PACE, the Performing Arts Center for the Eastside, had a major announcement last week, receiving its largest individual donation of $25 million. This major gift resulted in the new performing arts center the Tateuchi center. Name after Atsuhiko Tateuchi, the Foundation wanted to provide a meaningful contribution to the local community arts that he grew to love after moving here from Japan.
There are several significant local economic research findings associated with this.
Over the next 12 years the total local economic impact of the Tateuchi center represents $469.3 million. This is based on the construction costs and $222 million on tickets, dining and shopping resulting from the new performing arts center.
During the two year construction period 1,211 new full-time jobs will be created. The first year of operation will bring 723 full time positions and increase to 2020 within 10 years of operation.
The construction of the Tateuchi center at the current tax rates will generate $43.6 million in new federal taxes and $24.2 million in new state tax revenue. King County will benefit by $2.8 million and Pierce County $1.7 million. This totals $72.3 million in revenue for the public sector.
During the first 10 years of operation, 3.1 million local, national, and international attendees are forecast. For local business, such as restaurants, this means spending $72.7 million. Another $28.1 will be spent on local retail shopping as part of the performing arts experience.
The Tateuchi center has been carefully developed to enhance other performing arts organizations in Seattle and the region. It is not intended to merely shift financial support and attendance from others. Research findings clearly showed that the constraints on supporting existing performing art venues was traffic, parking, and time required to travel and meet performance times.
It fully expected that all the local regional arts will benefit and, as a result, attract some of the finest international and national performances who can perform to larger audiences.
So the first economic preface of the Tateuchi center will include the choruses of the construction builder, followed by the audiences who will experience some of the finest music, dance and theatre. The performers will be sharing life with so many.
Jim Hebert is the president and founder of Hebert Research, Inc., an international real estate, land use, and statistical research firm in Bellevue.
