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The Economic Impact of MERC's Venues on the Region
The results of an external analysis measuring the economic and fiscal impacts of MERC and its venues on the tri-county region are in!
The 2007-2008 MERC Economic Fiscal Impact Analysis Report concludes that nearly $535 million in direct and indirect spending is induced by conventions, meetings, events, consumer shows and performances hosted and created by the MERC venues - the Oregon Convention Center, Portland Center for the Performing Arts and Portland Expo Center.
From stimulating the tourism industry in which visitors lodge in area hotels and dine in local restaurants, to supporting the downtown city nightlife with interesting lectures and entertaining shows, to drawing consumers to some of the largest trade shows in the Northwest, analysts have confirmed what we have known all along: the MERC venues are vital contributors to the region's economic well-being.
The report also cites $18.4 million in state and local taxes generated by MERC, helping to pay for important government services upon which we all rely - schools, health care and public safety. In addition, 5,810 local jobs were supported in the last fiscal year.
Convention Center Hotel Project
MERC and Metro entered into a headquarters hotel development agreement with the hotel development group Garfield Traub Ashforth, LLC in December 2007 to begin pre-development work on a 600-room publicly-owned, privately-operated headquarters hotel across from the Oregon Convention Center.
The agreement called for several phases of work and a range of project deliverables from the development group. The first phase was a feasibility period that includes creation of conceptual architectural drawings, preliminary budget projections and securing a hotel operating agreement. This feasibility phase work was completed on June 30, 2008.
MERC and Metro continue to work with financial advisors and project underwriters to develop final hotel financing options and conduct a rigorous analysis of the hotel budget projections provided by the Garfield Traub Ashforth development group. MERC and Metro are also working closely with the City of Portland, Multnomah County and other beneficiaries of the hotel project to secure financial support.
At the conclusion of the feasibility phase of work this fall, Metro and MERC will review the project budget, financing options and other project deliverables and then decide whether to authorize further work and payments towards the hotel development.
Want to Know More?
Visit Metro’s Headquarters Hotel Project