PRACTICE AREA

Fiscal & Economic Impact

Randall Gross has more than 33 years’ experience determining the economic and fiscal implications of master plans, transportation improvements, and development projects. In order to make informed decisions about growth and development, communities need to understand the specific impacts and benefits of proposed land use plans and development projects.

Cost-benefit analyses provide communities with the tools they need to make informed decisions before development occurs.  Fiscal impact analysis, which relates running costs and benefits to an annual fiscal budget, allows communities to judge projects and plans based on their long-term, ongoing impacts to their tax base, revenues and expenses. Often, fiscal analysis also examines pupil yields and the impact of residential development on school districts.  Economic impact analysis illustrates benefits to the local economy, usually in terms of jobs, output (GDP) and income; or estimates direct socio-economic benefits to communities and their residents, in the form of income, business spin-off, entrepreneurial opportunities, and social goods (enhanced personal and environmental health, community cohesiveness, etc).  Sometimes, these two tools are used together to assist communities with decision-making.

 Mr. Gross has prepared fiscal and economic impact assessments for a broad range of plans and projects, from big-city stadia to community redevelopment & transportation master plans. In recent years, he has assisted a growing number of communities with master plan fiscal impact analysis & Tax Increment Financing (TIF) revenue forecasting. Some jurisdictions require fiscal impact assessments for approval of private development projects and Mr. Gross has also provided such assessments, paid by developers but procured by local governments. Mr. Gross’s experience relating to fiscal & economic impact analysis includes:

1.     Comprehensive & Master Plan and Infrastructure Impact Assessments

2.     Civic, Tourism, and Cultural Facility Impact Assessments

3.     Private Real Estate Development Impact Assessments

4.     Military Base Reuse & Redevelopment Impact Assessments

5.     Special Taxing Districts & Infrastructure Finance