HomeMy WebLinkAbout2006 Taylor Creek Phases 2 & 3
PORT:
PROJECT NUMBER:
PROJECT NAME
FDOT DISTRICT
SEAPORT DREDGING PROJECT APPLICA nON
FORT PIERCE
2006- 00]
TA YLOR CREEK DREDGING
CmJNTY: ST. LUCIE
PART D - ECONOMIC BENEFIT ANALYSIS
1. THE ECONOMIC ANALYSIS FOR THE PROJECT MUST AT LEAST ANSWER THE FOLLOWING QUESTIONS:
A. On what projections of additional service or capacity is the project based or how is it needed to maintain existing service or
capacity?
Tay!or Creek has not been dredged in the past 40 years and has consequently sHted in, resu!ting in a need to restore its historic
depth to -12.5 ft. Mean Low Water. This project is intended to fully deve!op the Port of Fort Pierce in accordance with the
Port Master P!an which supports the deve!opment of a world class marine complex for megayachts. Taylor Creek will serve
as one of two primary channe!s for any megayacht facility. It should a!so be noted that, according to a study completed by
GEC in 2001, An Economic Analvsis of the District Waterways in St. Lucie County, recreationa! boating activities associated
with the !ntracoastal Waterway contributed over $193,000,000 annually in total sales to St. Lucie County's economy and
supported 1.377 direct jobs. Two major marinas that support recreational boating through docking, storage, fueling, and
repair services are located on Taylor Creek. The Taylor Creek project wi11 promote the continued operation of these marinas.
B. Compare present activity (cargo or passenger) at the port with anticipated increases in activity resulting from comp!etion of the
project.
A study completed by Fishkind & Associates in 2002, Economic Impacts on St. Lucie County Of A World Class Recreational
Marine Complex For Magavachts, estimated the economic impact of a megaycht facìlìty to the St. Lucie County economy
would be $32,127,507 annually. In that Taylor Creek being maintained at its historic depth of -]2.5 feet Mean Low Water is
integra! to the development of a megayacht comp!ex, it is projected the Taylor Creek Project wilJ minimally increase
economic activity at the/port by $32,127,507. To the degree that the
continue and expand operations, the project wi11
C. What is the expected life of the proj ect?
With the comp1etion of all three phases, it is expected that the creek wm be functional for 50+ years.
D. What type of existing employment is supported by the project? Wi11 the project provide support for any new employment? (If so,
please explain estimated employment and wages)
The 2002 GEC study indicated recreational boating activities associated with the Intracoastal Waterway in St. Lucie
County contributed 2,359 jobs to the St. Lucie County economy. It is estimated the two existing primary marinas on
Tay!or Creek contribute at least 5% of this total or existing] ] 8 jobs. The study by Fishkind & Associates projected a
megayacht facility at the port would support more than 750 new jobs in the local economy. The Taylor Creek project is
integral to maintaining and creating these jobs.
E What port or local government revenue estimates are associated with the project or wi11 result from the project?
The Fishkind study estimated a megayacht facility would generate $32,127,507 annually in economic impacts. A study by
the Tax Foundation indicates state and !ocal taxes comprise 9.2% of economic activity in Florida. Given that Taylor Creek
is integral to the megayacht facility, $2,955,000 (9.2% of $32, ]27.507) in government revenues wi!! be generated.
F. How will the port project affect and enhance the local. regionaL and state economies?
As indicated in the Fishkind study, the project will contribute to the generation of $32.] 27,507 in economic impacts.
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