Local Economic Benefit
At full build-out, Cross Creek is projected to contribute in excess of $17 million dollars in gross revenue for Fauquier County over the next 10
years.1 The projected net revenue contribution of Cross Creek to Fauquier County is estimated to be just less than $16 million in the same 10 year
period.2 Beginning in its fourth year of operation, Cross Creek’s annual contribution to Fauquier County is projected to be in excess of $2 million per year.
The extremely positive net fiscal benefit is such a large portion of the gross revenues because the cumulative cost to Fauquier County of providing public services to Cross Creek, over the same 10-year period, will be less than $1.3 million.
Equally as important from a local perspective, the above economic benefits are solely related to on-site development of Cross Creek and exclude any and all off-site economic benefits, such as: nearby commercial redevelopment, local employment opportunities, and substantially reduced travel time for local residents.
Additionally, Fauquier County’s assessed real estate values are skewed 88.9% for residential property and only 11.1% for commercial property, leaving an unnecessarily high burden on local residents. The development of Cross Creek will be a big step forward for Fauquier County in reducing its dependence on residential property assessments to generate County fiscal revenues.
1 Projected 10 year gross revenue generation, based on Fiscal Impact Analysis, dated April 6, 2007, as prepared by Fore Consulting, Inc.
2 Projected 10 year net revenue generation, based on Fiscal Impact Analysis, dated April 6, 2007, as prepared by Fore Consulting, Inc. Net revenue represents the difference between the projected gross revenue and the cost incurred by Fauquier County to provide public services to Cross Creek during the identified time period.
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