The College Shares Maine Financial Analysis Impact Report

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The College Shares Maine Financial Analysis Impact Report THE PublishedC by the StudentsOLBY of Colby College since 1877 October 17, 2019 Volume CXXXXII, ENo. V CHO Waterville, Maine The College shares Maine financial analysis impact report BY LOUISA GOLDMAN & with city leaders.” Since 2015, the Col- SHOSHI LEVITON Despite this years-long lege’s investment in Co Editors-in-Chief collaboration, many Wa- Waterville has turned terville-area residents around these downward Over the past sev- have criticized Colby growth trends. Anal- eral years, the College for their tax-free status ysis was conducted by has worked to increase as an educational insti- economist Chuck Law- its investments in Wa- tution. In 2018, for in- ton, Ryan Wallace of the terville and the great- stance, Winslow resident University of Southern er Maine community. Mark Andre launched a Maine’s Maine Center These investments have campaign to ask Colby for Business and Eco- ranged from the expen- for a $15 million dona- nomic Research, and sive construction of the tion in order to decrease Michael Levert of Step- Bill and Joan Alfond Waterville’s seemingly wise Data Research. Main Street Commons lofty mill rate. Greene, “[There’s] a total to the implementation however, maintains that change from where Wa- of a downtown civic en- the College pays its fair terville is now relative gagement requirement. share of taxes downtown. to the counties in which The College released a “This idea that Colby we live and the rest of report on Oct. 15 detail- doesn’t pay any taxes is Maine,” Greene said. ing this growth and its a myth,” Greene stated. “You are seeing that in economic impact on the “Yes, we are a tax-ex- the population increase, surrounding communi- empt institution, but in higher wages in the ty between Fiscal Years we agree to pay proper- area, new jobs, more (FY) 2014 and 2018. ty taxes on buildings in investment in the city “When we started the downtown Waterville.” overall in ways that you planning process, we According to the re- aren’t seeing in other did it in a way that is port, in FY18 the College local areas.” unusual for most col- generated approximate- Businesses owners and leges and universities. ly $8.7 million in taxes, employees in Waterville We wanted to invest in a 58.6% increase from feel the positive presence Colby for sure and make FY14. This number in- of the College downtown. this a better experience cludes income, sales, and Kevin Joseph is originally for students and be able property taxes associated from Waterville and has to attract great faculty with employees and as- owned You Know Whose here,” President David sets of the College. Pub for the past 19 years. Greene said in a recent “If you look [where] Joseph will be opening a one-on-one interview the Alfond Commons is, new fast-casual Mexican with the Echo. “But we that was an empty park- restaurant on Main Street also wanted to do it in a ing lot; no taxes gener- called Guacamoles. In an way that would help the ated from that spot at interview with the Echo, local community, and all,” Greene said. “We’re Joseph described the devel- that’s the unusual part.” paying $65,000 a year opment of downtown. Stressing the impor- in taxes on that build- “I think the overall tance of community ing, which is twice what [impact] on Main Street collaboration, Greene we are required to pay itself has improved im- explained how the Col- and we are doing that to mensely,” Joseph said. lege partnered with the help support the city.” “Everyone’s jumping on Source: The Economic Impact of Colby College City of Waterville on Assessing economic board too, not just only this initiative. impact is especially im- [to] help Colby, but [to] citement about improve- one area Greene hopes Although students are “We started this from portant for a state like help Waterville in the ments downtown. to see improvement is attracted to Waterville the beginning by working Maine, which is facing sense that it’s more in- “It’s been nice, espe- in the number of over- to attend Colby and with a group of 25 people: a demographic crisis. viting to come down to.” cially to see for local night visitors. currently 15 percent the mayor, the city manag- Maine is ranked 45th in Nikki Sites, a barista business like here,” Sites “When you look at of the College’s alumni er, business leaders, civic population growth com- at Selah Tea, has lived in said, referring to the in- Waterville versus oth- live in Maine, according leaders, all working togeth- pared to other states, and Waterville all her life and creased volume of stu- er towns in Maine