Lakeland Chamber of Commerce

Economic Impact Study

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

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Business Collaboration Center3

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

Historical Analysis of the Chamber

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Historical Analysis

SCORE

EMERGELakeland

Lakeland Economic Development Council

Puerto Rican Hispanic Chamber of Commerce of Polk County

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▸ Approximately $1.3 million budget

▸ $750k annual impact from local events hosted

▸ Approximately 1,450 members

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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Economic Impact Study

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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

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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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 TypeEmployment (# 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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Alternative 3 - Build HQ and Create BCC11

Alternative 3 Total Impact Summary

Impact TypeEmployment (# 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

Alternative 3 - Build HQ and Create BCC12

▸ 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

Our Economic Impact Findings13

You can also split your content1414

$6,338,780Total Economic Impact

$1,833,213New Labor Income to the area

45.9New Jobs Created

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Any questions?