2. Objectives
▸ Gather historical data & demonstrate the influence that the LCC has
had on the local economy
▸ Conduct economic impact study of potential alternatives for a new
building or “Business Collaboration Center”
▸ Provide an initial report to be used in the capital campaign for the
new multi-tenant facility
2
3. Business Collaboration Center
3
The Chamber of Commerce’s new Business
Collaboration Center (BCC) will be a driver for
future business growth and innovation in Lakeland
and the surrounding area by creating a one-stop
shop for small businesses in the area. Including:
▸ New office space for the Chamber, which
has outgrown its current Lake Morton
location
▸ Office space for small business tenants
▸ Space for partners, shared services
(professional mentoring; WiFi, printers,
etc.)
▸ Seminar rooms and education space for
events and training
6. LCC Value Chain
▸ Strong:
▹ Services promote
long-term retention
▸ Weak:
▹ Membership growth
is not scaling with
Lakeland’s economy
▸ Bottleneck:
▹ Operations isn’t
optimally converting
local businesses into
members
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8. Three Alternatives Tested
Alternative 1
- No New
Action
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Alternative 2
- New HQ
Building
- No BCC
Alternative 3
- New HQ
Building
- Create BCC
▸ Each alternative’s “events” included in the impacts from
IMPLAN
▸ Intangible benefits are factored in
▸ Alternative with the greatest possible output chosen
9. Alternative 1 - Chamber Continues Normal Operations
▸ Total annual output of
$1,927,777
▸ Total economic impact of
$1,280,556
▸ Confidence benefits
▸ Social benefits
▸ Special treatments
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10. Alternative 2 - Chamber Constructs New Headquarters
▸Addresses Chamber need
for better:
▹Space
▹Conference Center
▹Infrastructure
▹Technology
▸Centrally located
▸Provide a convenient and
accessible location
Alternative 2 Total Impact Summary
Impact Type
Employment
(# hired)
Labor Income Total Output
Direct Effect 26.2 $1,045,962 $3,904,325
Indirect Effect 7.7 $ 323,904 $ 918,630
Induced Effect 7.3 $276,712 $ 864,966
Total Effect 41.1 $ 1,646,578 $ 5,687,921
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11. Alternative 3 - Build HQ and Create BCC
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Alternative 3 Total Impact Summary
Impact Type
Employment
(# hired)
Labor Income Total Output
Direct Effect 29.6 $1,181,680 $4,396,153
Indirect Effect 8.2 $ 343,448 $ 979,588
Induced Effect 8.1 $ 308,085 $ 963,039
Total Effect 45.9 $ 1,833,213 $ 6,338,780
12. Alternative 3 - Build HQ and Create BCC
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▸ 58% increase in job growth
▸ 12% more likely to prefer
products over competitors
▸ 51% increase in consumer
knowledge
▸ 63% more likely to purchase
goods/services
