Report: Alexandria’s Potomac Yard entertainment district would create 30,000 jobs
A newly released economic study is providing more insight into what the arena plan in Alexandria’s Potomac Yard might look like if the Washington Capitals and Wizards move.
The Alexandria Economic Development Partnership in Virginia hired the economists to conduct an impact analysis to assess the economic and fiscal impacts of the development at Potomac Yard.
The study reveals the proposed entertainment district would generate nearly 30,000 permanent jobs and generate nearly $8 billion for the Commonwealth.
The new arena for the Caps and Wizards would cost taxpayers $1.35 billion in state issued bonds. However, extra revenue raised by business in the arena district would pay off those bonds.
A memo on the plan from the Alexandria Economic Development Partnership said that the entertainment district is projected to generate “roughly 2.5 times the economic output of what would otherwise be built based on current development plans.”
The plan particularly focused on the difference in impact between two potential development scenarios.
The report was made public on Saturday night during the long holiday weekend.
The group said the following taxes would benefit the state of Virginia, including income tax from employment on site, visiting/home team players and visiting performers, new business activity based on the projected mix of uses and employment and hotel tax.
The final stage of the project would be set to be finished in 2036.