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The following are a few examples of projects initiated or completed by FXM Associates in 2009. Assessment of Ports for Supporting Offshore Wind Energy Development, Clean Energy, Inc/Massachusetts Executive Office of Energy & Environmental Affairs. FXM is assessing waterborne logistics and landside support economics and modeling total direct, indirect, and induced economic effects of potential offshore wind energy development projects at Massachusetts and competitive ports. FXM is also assessing other cargo potential and preparing a business plan and operating pro forma for landside support of specific proposed offshore wind projects and major new investments in port infrastructure that could service other cargoes over longer time periods. Newport Harbor Strategic Plan, Rhode Island Coastal Resources Center/City of Newport. FXM is assessing the role of water-dependent uses in Newport on the local economy and tax base. FXM's work includes interviews with local businesses, case studies of other communities, and extensive analysis of secondary and primary survey economic and fiscal data. The project will produce objective data and analytic methods that can assist the City of Newport in evaluating the community-wide economic and fiscal effects of existing uses, special events, and potential waterfront development projects. Economic and Fiscal Effects of Maritime Industries on the State of Connecticut, Connecticut Maritime Coalition. FXM has identified by detailed NAICS code all potential business sectors within the Statewide economy directly and indirectly affected by water dependent industries; has assessed their total direct, indirect and induced effects on business output, jobs, income, and taxes within the State; and is completing an analysis of the potential impacts of dredging projects on the economy of Connecticut including State and local tax revenues. I-93 Tri-towns Interchange EIS, Massachusetts Highway Department & Executive Office of Housing and Economic Development. FXM is assessing the potential economic effects of new interchange and no-build alternatives on development potential within the immediate vicinity of the proposed interchange as well as local community and regional business output, jobs, income and taxes. FXM is also identifying and assessing the full range of potential secondary/indirect effects on population, jobs, and land development in multiple communities throughout the region using state-of-the-art econometric, input output, and land use allocation models. Downtown New Bedford Economic Revitalization and Development Study, City of New Bedford & MassDevelopment (completed August 2009). For the third time in the past ten years (prior studies completed in 2000 and 2007), FXM Associates was selected by the City of New Bedford to identify development/redevelopment opportunities in Downtown; assess market support for potential residential, retail, restaurant, and office uses; and develop a implementation strategy and mechanisms to achieve the City's goals of continued revitalization of its core district. These assignments have given FXM, public officials, and private developers and businesses a unique opportunity to systematically evaluate the successes and limitations of public and private initiatives carried out over the past ten years. Particularly noteworthy in the most recent study was the success of City officials, brokers, and non-profit organizations in recruiting 30 new retail and restaurant establishments over the past two years during a severe local and national recession. Shirley Avenue Neighborhood Gateway Planning Initiative, City of Revere, MA. (Completed August 2009) The Shirley Avenue neighborhood in Revere is comprised of a diverse mix of racial and ethnic populations whose primary languages include Khmer, Spanish, Portuguese, and Arabic, as well as English. Many are recent immigrants and most households have limited incomes. The project sought to address physical infrastructure including open space and public landscaping, housing and business conditions, and social networks that might be improved to provide greater economic opportunities for residents. In addition to participating in visioning sessions among neighborhood residents (led by Goody Clancy Associates, prime contractor), FXM's role was to a) assess current economic conditions and recommend ways to help local businesses expand their sales and employment, and b) identify workforce training and general educational opportunities and recommend ways to improve the outreach of regional Workforce Investment Boards, Community Development Corporations, private employers, and Community Colleges on behalf of neighborhood residents. South Coast Rail Economic Development and Land Use Corridor Plan, Massachusetts Executive Office of Transportation & Executive Office of Housing and Economic Development (Completed June 2009). FXM served as lead economist on this study of economic development, Smart Growth, and transit oriented development (TOD) potential that could be influenced by commuter rail service between the Boston region and 31 communities in Southeastern Massachusetts. FXM's role included an assessment of current and projected employment, income, population, housing, tax, and industry characteristics within each community and the region as a whole, as well as long term market-driven real estate development potential with and without commuter rail. FXM developed an innovative Revenue Model to show the extent to which residential and commercial real estate development within Transit Oriented Development (TOD) districts and new long term employment statewide leveraged by commuter rail might be used to help finance project costs, including real estate value capture and new state sales and income taxes from productivity gains attributable to the proposed commuter rail service. (www.southcoastrail.com) Recent Publications and Conference Presentations Francis X. Mahady, FXM Principal, and Michael L. Lahr, Senior Consultant have written a peer-reviewed paper that was published in the Transportation Research Record, Transportation Research Board of the National Academies (No.2067, "Societal and Economic Factors", 2008). The paper is titled Endogenous Regional Economic Growth through Transportation Investment and sets forth a method for estimating the effects of travel time savings on business output, jobs, income and taxes within a regional economy. The proposed Peace Bridge expansion in Buffalo, NY-Ft. Erie, CAN, is used as a case study example. Mahady and Lahr had initially presented their ongoing research on the relationship between travel times and economic development at the 4th International Conference on Transportation & Economic Development, sponsored by the Transportation Research Board of the National Academy of Sciences (2006, Little Rock, AK). That conference was attended by many of the world's foremost practitioners specializing in transportation economics, logistics, and economic development. Also at that conference, FXM assembled a group of experts for a panel session, "Thorny Issues in the Economic Rose Garden: A Discussion of Economic Impact Assessment Techniques." The session drew a large and broad audience of conference participants and included lively discussion of some of the key issues in the development of appropriate data and their technical evaluation. For the Boston Harbor Water Transportation Summit: Boston by Boat (Spring 2008) sponsored by Save the Harbor/Save the Bay. Frank Mahady of FXM presented an assessment of the economic effects of ferry, excursion, charter, shuttle and water taxi services in Boston Harbor on the city and regional economies. The Summit was attended by several State cabinet secretaries, State and local elected officials, vessel owners and operators, and business and real estate development leaders. For the 2008 annual meeting of the North Atlantic Ports Association (Providence, RI), Mr. Mahady made a presentation to the group called "Economic Development v. Real Estate Development". The presentation stressed the importance of considering direct and indirect business sales, jobs, and household income as well as real estate taxes in waterfront development. FXM's research on dozens of waterfront projects was cited comparing the direct, indirect and induced economic and tax effects within local and state economies of water dependent industries with those of residential, hotel, and retail developments along waterfronts. For the second time in the past three years (2007 and 2009), Frank Mahady, FXM Principal, has been asked to deliver the keynote address at the annual meeting of Downtown New Bedford, Inc. DNB is a non-profit organization representing over 150 businesses, developers, and financial institutions. Mr. Mahady's remarks have addressed the successes and failures of downtown revitalization efforts nationally over the past 40 years, current and projected market conditions, and offered specific recommendations for advancing economic development in New Bedford. |