Jackeys Creek Development Feasibility Analysis and Economic Impact Assessment

MEMO MEMO-23-0169
Meeting Date: October 19, 2023

Prepared By: Barnes Sutton
MEETING TYPE: Council Regular Meeting
TITLE: Jackeys Creek Development Feasibility Analysis and Economic Impact Assessment
PURPOSE: A project feasibility analysis and economic impact assessment has been conducted to
advise the Town of Leland’s endeavor to quantify the financial components of a new
stadium and the surrounding development and provide a preliminary analysis of
benefits to the community, including an economic impact analysis.
BACKGROUND: An effort to locate a minor league baseball team to the Town of Leland, North
Carolina has presented itself to offer a region-changing development. A new baseball
stadium is proposed to attract visitors and visitor spending from the Town of Leland,
Brunswick County, and the surrounding region. The proposed stadium project is
expected to leverage surrounding development consisting of hotels, mixed-use retail
and office space, restaurant, rental and for-sale housing, and medical offices. The
venture to bring a minor league baseball team to the region is a public-private
partnership between the Town of Leland and REV Entertainment.
Baker Tilly, hired by the Town of Leland, conducted the study utilizing client-provided
project plans, studies, and construction costs to develop a financial analysis and
economic impact assessment to determine project feasibility and economic impact.
SUMMARY: The proposed 6,000-person capacity stadium could accompany the mixed-use
development that is being planned for construction on an approximately 1,400-acre
privately-owned greenfield site. Through a financial analysis, Baker Tilly determined
that the total estimated additional Town and County property tax revenue for the full
build-out, utilizing the highest and best use modeling, of the Jackeys Creek
Development over an approximate 30-year project period to be over $182 million.
The total amount of estimated operating revenues generated by the stadium is
projected to be approximately $135 million over 10 years. A general estimate of
additional sales tax for the adjacent development is projected to be $175 million over
the 30-year project period by estimating the increase in annual sales tax growth
based on the proposed increase in residents.
Total preliminary cost estimates for the stadium are $59 million. The total preliminary
budget for surrounding stadium infrastructure, including site preparation,
infrastructure, and on-site utilities, is $46 million. Therefore, the cost to construct the
stadium and the associated site and utility development costs are estimated to be
$105.6 million.
An economic impact analysis was also conducted by Baker Tilly and shows the
proposed baseball stadium and Jackeys Creek Development is expected to bring
Request for Action Page 1 of 2

about significant positive economic impacts to the region and be a major economic
driver for job creation and economic output. During the construction of the
baseball stadium and Jackeys Creek full build-out, a total of 29,695 temporary
direct, indirect, and induced jobs are estimated to be created and over $5.1
billion of economic output and labor income generated. In addition to the
temporary economic benefits, the stadium is projected to create 319
permanent direct, indirect, and induced jobs. The annual economic impact
generated by the stadium is estimated to be approximately $21.9 million.
The preliminary financial and economic impact analysis indicates that pursuit of the
baseball stadium is worth further consideration by the Town of Leland due to the
potential for new investment, new revenues, and numerous economic benefits. It is
recommended that the Town move forward in further exploration to develop the
proposed baseball stadium and Jackeys Creek Development.
Next Steps include:

1. Identify and quantify available financing tools.
2. Evaluate the availability of statutorily available revenue tools.
3. Evaluate impact on Town services.
4. Develop innovative approach for the early years of the project.
5. Further define quality of life benefits of the project.
6. Engage in a public-private partnership.
SUPPORTING PLANS: Baseball Stadium and Jackeys Creek Development Feasibility Analysis and Economic
Impact Study
FINANCIAL: N/A
REQUEST FOR ACTION: N/A
Request for Action Page 2 of 2

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MEMO MEMO-23-0169

Meeting Date: October 19, 2023

MEETING TYPE: Council Regular Meeting

Request for Action Page 1 of 2

Next Steps include:

REQUEST FOR ACTION: N/A

Request for Action Page 2 of 2

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