Naples and County Bldg Permit Fees 1% $714,166
FDOT Improvements $75,000
Utility and Permit Total $1,543,790
Hard Costs
Vertical Construction $71,416,625
FF&E $2,750,000
OSE $650,000
IT $250,000
Signage $50,000
Hard Cost Subtotal $75,116,624
Owner Contingency 3% $1,877,916
Hard Cost plus Contingency $76,994,541
GRAND TOTAL DEVELOPMENT COSTS $102,955,242
As shown in the Hard Costs section above, vertical construction costs are
projected to total about $71.417 million. Table 3-2, below, shows these costs for the
site, the hotel, the condominiums (residences), and parking.
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Table 3-2. Vertical Construction Costs by Project Component
As will be discussed in Sections (4) and (5), many figures are only available for
the overall project. Thus, as shown in Table 3-3, we have reallocated the gross square
footage (gsf) of the parking areas into hotel and condominium gsf, based on number of
parking spaces designated for each. Each of the 24 residences will be allocated 2
parking spaces (48); the remainder of the 225 spaces will be for hotel guests (177).
Table 3-3. Gross Square Footage, Hotel and Condominiums
Gross Building Area gsf
Hotel 148,409
Condominiums 86,217
Parking + Below Grade Parking 106,139
Total 340,765
Parking Spaces Allocated for # %
Hotel 177 78.7%
Condominiums 48 21.3%
Total 225
Parking gsf Allocated to gsf
Hotel 83,496
Condominiums 22,643
Total gsf gsf %
Hotel 231,905 68.1%
Condominiums 108,860 31.9%
Total 340,765
Table 3-4, as provided by Indigo Road Hospitality Group, shows the projected
hotel revenue for the first 10 operating periods, each starting May 1 and ending the
following April 30. For example, total hotel revenue is projected at $16.639 million in
Year 1 (May 1, 2023 through April 30, 2024). This is the sum of: (a) room revenue of
$8.295 million (125 rooms * 66.1% occupancy * $275 ADR * 365 nights), (b) F&B
revenue of $6.531 million, and (c) other and minor operated department revenue of
$1.812 million.
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Table 3-4. Hotel Revenue by Operating Period (May - April)
Table 3-5, below, shows the projected total sales price for the 24 condominiums,
expected to be located on the 7th through 10th floors.
Table 3-5. Condominium Sales
# Units Total Sales Price
Condominiums 24 $55,198,115
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4. Collier County Taxes and Fees
This section shows the calculations used to project the taxes and fees that would
be received by Collier County as a result of the project. These include an ad valorem
tax, a tourist development tax (5% on hotel rooms), a sales tax es (whereby 1% goes to
the county), as well as impact and building permit fees associated with the construction.
A. Hotel Taxes and Fees
Ad Valorem Taxes
The ad valorem tax for the overall project in 2020 is based on the Notice of
Proposed Property Taxes from the Collier County Taxing Authorities (mailed August 17,
2020). Per this notice, if the proposed budget is approved, property taxes would be
$9,229.91 on 1705 Tamiami Trail East and $40,040.40 on 1807 Tamiami Trail East – for
a total of $49,270.
• As shown in Table 3-3, 68.1% of the project gsf is for the hotel; thus 68.1% of the
ad valorem tax – $33,531 – would be collected for the hotel in 2020.
• Ad valorem taxes are assumed to increase 3% per year during the construction
phase (2021 through 2023).
The client spoke to a Collier County tax appraiser, who suggested assuming an
assessed value for the hotel at $30 million with a millage rate of 11.3084 – which
equates to about $340,000 for property tax.
• Thus, as shown in Table 2-1, ad valorem taxes for the hotel are projected to be
$340,000 in 2024.
• Once again, ad valorem taxes are assumed to increase 3% per year.
Hence, for 2020 through 2032, ad valorem taxes for the hotel are projected to
total about $3.594 million – primarily after the hotel is open ($3.454 million from 2024
through 2032).
Tourist Development Taxes
The Tourist Development Tax rate for Collier County is 5% of hotel room revenue.
Projected room revenue is shown on the Hotel Rooms line item in Table 3 -4, for each
operating period ending April 30. Table 4-1, below, converts the hotel revenue
projections to a calendar year basis. For example:
• Hotel revenue for Year 1 (May 1, 2023 through April 30, 2024) is projected to
total $8,295,295.
