Charlotte, NC: CNIP
Urban3 was contracted by Stantec to perform econometric analysis as a part of The City of Charlotte’s Comprehensive Neighborhood Improvement Program (CNIP). This analysis focuses on identifying the net municipal revenue impact of private development resulting from public projects implemented within the West Trade/Rozelles Ferry study area. The primary question for our analysis was how much additional municipal property taxes can Charlotte expect to receive as a result of CNIP projects?
Urban3 analyzed current development and building value assessments and utilized land value appreciation trends throughout the project area and across the Charlotte market to create a baseline value forecast for the future. Specifically, the impact of light-rail transit access was measured elsewhere in Charlotte and applied to the future LYNX Gold Line extension and the future conditions of the West Trade/Rozelles Ferry area.
After a total public investment of $33.7 million, U3’s forecast estimated that the City will receive just under $52 million in additional taxes over 25 years. This results in a Returnon-Investment (ROI) of 154%. In other words, for every $1.00 dollar that Charlotte invests into the W Trade / Rozzelles Ferry Area, it can expect a result of around $1.54 in new city taxes after 25 years.
Project Manager, Stantec