Impact of the Cool Insurance Area (formerly the Glens Falls Civic Center)

1. 2017-2018 Update: Economic & Fiscal Impact
Cool Insuring Arena

2. I. Introduction
II. Background of Analysis
III. Economic & Fiscal Impacts
IV. Benefits & Improvements
V. Case Studies
VI. Summary
VII. Questions
Agenda

3. About Camoin Associates
Founded in 1999 by Robert Camoin
Completed work in 32 states and counting
Employ 13 full-time staff
3

4. Background
 Warren, Washington, and Saratoga
 Comparison over time
 Aug. 2015 – Jul. 2016
 Aug. 2016 – Jul. 2017
 Aug. 2017 – Jul. 2018
 Focus on “Net New” Dollars

5. Total Arena Attendance
Attendance
150,000 150,000 151,371
176,114
208,332
-
50,000
100,000
150,000
200,000
Aug. 13 - Jul. 14 Aug. 14 - Jul. 15 Aug. 15 - Jul. 16 Aug. 16 - Jul. 17 Aug. 17 - Jul. 18

6. Attendance
7%
72%
14%
8% Shows, 7%
Adirondack Thunder
Hockey Games, 72%
Other Sporting Events, 14%
Non-ticketed Events, 8%
Aug. 17 - Jul. 18 Arena Attendance by Event

7. Economic Impacts
Aug. 15 – Jul. 16 Aug. 16 – Jul. 17 Aug. 17 – Jul. 18
$10,642,991 $12,144,364 $13,198,536
131 141 155
$3,631,771 $3,975,313 $4,324,636
Sales
Jobs
Earnings

8. Fiscal Impacts
$780,198
$854,754
$942,803
Aug. 15 – Jul. 16
Aug. 16 – Jul. 17
Aug. 17 – Jul. 18

9.  Quality of Place
 Sense of Community
 Healthy Business Environment
 Historical Value
 Downtown Revitalization
 Gathering Place
Other Benefits
Photo: Mark Kurtz

10.  Outdoor Video Board
 9-Screen Video Board
 6 LED Video Screens
 Arena Lights
 Updated Girders
 Locker Room Renovations and Flooring
 Wi Fi Installation
 Audio System
 Food & Beverage Upgrades
 Building Equipment Upgrades
 Private Luxury Suite
Improvements

11.  Addition to Front of Arena
 New Entrance & Meeting Space
 More Food & Beverage Space
 Renovations to Heritage Hall
 Additional Locker Room Areas
Desired Additional Improvements

13. It’s not uncommon that funding for sports arenas
and civic centers come from public subsidies
Sources
• Sports Stadiums + Public Subsidies.” University Of Michigan, www.umich.edu/~econdev/stadium_subsidy/.
• Fischenich, Mark. “Civic Center Subsidy Reaches $750,000.” Mankato Free Press, 6 Dec. 2015, www.mankatofreepress.com/news/civic-center-subsidy-reaches/article_a86814f0-9b7b-11e5-99cd-3f1876ef0670.html.

14. How? Why?
 Cash payments
 Tax abatements
 PILOTS
 Infrastructure
improvement
 Operating cost
subsidies
 Portion of bed tax
 In-kind
 Economic growth
 Create jobs
 Increase spending
 More hotel stays and
meal purchases
 Sense of community
 Downtown
revitalization
 Local support

15.  Operated by City Center
Authority
 Receive approximately
$1.2M from County bed
tax annually
Case Study: Saratoga City Center

16.  Owned by Albany County
 County funded TU Center
parking garage and the
arena, and recent $20
million renovation
Case Study: Times Union Center

17. Summary
Benefit Aug. 17 – Jul. 18
Sales $13,198,536
Jobs 155
Earnings $4,324,636
Tax Revenue $942,803
Attendance 208,332

18. Questions