• As two-thirds of the months (8 of 12) in Year 1 are in 2023, two-thirds of this
amount is expected to be accrued in 2023, $5,530,197.
• Thus the remaining one-third is expected to be accrued in 2024, $2,765,098.
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Table 4-1. Room Revenue and Tourist Development Taxes by Calendar Year
As shown above, Tourist Development Taxes are projected to total about $5.255
million from 2023 through 2032.
County Sales Taxes
While the sales tax rate in Collier County is 7%, 6% goes to the state of Florida
and 1% goes to Collier County. Projected hotel revenue (which includes F&B as well as
Other and Minor Operated Departments) is shown on the Total Revenue line item in
Table 3-4, for each operating period ending April 30. Table 4 -2, below, converts the
revenue projections to a calendar year basis.
Table 4-2. Hotel Revenue and Sales Taxes by Calendar Year
As shown above, from 2023 through 2032, Collier County Sales Tax Revenue is
projected to be 1% of revenue – which equates to about $2.335 million.
Fees
Per Table 3-1, in the Impact, Utility and Permit Fees section, the following two
line items are fees that will be due to Collier County – Impact Fees ($629,623) and
Building Permit Fees ($714,166). As these figures are for the total project, they need to
be split into fees associated with the hotel and condominiums.
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Starting with impact fees, the developer provided projections for impact fees
separately for the hotel and the condominiums. However, the credits associated with
some of these fees were for the overall project – so we allocated the net impact fees for
each category based on the percentages of the gross impact fees. For example:
• For Emergency Medical Services (EMS), gross fees are projected to total $9,250:
$7,630 for the hotel and $1,620 for the condos.
• There is a credit available of $3,293 – thus net EMS fees are $5,957.
• 82.5% of gross EMS fees ($7,630 out of $9,250) are projected for the hotel.
• Thus 82.5% of the net EMS fees ($4,913) are allocated to the hotel.
Table 4-3. Net Impact Fees, Hotel and Condominiums
As shown above, net impact fees for the hotel are projected to total $275,077.
Turning to the building permit fees, the projected fees of $714,166 are allocated
to the hotel and condos based on gsf (as shown in Table 3-3). As the hotel (including
parking spaces designated for hotel guests) will comprise 68.1% of the gsf, that
percentage of permit fees is allocated to the hotel, which equals $486,020.
Combining these two, fees are projected to total about $0.761 millio n for the hotel,
in the first year of construction (2021).
Further combining the fees with the ad valorem, tourist development, and
sales taxes, tax and fee revenue to Collier County from the hotel is projected to
total about $11.946 million from 2020 through 2032.
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B. Condominium Taxes and Fees
For the condos, there is only one tax revenue source (ad valorem), in addition to
the impact and permit fees.
Ad Valorem Taxes
As described earlier in this section, the ad valorem tax for the overall project in
2020 is $49,270.
• As shown in Table 3-3, 31.9% of the project gsf is for the condos; thus 31.9% of
the ad valorem tax, $15,740, is projected to be collected for the condos in 2020.
• Ad valorem taxes are assumed to increase 3% per year during the construction
phase (2021 through 2023).
Per the client, “The County will receive property taxes from each condo owner,
independently of the hotel – which will be assessed and paid separately in the first year
of ownership after the sale and then thereafter. The average county property tax rate is
0.67% of assessed value.”
• As shown in Table 3-5, the condos are expected to be sold for a total of about
$55.198 million; 0.67% of that figure equals $369,827.
• Once again, ad valorem taxes are assumed to increase 3% per year.
Hence, for 2020 through 2032, ad valorem taxes for the condos are projected to
total about $3.823 million – primarily after the condos are sold and occupied ($3.757
million from 2024 through 2032).
Fees
As shown in Table 4-3, net impact fees for the condos (including water/sewer)
are projected to total $354,546.
The projected building permit fees of $714,166 are allocated to the hotel and
condos based on gsf (as shown in Table 3-3). As the condos (including parking spaces
designated for condo residents) will comprise 31.9% of the gsf, that percentage of the
permit fees are allocated to the condos, which equals $228,146.
Combining these two, fees are projected to total about $0.583 million for the
condos, in the first year of construction (2021).
Further combining the fees with the ad valorem taxes, tax and fee revenue
to Collier County from the condos is projected to total about $4.406 million from
2020 through 2032.
When combining the fees and taxes for the hotel and condos, tax and fee
revenue to Collier County is projected to total about $16.351 million from 2020-32.
