Hall of Fame Village, the visionary project concept announced by the Pro Football Hall of Fame last fall, will have a major economic impact according to the results released this morning from a study conducted by Conventions, Sports & Leisure International (CSL).
HOF Village, the study concluded, will generate $15.3 billion in cumulative net new total economic output within Stark County, home of the Hall of Fame, over the next 25 years. Additionally, a total of 13,375 new full and part-time jobs will be created within the county during the peak year of the project.
The cumulative economic and fiscal impact of HOF Village on the State of Ohio estimated over a 25-year period include $4.8 billion cumulating net new personal earnings and $1.0 billion new cumulative tax revenues.
CSL’s analysis is the result of a yearlong study of the project. The methodology of the economic analytics focuses on direct spending that occurs in three ways: construction (materials, labor, design and professional fees), in-facility (direct spending generated by visitors and participation throughout HOF Village) and out-of-facility spending (direct spending away from HOF Village in the city, county and regional areas).
CSL, as part of the study, worked closely with Pro Football Hall of Fame leadership, members of the HOF Village Master Plan team, and numerous public agencies and private sector entities. CSL Principal Bill Krueger was among four members of a panel who addressed media, political and business leaders and invited guests at a press conference at the Hall of Fame this morning. Others who joined Krueger to explain the impact of the project included Hall of Fame President David Baker, Canton Regional Chamber of Commerce President & CEO Dennis Saunier, and Industrial Realty Group President and Chairman Stuart Lichter who recently signed a letter of intent as the project’s master developer.
(L-R) Baker, Lichter, Krueger and Saunier pose with a football after the press conference
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The Master Plan for Hall of Fame Village set forth a bold vision for the Pro Football Hall of Fame that will be transformational and impactful. HOF Village Master Plan is expected to generate substantial level of new visitation, spending, income, employment, and tax revenues for local, state and regional areas. The quantifiable benefits serve as “return on investment” for public dollars. The impact of the project will elevate Canton and Stark County’s profile and brand as a visitor destination and as a quality place to live and work.
The total construction costs for HOF Village are estimated at $476 million. The project is slated to start this summer with the first phase to be completed by 2019. HOF Village will include the following components:
Pro Football Hall of Fame Museum
Tom Benson Hall of Fame Stadium
Hotel & Conference Center
Hall of Fame NFL Experience
Center for Excellence (training and educational complex to include a Center for Athletic Performance & Safety, Academy of Corporate Excellence, Character Camps, Coaches University, and the Institute of Integrity for Officiating).