Legislative Fiscal Analyst Reviews Economic Impact of Tech Development

The office of the Legislative Fiscal Analyst released a report Tuesday detailing its analysis of economic impacts should the current prison site be redeveloped as a technology corridor.

According to the report, a $1.1 billion initial investment in the technology industry could create substantially more economic activity than MGT cited.  The state can expect to see over 23,000 new jobs, $2.4 billion in new state wages, $2.7 billion in economic activity and $178 million in tax revenue.

Representative Brad Wilson R-Kaysville requested the analysis on the basis that the Master Plan for the Potential Relocation of the Draper Prison, prepared by MGT of America, only studies the economic impact of a retail-centric redevelopment and does not address the impact of a tech-centered approach.

Representative Wilson commented, “This report, as well as the report requested by Representative Nelson, make it clear that with the right planning the Draper redevelopment can have an incredibly positive impact on the State of Utah without competing with existing business. The key now is to ensure that we’re doing everything we can to establish a climate for success.”