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5. Jobs, Output, and Earnings
In this section, the increase in jobs, output, and earnings resulting from the
project is shown for the 21 RIMS II industry categories for each activity. Note that in
these tables, output and earnings are in thousands of dollars. As the RIMS II data are
from 2018, all figures are deflated to a 2018 -dollars basis before applying the multipliers.
A. Hotel Jobs, Output, and Earnings
Hard Construction Costs
Hard Costs for the hotel and condos combined include $71,416,625 in Vertical
Construction and $75,000 in FDOT Improvements (as shown in Table 3 -1), for a total of
about $71.492 million. As described below, $44.745 million is allocated to the hotel.
• Per Table 3-2, $36,998,707 of the Vertical Construction costs are for the hotel.
• Further, per Table 3-2, Parking and Below Grade Parking are projected to total
$7,686,456; this gets reallocated based on number of parking spaces. Of the
225 parking spaces, 177 (78.7%) will be for hotel guests – so 78.7% of the
parking costs are allocated to the hotel, which equals $6,046,679.
• Site Costs are projected to be $2,421,965; these costs are reallocated based on
gsf. As the hotel will comprise 68.1% of the gsf (per Table 3 -3), hotel Site Costs
are projected at $1,648,250.
• The $75,000 in FDOT Improvements is also allocated based on gsf. 68.1% of
$75,000 equals $51,041.
Since construction costs are in 2020 dollars and the multipliers are from 2018,
this figure must be deflated to a 2018-dollars basis. The Producer Price Index (PPI) for
construction is expected to increase about 6.73% from 2018 to 2020, so the Hard Cost
figure is deflated by a factor of 1.0673 – which equates to about $41.921 million.
As construction will take longer than 24 months to complete, it is an industry
standard to include direct (as well as indirect and induced) effects for Hard Costs and
A&E Services.
Table 5-1. Increase in Employment, Output, and Earnings,
$41.921 Million in Nonresidential Hard Construction Costs (2018 Dollars)
Industry Group Employment Output Earnings
Agriculture, forestry, fishing, and hunting 1.0 80 25
Mining 0.1 29 4
Utilities 0.2 176 25
Construction 340.8 42,194 17,976
Durable goods manufacturing 9.7 2,209 470
Nondurable goods manufacturing 1.1 423 67
Wholesale trade 4.2 1,471 319
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Retail trade 24.9 2,398 755
Transportation and warehousing 3.3 293 96
Information 0.9 293 50
Finance and insurance 7.0 1,191 319
Real estate and rental and leasing 34.8 4,414 658
Professional, scientific, and technical services 7.8 981 482
Management of companies and enterprises 0.4 92 34
Administrative and waste management services 4.9 461 147
Educational services 1.3 80 38
Health care and social assistance 15.9 2,058 813
Arts, entertainment, and recreation 2.9 218 59
Accommodation 2.1 319 80
Food services and drinking places 9.5 721 214
Other services 9.5 1,040 340
Households 1.6 21
Total 483.9 61,142 22,990
Table 5-1 shows that 483.9 new jobs would be created by the Hard Construction
activity for the hotel. Total output would increase about $61.1 million, with household
earnings up by about $23.0 million. Output per new worker would be about $126,300,
with average annual earnings of about $47,500.
Architectural & Engineering Services
A&E Services for the hotel and condos are projected to total $3,243,561; this is
the sum of the first 17 line items under Soft Costs in Table 3-1 (Architectural through
Life Safety and Smoke Analysis).
The costs are reallocated to the hotel and condos, based on gsf. As described
above, the hotel is expected to comprise 68.1% of the gsf – so hotel A&E costs are
projected to be about $2.207 million.
This figure must be deflated to a 2018-dollars basis before applying the
multipliers. The PPI for A&E services is expected to increase 2.40% from 2018 to 2020,
so the A&E Services equate to about $2.156 million, in 2018 dollars.
