Laserfiche WebLink
Executive Summary • DRAFT Ferry Financial Feasibility Studv & Cost -Benefit and Economic Im <br />E.2.7 Economic Impacts <br />Section 8 is a summary of the economic quantitative and qualitative impacts of the proposed ferry <br />service as prepared by EPS. Quantitative impacts comprise the development and operation of both <br />the new Redwood City Terminal and ferry -routes. Qualitative impacts comprise a broader discussion <br />of the ferry service support role in local and regional development and growth. <br />Quantifiable Impacts — Terminal and ferry -route operation impacts were estimated using the IMPLAN <br />economic model. Direct expenditure and job impacts were used to estimate total impacts including <br />multiplier effects (indirect supplier and induced responding) in terms of jobs, income, and output. <br />■ Terminal Construction —Terminal facilities costs range from $15 million to $20 million <br />depending on size and location. The high-end project cost will create approximately 185 one- <br />time construction jobs. <br />■ Terminal Operation — Once in operation, the terminal will require maintenance (security, <br />landscaping, electricity, water/wastewater, telecommunications, trash service, etc.) costing <br />approximately $200,000 annually, generating, at most, one new job. <br />■ Ferry Operations — WETA stated that four crews would operate a new Redwood City ferry <br />service. Including multiplier effects, ferry service will generate "indirect" and "induced" <br />economic activity that will range from $4.8 million to $10 million. <br />Qualitative Impacts—The proposed <br />ferry service could help mid -Peninsula <br />employers recruit workers from the <br />large market of East Bay residents, <br />which currently has limited transit <br />options to the mid -Peninsula. Ferry <br />service also provides another Redwood <br />City amenity that bolsters residential <br />and commercial development. However, <br />a myriad of other economic, social, and <br />political factors affects the extent of <br />both mid -Peninsula business and <br />Redwood City development impacts. <br />Changing commercial/economic <br />markets affects mid -Peninsula <br />Source: City of Redwood City, 2020 <br />employers — both at the retail and production side of the market. Social factors include changing <br />demographics of where people want to live and work, especially amidst COVID-19 and other societal <br />trends. Political factors include public sentiment and legislation regarding the how, where, and why of <br />Redwood City/mid-Peninsula growth (both commercial and residential). For these and other reasons it <br />is difficult to quantify the economic impacts associated with RWC ferry development in terms of jobs, <br />income, and output. Nonetheless, ferry service will provide another amenity to the region and better <br />enable Redwood City/mid-Peninsula to retain existing jobs, accommodate future growth, and <br />stimulate new development. <br />Smith <br />E-11 <br />