SOURCE: San Diego Regional Economic Development Corporation

San Diego Regional Economic Development Corporation

July 14, 2010 14:37 ET

EDC Sponsored Study Proves PETCO Park Is Much "More Than a Ballpark"

SAN DIEGO, CA--(Marketwire - July 14, 2010) -  San Diego Regional Economic Development Corporation (EDC) announced today the results of its PETCO Park Economic Impact Study, quantifying the public/private investment in the Ballpark and 26-square-block Ballpark District compared to commitments contained in Proposition C, approved by voters in November 1998.

The study, conducted by Conventions, Sports & Leisure International (CSL), proves that the development of PETCO Park exceeded all of the City's expectations and projections with regards to job creation, sales tax revenue, private investment, increased property values, hotel rooms, commercial space, housing units, and property taxes.

In 1998, prior to voter approval of plans for PETCO Park, approximately 70 percent of the land in the Ballpark District of Downtown San Diego was vacant or used for outdoor parking/storage, and the entire East Village generated approximately $2 million in property tax revenue. As of year-end 2009, 3,585 residential units, 957 hotel rooms and approximately 610,000 square feet of commercial space had been constructed and opened surrounding PETCO Park, with a total estimated market value of $1.79 billion. Today, $1.3 billion in new direct spending has been generated in the City of San Diego. This has resulted in nearly $2 billion in total output, 19,200 jobs and $780 million in payroll since the construction of the Ballpark commenced. The construction of PETCO Park and Ancillary Development has led to a direct payback in terms of tax revenues to the City of San Diego and Centre City Development Corporation (CCDC). The City and CCDC have leveraged their investment into over $1.58 billion in private investment, or $5.25 for each $1 of public investment.

"Petco Park is a successful public-private partnership that has really delivered on its promise to be 'more than a ballpark.' It has turned out to be much more than a ballpark," said Julie Meier Wright, President & CEO, EDC.

"We are often asked to endorse major projects and lend support to making them a reality. From an economic development standpoint, such projects become regional assets that are part of what makes San Diego an attractive place for a company to invest or grow," said Wright. "There are other projects -- a main library, a new civic center, a convention center expansion, a football stadium -- that will have a favorable impact on our entire region. All of these projects deserve objective scrutiny to ensure that they are legally and financially sound and then they deserve public support."

EDC is supported by more than 150 of San Diego's largest companies and most influential business leaders. The group strengthens San Diego's business climate and maximizes its economic success through two key programs, business development and policy. The business development program supports corporate outreach and retention, while nurturing emerging industries and attracting new corporate investment through targeted marketing initiatives. The policy program focuses on creating a competitive business climate through workforce development initiatives and building the infrastructure to support 21st century industries.

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