Table 5-2. Increase in Employment, Output, and Earnings,
$2.156 Million in A&E Services (2018 Dollars)
Industry Group Employment Output Earnings
Agriculture, forestry, fishing, and hunting 0.1 4 1
Mining 0.0 0 0
Utilities 0.0 10 2
Construction 0.1 17 4
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Durable goods manufacturing 0.1 20 4
Nondurable goods manufacturing 0.1 19 3
Wholesale trade 0.1 39 8
Retail trade 1.0 95 30
Transportation and warehousing 0.2 18 6
Information 0.1 17 3
Finance and insurance 0.4 69 18
Real estate and rental and leasing 2.1 258 37
Professional, scientific, and technical services 14.4 2,270 962
Management of companies and enterprises 0.0 9 4
Administrative and waste management services 0.6 57 22
Educational services 0.1 4 2
Health care and social assistance 0.8 107 42
Arts, entertainment, and recreation 0.2 14 4
Accommodation 0.2 27 7
Food services and drinking places 0.8 59 18
Other services 0.5 56 18
Households 0.1 1
Total 21.9 3,170 1,195
Table 5-2 shows that 21.9 new jobs would be created by the A&E activity for the
hotel. Total output would increase about $3.2 million, with household earnings up by
about $1.2 million. Output per new worker would be about $144,700, with average
annual earnings of about $54,600.
FF&E Purchases
FF&E Purchases are projected to total $3.700 million; this is the sum of the
following 4 line items from Table 3 -1: FF&E, OSE, IT, and Signage. All FF&E is
primarily for hotel guests; thus no reallocation is necessary.
The deflator for FF&E Purchases is an average the PPIs for (a) household &
institutional furniture & kitchen cabinet manufacturing and (b) audio & video equipment
manufacturing. These are expected to increase 4.29% from 2018 to 2010; this the
FF&E Purchases equate to about $3.548 million in 2018 dollars.
It is also an industry standard to only include indirect and induced effects for
FF&E Purchases; for one, furniture is typically manufactured outside of the county.
Nevertheless, there is still indirect (subsequent business activity) and induced
(additional spending) economic activity.
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Table 5-3. Increase in Employment, Output, and Earnings,
$3.548 Million in FF&E Services (2018 Dollars)
Industry Group Employment Output Earnings
Agriculture, forestry, fishing, and hunting 0.1 4 1
Mining 0.0 0 0
Utilities 0.0 16 2
Construction 0.1 24 6
Durable goods manufacturing 0.0 11 2
Nondurable goods manufacturing 0.1 27 5
Wholesale trade 0.2 73 16
Retail trade 1.0 97 31
Transportation and warehousing 0.7 80 31
Information 0.1 31 6
Finance and insurance 0.5 89 24
Real estate and rental and leasing 2.6 330 48
Professional, scientific, and technical services 0.9 99 49
Management of companies and enterprises 0.1 31 12
Administrative and waste management services 0.6 59 20
Educational services 0.1 4 2
Health care and social assistance 0.8 100 39
Arts, entertainment, and recreation 0.2 16 5
Accommodation 0.1 20 5
Food services and drinking places 0.6 44 13
Other services 0.6 70 23
Households 0.1 1
Total 9.7 1,225 342
Table 5-3 shows that 9.7 new jobs would be created by the FF&E activity. Total
output would increase about $1.2 million, with household earnings up by about
$342,000. Output per new worker would be about $126,900, with average annual
earnings of about $35,500.
Hotel Operations
For hotel operations, the increase in employment, output, and earnings is based
on an annual revenue figure. For the purposes of our calculations, revenue from the
first stabilized year (Year 6) is used, $25.713 million, as shown in Table 3-4.
As this figure is in 2028-29 dollars and the multipliers are from 2018, it must be
deflated to a 2018-dollars basis. While the PPI for accommodations is expected to
decrease 6.37% from 2018 to 2020, we assume it will increase 3 .00% per year going
forward. Thus the hotel revenue figure is deflated by a factor of 1.1978, which equates
to about $21.468 million in 2018 dollars.
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Table 5-4. Increase in Employment, Output, and Earnings,
$21.468 Million in Hotel Revenue (2018 Dollars)
Industry Group Employment Output Earnings
Agriculture, forestry, fishing, and hunting 0.4 32 9
Mining 0.0 0 0
Utilities 0.2 189 28
Construction 0.9 198 47
Durable goods manufacturing 0.3 58 13
Nondurable goods manufacturing 0.6 152 28
Wholesale trade 0.9 309 67
Retail trade 7.5 700 221
Transportation and warehousing 1.9 195 79
Information 0.6 191 39
Finance and insurance 4.3 635 191
Real estate and rental and leasing 14.7 1,846 266
Professional, scientific, and technical services 4.2 511 258
Management of companies and enterprises 1.3 288 112
Administrative and waste management services 5.1 459 146
Educational services 0.5 30 13
Health care and social assistance 5.1 665 262
Arts, entertainment, and recreation 1.6 116 32
Accommodation 145.3 21,729 5,322
Food services and drinking places 7.5 494 167
Other services 4.0 479 148
Households 0.5 6
Total 207.6 29,277 7,454
Table 5-4 shows that 207.6 new jobs would be created by the Hotel Operations
activity. Total output would increase about $29.3 million, with household earnings up by
about $7.5 million. Output per new worker would be about $141,100, with average
annual earnings of about $35,900.