we to Greene, a majority of er and saying what needs its death rate exceeds its has noticed a direct im- dents downtown and at are very low on wheth- students who chose to to be done in Waterville,” birth rate. Nearly every pact of Colby’s downtown Selah Tea. er people stay over- remain in Maine don’t Greene said. “It wasn’t Col- Maine county has a high- presence on business. Growing student en- night in Waterville,” stay in Waterville. by’s plan. It was a plan we er death rate than birth In an interview with the gagement on Main Street Greene said. “We’ve talked about developed in partnership rate, according to Greene. Echo she expressed ex- is merely one benefit of Greene hopes that the whether there are the College’s contin- construction of a new things that we can do ued investment in the hotel downtown will in- to help encourage peo- community. According centivize visitors to stay ple to stay in Water- to Greene, homeowners in Waterville overnight. ville,” Greene said, not- also benefit from Col- “The hotel’s going to be ing that this is another by’s initiatives. a positive, that’s going to area that can benefit “For many of the peo- be right down on Main from improvement. ple who have been in Street, so that should be a Nevertheless, resi- Waterville, [sic] their very interesting aspect to dents note that this is a home value has never downtown Waterville,” Jo- giant step of improve- gone up and for most seph added, emphasizing ment for Waterville. Jim families that is the his excitement about in- LaLiberty, President of single most import- creasing visitors on Main Waterville Creates! and ant source of wealth,” Street and the impact it lifelong Waterville res- Greene said. “Now, see- will have on his business. ident, reflected on this ing [these] home values Beyond attracting milestone at an Oct. 15 going up [should allow] visitors, the College press conference. for many of these long- believes an increasing- “[This is a] historical term homeowners to ly vibrant Waterville inflection point for the sell their properties at will also entice stu- city of Waterville,” LaLib- a higher value than they dents and faculty. In erty said. were [able to] before.” an interview with the While this report is sim- As the number of Echo, Vice President for ply an analysis of an on- long-term residents Communication for the going project rather than in Waterville seems College Ruth J. Jackson a final assessment of the to increase, so too do expressed the impor- College’s success, Greene those numbers associ- tance of drawing people is still proud of the Col- ated with shorter-term to Colby. lege’s accomplishments. guests. According to “All of this work is re- “When you look over the report, last year the ally helping to attract the five years and say, College received 34,500 best faculty [and] staff ‘we’ve had a billion and visitors. Greene de- to the area. These are a half dollars worth of scribed how these vis- people that have a lot of economic impact in itors contribute to the options of where to work Maine from our own Waterville economy by and we want them here, little college,’ that’s a spending money on gas, and that has a direct im- lot,” Greene said. “I Louisa Goldman | The Colby Echo shopping at stores, and pact on the experience think we should feel The College hosted a press conferrence the announce the result of research into Colby’s economic impact in Maine. eating out. However, you have as students.” good about that.” Colby museum cura- Center for Small New Diamond pro- Colby security safety Cross country team tor moves to Port- Town Jewish Life gram allows for art column keeps its coach land Museum of Art hosts Shabbaton to flourish p. 6 p. 7 p. 3 p. 4 p. 5 Page 2 | The Colby Echo News October 17, 2019 Spa redesign committee to be formed in coming weeks BY DOMINIC GIARDINI to create a committee of he will have an in-depth ful” input throughout early will be freely available to ty this year. Leppo also News Reporter students, faculty, and staff role in driving the com- talks. join once it has formed; anticipates some sort specifically for this topic. mittee’s direction. He will If students would like its current formation date of method to collect Talks have been in Burrell-McRae explained also be in a useful posi- to contribute to the con- is to be determined, but large-scale student feed- place between the Student to the Echo her thought tion to field related ques- versation and supply their Leppo explained that this back as an alternative Government Association process in structuring her tions posed by the junior opinions, the committee topic is an SGA priori- participation option.
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