- File photo
TischlerBise, hired by the mayor's office at a cost of $56,000 to study the economic impact of Banning Lewis Ranch, found that the ranch's failure to develop after approval of the 1988 annexation agreement caused the city to lose out on:
Related City faced with changing the rules on Banning Lewis Ranch to spur development: Growing plains
• nearly $2.8 billion in economic activity, along with $1.7 billion in temporary economic impact during construction.
• 2,725 jobs and $1.2 billion in labor income.
• $122.2 million in tax revenue and utilities charges from 1995 to 2017, including $28.7 million from sales tax on construction; $31.9 million in other sales taxes; $7.2 million in property taxes, and $54.4 million in revenue to Colorado Springs Utilities.
The firm predicts that if 6,400 acres of the ranch develop during the next 30 years — the city's forecast under the new annexation proposal — the city would gain:
• 35,122 jobs and 22,905 homes built that would attract a population of 59,150.
• $41.7 billion in economic activity, along with $5.5 billion in temporary economic impact during construction.
• $451.2 million in various forms of revenue, including taxes and fees, of which $403 million would be spent providing services to the ranch, yielding a net gain of $49 million.