IOWA CONVENTION & ENTERTAINMENT REINVESTMENT DISTRICT C1 AND C2 ECONOMIC ANALYSIS REPORT FROM C.H. JOHNSON CONSULTING INC. IOWA CONVENTION & ENTERTAINMENT REINVESTMENT DISTRICT ECONOMIC IMPACT ANALYSIS FROM C.H. JOHNSON CONSULTING INC. Iowa Convention and Entertainment Reinvestment District Des Moines, Iowa Economic Impact Analysis SUBMITTED TO Downtown Community Alliance SUBMITTED BY C.H. Johnson Consulting, Incorporated February 20, 2015 IOWA CONVENTION & ENTERTAINMENT REINVESTMENT DISTRICT ECONOMIC IMPACT ANALYSIS FROM C.H. JOHNSON CONSULTING INC. February 20, 2015 Mr. Tim Leach Director of Economic Development Downtown Community Alliance 700 Locust Street, Suite 100 Des Moines, Iowa 50309
[email protected] RE: Economic Impact Analysis for Iowa Convention and Entertainment Reinvestment District in Des Moines, Iowa Dear Mr. Leach: C.H. Johnson Consulting, Inc. is pleased to submit this report to the Downtown Community Alliance regarding the proposed Iowa Events Center (IEC) Headquarters Hotel and Iowa Convention and Entertainment Reinvestment District in Des Moines, Iowa. Pursuant to our engagement, this report provides a benchmarking analysis of comparable facilities and markets, an analysis of lost business from the IEC, an assessment of the impact of a headquarters hotel on demand for convention facilities, and a projection of the economic impact of the proposed Headquarters Hotel, Randolph Hotel, and 420 Court projects in Des Moines. Johnson Consulting has no responsibility to update this report for events and circumstances occurring after the date of this report. The findings presented herein reflect analyses of primary and secondary sources of information. Johnson Consulting used sources deemed to be reliable, but cannot guarantee their accuracy. Moreover, some of the estimates and analyses presented in this study are based on trends and assumptions, which can result in differences between projected results and actual results.