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Economist: overall project modeled as net fiscal positive; apartments alone modeled as net annual cost
Summary
An economic and cost‑of‑services analysis submitted by petitioners projects overall net fiscal benefits and about $100 million in construction output, but the report models the apartment component as an annual net cost (roughly -$1.42 million in the report) and a negative 30‑year present value for apartments under conservative assumptions; opponents stressed sensitivity to assumptions and long‑term present value.
Petitioners’ economist, Dr. Irani, presented a cost‑of‑services and economic impact report (dated 02/10/2026) that modeled operational costs, tax revenue and one‑time construction output. He reported an estimated annual fiscal surplus for the total buildout of about $8,818,000 in the report’s baseline and estimated construction output of roughly $100 million for the buildout. He said the model included the 39 MIHUs and treated service costs per resident consistently across housing types.
Dr. Irani also described results specific to the apartments: in the report’s baseline they result in a modeled net annual fiscal loss of about $1,420,000 and a negative 30‑year present value under the report’s conservative growth and discounting assumptions. He acknowledged those long‑term projections are sensitive to assumptions about budget growth, income growth and discount rates and that assumptions could reasonably be adjusted.