Combining the construction and operations of the hotel, a total of 723.1
new jobs would be created from the 4 activities. Total output would increase
about $94.8 million, with household earnings up by about $32.0 million.
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B. Condominium Jobs, Output, and Earnings
Hard Construction Costs
As described earlier in this section, Hard Costs for the hotel and condos
combined are projected to total about $71.492 million. As described below, $26.747
million is allocated to construction of the condos.
• Per Table 3-2, $24,309,497 of the Vertical Construction costs are for the condos.
• Parking and Below Grade Parking are projected to total $7,686,456; this is
allocated based on number of parking spaces. Of the 225 parking spaces, 48
(21.3%) will be for condo residents – so 21.3% of the parking costs are allocated
to the hotel, which equals $1,639,777.
• Site Costs are projected to be $2,421,965; these costs are reallocated based on
gsf. As the condos will comprise 31.9% of the gsf (per Table 3-3), condo Site
Costs are projected at $773,715.
• The $75,000 in FDOT Improvements is also allocated based on gsf ; 31.9% of
$75,000 equals $23,959.
Since construction costs are in 2020 dollars and the multipliers are from 2018,
this figure must be deflated to a 2018-dollars basis. The PPI for construction is
expected to increase about 6.73% from 2018 to 2020, so the Hard Cost figure is
deflated by a factor of 1.0673 – which equates to about $25.059 million.
Table 5-5. Increase in Employment, Output, and Earnings,
$25.059 Million in Residential Hard Construction Costs (2018 Dollars)
Industry Group Employment Output Earnings
Agriculture, forestry, fishing, and hunting 0.8 65 20
Mining 0.0 25 3
Utilities 0.1 115 18
Construction 180.0 25,227 9,771
Durable goods manufacturing 5.2 1,140 256
Nondurable goods manufacturing 0.8 316 48
Wholesale trade 2.2 762 165
Retail trade 32.5 3,330 1,047
Transportation and warehousing 2.0 178 58
Information 0.5 175 30
Finance and insurance 4.2 719 190
Real estate and rental and leasing 20.9 2,619 383
Professional, scientific, and technical services 4.0 514 251
Management of companies and enterprises 0.3 68 28
Administrative and waste management services 3.2 293 93
Educational services 0.7 48 20
Health care and social assistance 9.2 1,188 469
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Arts, entertainment, and recreation 1.7 128 35
Accommodation 1.2 185 45
Food services and drinking places 5.6 421 123
Other services 5.5 609 198
Households 0.9 13
Total 281.8 38,125 13,261
Table 5-5 shows that 281.8 new jobs would be created by the Hard Construction
activity for the hotel. Total output would increase about $38.1 million, with household
earnings up by about $13.3 million. Output per new worker would be about $135,300,
with average annual earnings of about $47,100.
Architectural & Engineering Services
A&E Services for the hotel and condos are projected to total $3,243,561; this is
the sum of the first 17 line items under Soft Costs in Table 3 -1 (Architectural through
Life Safety and Smoke Analysis).
The costs are reallocated to the hotel and condos, based on gsf. As described
above, the condos are expected to comprise 31.9% of the gsf – so condo A&E costs are
projected to be about $1.036 million.
This figure must be deflated to a 2018-dollars basis before applying the
multipliers. The PPI for A&E services is expected to increase 2.40% from 2018 to 2020,
so the A&E Services equate to about $1.012 million in 2018 dollars.
