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Economic development staff reports tenant interest, warns detailed revenue data limited by confidentiality
Summary
Staff gave an update on recruitment at the Northeast Corner and on a forthcoming economic forecast and circulation/parking study; board members pressed for more granular revenue and foot-traffic data but staff said individual business tax figures are confidential and only aggregate distributions are available from the state.
Economic development staff told the Economic Development Advisory Board that prospective tenants for the Northeast Corner are actively negotiating and that the town’s recruitment team is optimistic, but staff said tenants are not disclosing firm deals yet.
The update, given at a board workshop, outlined two near-term staff deliverables: an economic forecast presentation to the town council in March and a follow-up briefing to the advisory board. Staff said visitation counts for the town center are roughly unchanged year over year and “visitation numbers are actually up,” while anecdotal reports from merchants suggest foot traffic may not be translating to retail sales.
Board members asked whether staff could provide tax revenue or per-tenant revenue figures for the town center. Staff replied that individual business sales-tax returns are confidential; the town receives only an aggregate check after the state’s distribution formula is applied. Staff said revenue forecasting will therefore combine multiple approaches: a forecast driven by state models, a square-footage retail-sales approximation (staff cited industry metrics such as roughly $350 per square foot), and analyses of accommodations (room counts, assumed occupancy rates and average daily rates) to estimate lodging-related tax receipts.
Staff said the team is improving the forecast from last year and intends to present metrics the town can track year to year, including potential data proxies if exact figures remain unavailable. Possible proxies discussed include building-permit values, seasonal water usage, short-term-rental counts, and anonymized cell-phone or drive-by activity data to estimate visitation patterns.
Parking and circulation in the town center were raised repeatedly. Staff said on-street parking options have been pulled back in the draft circulation plan and the town is exploring alternatives, including temporary or transitional parking solutions connected to redevelopment sites. Staff noted much of the town-center parking is privately owned, creating “shared parking” and access limitations that complicate public parking strategies.
Why it matters: the timing of the forecast matters for the FY26 budget process and for shaping redevelopment and parking decisions. Staff emphasized the need to standardize methods so year-to-year comparisons are meaningful even when detailed revenue data are not available.
