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C STRATEGY. ' <br />87 <br />• Applying the tax rate as above, the new office projects would generate <br />approximately $2.68 million annually in net -new property taxes alone. <br />• Approximately 2,100 FTE construction jobs would be created, with more than <br />$140 million in wages and salaries paid to these workers who will in turn <br />purchase goods and services, pay mortgages and rent, etc. <br />• The space will provide job space for about 5,000 workers who could pump $350 <br />million into the economy annually. <br />• Leases will generate in excess of $28 million annually that will be spent by <br />property management companies and developers to pay interest on loans, <br />maintain staff, conduct maintenance and other services on the property, and likely <br />provide capital for further investment in the Chapel Hill and local /regional <br />economy. <br />Office development can have a significant economic and fiscal impact on the community <br />as revealed by the summary projections above. These and other economic development <br />benefits that can accrue from proactive policy decisions, capture- oriented positioning, <br />and coordinated promotion activities that are strategically designed to grow this sector of <br />the local economy should be considered along with the other observations, findings and <br />recommendations. contained in this Office Market Analysis. <br />44 <br />