Table 5-6. Increase in Employment, Output, and Earnings,
$1.012 Million in A&E Services (2018 Dollars)
Industry Group Employment Output Earnings
Agriculture, forestry, fishing, and hunting 0.0 2 1
Mining 0.0 0 0
Utilities 0.0 5 1
Construction 0.0 8 2
Durable goods manufacturing 0.0 10 2
Nondurable goods manufacturing 0.0 9 2
Wholesale trade 0.1 18 4
Retail trade 0.5 44 14
Transportation and warehousing 0.1 8 3
Information 0.0 8 1
Finance and insurance 0.2 33 8
Real estate and rental and leasing 1.0 121 18
Professional, scientific, and technical services 6.8 1,066 451
Management of companies and enterprises 0.0 4 2
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Administrative and waste management services 0.3 27 10
Educational services 0.0 2 1
Health care and social assistance 0.4 50 20
Arts, entertainment, and recreation 0.1 6 2
Accommodation 0.1 13 3
Food services and drinking places 0.4 28 8
Other services 0.2 26 9
Households 0.0 1
Total 10.3 1,488 561
Table 5-6 shows that 10.3 new jobs would be created by the A&E activity for the
condos. Total output would increase about $1.5 million, with household earnings up by
about $561,000. Output per new worker would be about $144,700, with average annual
earnings of about $54,600.
Sales Commissions
As shown in Table 3-5, the condos are expected to sell for a total of about
$55.198 million. Commissions are expected to be 4.5% of the sales price, thus sales
commissions on the condos equate to about $2.484 million.
This figure must be deflated to a 2018-dollars basis as well. The PPI for offices
of real estate agents and brokers is expected to increase 7.14% from 2018 to 2020, so
this figure is deflated by a factor of 1.0714 – which equals $2.318 million in 2018 dollars.
Table 5-7. Increase in Employment, Output, and Earnings,
$2.318 Million in Sales Commissions (2018 Dollars)
Industry Group Employment Output Earnings
Agriculture, forestry, fishing, and hunting 0.0 2 1
Mining 0.0 0 0
Utilities 0.0 14 2
Construction 0.5 109 26
Durable goods manufacturing 0.1 11 3
Nondurable goods manufacturing 0.0 8 1
Wholesale trade 0.0 16 3
Retail trade 0.6 59 19
Transportation and warehousing 0.1 7 2
Information 0.0 9 2
Finance and insurance 0.4 85 22
Real estate and rental and leasing 20.7 2,505 354
Professional, scientific, and technical services 0.3 33 16
Management of companies and enterprises 0.0 2 1
Administrative and waste management services 0.6 53 16
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Educational services 0.0 2 1
Health care and social assistance 0.4 46 18
Arts, entertainment, and recreation 0.1 8 2
Accommodation 0.1 11 3
Food services and drinking places 0.4 29 9
Other services 0.2 28 9
Households 0.0 0
Total 24.6 3,037 510
Table 5-7 shows that 24.6 new jobs would be created by the Sales Commissions
activity. Total output would increase about $3.0 million, with household earnings up by
about $510,000. Output per new worker would be about $123,500, with average annual
earnings of about $20,700.
Combining the construction and sales commissions of the condos, a total
of 316.7 new jobs would be created from the 3 activities. Total output would
increase about $42.7 million, with household earnings up by about $14.3 million.
When further combining the job creation from the construction, operations,
and sales commissions of the project, a total of 1,039.8 new jobs would be
created. Total output would increase about $137.5 million, with household
earnings up by about $46.3 million. Output per new worker would be about $132,200,
with average annual earnings of about $44,500.
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Appendix: About Evans, Carroll & Associates
Evans, Carroll & Associates (ECA) has been providing economic forecasting and
consulting to clients since 1981. The firm specializes in economic impact studies and
the development of custom econometric models for individual industries and
companies. ECA has successfully submitted hundreds of economic impact reports for
the EB-5 program that have been carefully scrutinized and approved by USCIS.
Dr. Michael K. Evans is the founder and chairman of ECA. Previously, Dr.
Evans was founder and president of Chase Econometrics (1970-1980), and served as
Clinical Professor of Economics at Kellogg Graduate School of Management,
Northwestern University (1996-99) and Assistant and Associate Professor of
Economics, Wharton School, University of Pennsylvania (1964 -69). Dr. Evans has
published over a dozen books and hundreds of articles.
Since early 2016, the firm’s economic impact practice has been led by David R.
Evans; the two have worked together on economic impact studies since 2012. Prior to
joining ECA, Mr. Evans served as the Chief Scoring Officer for Capital One Bank (1999 -
2011). He started his career in economic consulting (1989 -99), most notably at
PriceWaterhouseCoopers. Mr. Evans received his degree in Economics from Brown
University in 1989.
For more information, please see our website, www.evanscarrollecon.com.
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