Leland Town Council hears a report on the economic feasibility of the potential Jackeys Creek Development project.
At its October 19 meeting, Leland Town Council received a report from consulting firm Baker Tilly on its economic feasibility study on the proposed Jackeys Creek Development project.
The Jackeys Creek Development project is a proposed mixed-use development being planned on an approximately 1,400-acre, privately owned site in Leland. The development would include hotels, mixed-use retail and office space, restaurants, rental and for-sale housing, medical offices and a 6,000-person capacity stadium. A venture to bring a minor league baseball team to the region has been proposed as a possible public-private partnership between the Town of Leland, REV Entertainment and Jackey’s Creek Investors, LLC.
The economic feasibility study into the potential impacts of Jackeys Creek Development shows the project could have significant positive regional impacts and be a major economic driver for job creation and economic output.
Financial analysis determined that the total estimated additional town and county property tax revenue, for the full build-out of the Jackeys Creek Development over an approximate 30-year project period, would be more than $182 million.
The development is projected to add $175 million in sales tax over the 30-year project period. The stadium’s estimated operating revenue is projected to be approximately $135 million over 10 years.
During the construction of the baseball stadium and Jackeys Creek full build-out, a total of 29,695 temporary jobs are estimated to be created and more than $5.1 billion of economic output and labor income generated. In addition to the temporary economic benefits, the stadium is projected to create 319 permanent jobs. The annual economic impact generated by the stadium is estimated to be approximately $21.9 million.
“There’s a clear desire for Leland to create a place with community character that can become a destination,” says Economic and Community Development Director Barnes Sutton. “Residents have expressed that the focus of our economic development efforts should be to diversify options for retail, dining, high-paying jobs and high-quality healthcare. This study is a major step to identify a path forward to do just that. Bringing something transformational to not just Leland, but the region, requires responsible long-term planning and innovative approaches to create something truly unique.”
Total preliminary cost estimates for the stadium are $59 million. The total preliminary budget for surrounding stadium infrastructure at its current proposed location, including site preparation, infrastructure and on-site utilities, is $46 million.
Due to the potential for new investment, new revenues and numerous economic benefits, Baker Tilly recommends the Town of Leland move forward in further exploration and proposed several next steps to inform the town in advance of making a future decision to move forward with the proposed baseball stadium in conjunction with the Jackeys Creek Development.
At the Leland Town Council’s direction, the town will continue evaluating its options and next steps as it explores innovative approaches to the project.