Unlocking Economic Potential: The Financial Benefits of Revitalizing Jenks Downtown's Ten Blocks

Revitalizing Jenks downtown's Ten Blocks offers a compelling chance for economic growth and community sustainability. The expected outcomes over the next 30 years are significant, with estimates suggesting robust financial benefits for the city, local businesses, and residents. In this post, we will explore the economic rewards of this initiative and how it will transform Jenks into a bustling economic center.

Since most Jenks citizens don't have the time to review extensive documents, we've prepared a brief summary of the findings from the data presented to the City Council by Beck Design, Hunden Partners, SWA, and Walter P Moore. These findings align with The Ten Districts data, which is why we were the first to recognize and visualize the incredible potential.

A Promising Financial Outlook

Recent projections reveal that revitalizing The Ten District could lead to an outstanding $55 million in new tax revenues over three decades. This figure includes $30 million from property taxes, $18 million from sales taxes, and $7 million from hotel taxes.

This injection of funds is crucial for Jenks, providing resources to improve essential services and infrastructure, ultimately enhancing the quality of life for all residents.

Total Economic Activity

The total projected consumer spending generated by this revitalization initiative is estimated at around $776 million. This substantial figure encapsulates a comprehensive analysis of various types of economic activities and their ripple effects within the community. The $776 million projection includes direct spending, which refers to the immediate expenditures made by consumers on goods and services directly linked to the revitalization efforts. This might encompass purchases at newly established businesses, dining at revitalized restaurants, and engaging in activities facilitated by improved local infrastructure.

In addition to direct spending, the estimate also accounts for indirect spending. This component reflects the economic transactions that occur as businesses in the area purchase supplies and services from other local vendors to support their operations. For instance, a new café might source its coffee beans from a local roaster, and in turn, that roaster may need to purchase additional equipment or hire more staff to meet the increased demand. These interconnected transactions create a multiplier effect within the local economy, enhancing the overall financial impact of the revitalization.

Moreover, the projected figure includes induced spending, which represents the additional economic activity generated when employees of the newly established or expanded businesses spend their income in the local economy. This could involve expenditures on housing, groceries, entertainment, and other services that contribute to the overall economic health of the community. As these employees spend their earnings, they further stimulate demand for goods and services, thereby fostering a vibrant economic ecosystem.

Overall, the estimated $776 million in consumer spending not only highlights the immediate financial benefits of the revitalization project but also underscores its potential to create lasting economic growth and stability in the region. This multifaceted approach to understanding consumer spending emphasizes the importance of revitalization efforts in enhancing the quality of life for residents and promoting sustainable economic development. As such, the projected spending serves as a critical indicator of the positive outcomes that can be achieved through strategic investments in community enhancement and infrastructure improvements.

• Direct Spending: $496 million

• Indirect Spending: $159 million

• Induced Spending: $121 million

  
  

This wide range of economic activity highlights the extensive benefits of the project, which extend far beyond construction.

Earnings Contributions

Alongside significant spending, the development is expected to generate substantial earnings, projected to reach $192 million. This figure combines earnings from various sources:

• Onsite Office Earnings: $5 million

  This figure represents the total revenue generated directly from the operations conducted within the onsite office. It encompasses all forms of income derived from various services and products offered to clients and customers who engage with the company at its physical location. The onsite office earnings can be influenced by various factors, including the efficiency of the staff, the quality of the services provided, and the overall customer satisfaction levels. The $5 million figure indicates a solid performance, reflecting both the effectiveness of the onsite team and the demand for the services rendered within that specific location.

• Direct Earnings: $120 million

  Direct earnings are a critical metric that captures the total revenue generated from the primary business activities of the company. This substantial figure of $120 million is indicative of the company's core operations and its ability to generate income through direct sales to customers. It includes revenue from products sold, services rendered, and any other primary income-generating activities. The direct earnings figure is a testament to the company's market presence and competitiveness, showcasing its ability to attract and retain customers while effectively executing its business strategies. This level of earnings also suggests a robust demand for the company's offerings in the marketplace.

• Indirect Earnings: $35 million

  Indirect earnings amounting to $35 million highlight the revenue generated through secondary activities that support the primary operations of the business. These earnings often arise from ancillary services, partnerships, or collaborations that enhance the main business activities. For instance, indirect earnings can include income from affiliate programs, licensing agreements, or revenue generated through joint ventures. This figure underscores the importance of a diversified revenue stream, showcasing how the company leverages its core capabilities to create additional income opportunities beyond its immediate business operations.

• Induced Earnings: $32 million

  Induced earnings, totaling $32 million, refer to the economic impact generated as a result of the spending by employees and stakeholders who are directly involved in the company’s operations. This category of earnings reflects how the income earned by employees, contractors, and suppliers circulates within the local economy, leading to further economic activity. Induced earnings can arise from various expenditures, such as employee salaries spent on housing, food, and other services, which in turn stimulate the local businesses and contribute to the economic ecosystem. The $32 million figure illustrates the broader economic influence of the company, demonstrating how its operations not only benefit the organization itself but also positively impact the surrounding community and economy.

These earnings serve as a strong foundation for local businesses and stimulate further investment in Jenks.

Job Creation and Employment Opportunities

A major advantage of revitalizing downtown Jenks is the creation of jobs. The project is estimated to support up to 282 full-time equivalent (FTE) jobs at its peak. Here's the breakdown of employment opportunities:

• Onsite Office: 161 FTE

• Direct: 90 FTE

• Indirect: 16 FTE

• Induced: 15 FTE

  
  

This job growth will foster a stronger community and offer valuable work opportunities for local residents.

Average Annual Impact on the Community

The revitalization of Jenks downtown promises not just a temporary boost but a sustained average annual impact. Budget forecasts suggest the following economic activity per year:

Total Annual Spending: $25 million

- Direct: $16 million

- Indirect: $5 million

- Induced: $4 million

With ongoing spending, Jenks can expect continuous improvements in infrastructure and services.

Yearly Earnings and Job Statistics

Average annual earnings from revitalization are projected to be around $6.2 million. A closer look at the contributions reveals:

• Onsite Office Earnings: $0.2 million

• Direct Earnings: $4 million

• Indirect Earnings: $1 million

• Induced Earnings: $1 million

  
  

Additionally, the average annual job support will amount to approximately 277 FTEs, bolstering the job market in Jenks each year.

Long-Term Fiscal Benefits for Jenks

The ongoing fiscal influence on Jenks is highly promising. Annual contributions from the revitalization project are estimated as follows:

• City Sales Taxes: $0.6 million

• City Hotel Taxes: $1 million

• City Property Taxes: $0.2 million

  
  

This leads to an average annual fiscal impact of $1.8 million, which can be reinvested into the community, fostering further growth and improvements in local services.

Envisioning a Thriving Future for Jenks

The revitalization of Jenks downtown's Ten Blocks highlights the potential for future growth. With anticipated tax revenues of $55 million, total spending of $776 million, and meaningful job creation, this project is set to invigorate Jenks’ economic scene for years to come.

By focusing on the financial benefits, local leaders can rally community support and attract potential investors. As Jenks embarks on this transformative journey, both residents and business owners can look forward to a vibrant, thriving community that prioritizes economic growth and enhanced quality of life.

Revitalizing The Ten District represents a vision for a thriving, sustainable community where local businesses prosper and jobs flourish. With thoughtful planning and a focus on the future, Jenks is positioning itself as a center for growth and opportunity, benefiting both current residents and future generations.