Economic impact announced for Bull Street property transformation
Thu, 27 Jun 2013 21:18:05 GMT —
COLUMBIA (WACH) -- More details about the proposed transformation of the Bull Street property were released Thursday at the Greater Columbia Chamber Of Commerce.
The development project, which is expected to take 20 years to complete, is expected to create over 11,000 new jobs once the project is complete and bring in more than $20 million a year for local government and schools.
That's more property tax revenue than is currently generated. The land is currently owned by the State, thus zero property taxes are paid.
The project is also expected to bring in more than $1.2 billion dollars in economic activity per year.
Lee Bussell, Chairman of the Board with the Greater Columbia Chamber of Commerce said, "We're now taking the action to actually make that bold vision a bold success. So we're proud to be a part of it, we're gonna do what we can to make it happen. We're going to monitor it, we want it to be successful, but we also want to make sure that when people say we're going to do something they do it."
Many historic buildings will be re-used and the project will proved approximately $1.7 million square feet of commercial and office areas.
There will be two public hearings with City Council. The first is scheduled for July 1.
However, Columbia City Councilman and candidate for Mayor, Moe Baddourah wants the hearings pushed back so more members of the public will be able to attend.
"I propose that we push back the public hearing until a time when more people will be able to attend. Public hearings serve an important purpose, and that purpose is undermined when such hearings are held in a manner that inhibits maximum citizen participation," Baddourah said.
More information about the economic impact of the Bull Street property can be found here.