At the request of the City of Richmond, the study team completed an economic impact analysis to quantify, as much as possible, the likely economic benefits that BRT might provide. The analysis used the example of the Euclid Corridor BRT improvements made in Cleveland, Ohio, as a basis for assessing the likely benefits to property values in the city and county. The analysis also noted qualitative features that help to capture economic values from BRT investments, such as appropriate land use policies. The study also estimated the employment and wage benefits of constructing and operating the Broad Street BRT.
Economic Impacts Study (PDF)
The analysis concluded that construction of the BRT would result in modest economic benefits. Long-term results would include increases in the average annual property tax revenue of about $4 million, about the same amount it would cost to operate the proposed BRT service. In general, the analysis concluded that BRT would be a catalyst for additional development and would help spur continued conversion of office space to residential. These impacts should eventually help stimulate additional retail development in the corridor.
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