This strategic result focuses on the total amount of commercial capital investments each year. The result Includes investment in both physical buildings and the furniture, fixtures, and equipment needed to operate a business within the building.
Commercial investment is a leading indicator of overall economic health in a community. If businesses feel comfortable enough to expand, they generally feel they can expect some level of business growth in the near future. As businesses grow the City can generally predict that municipal revenues and employee wages will be stable or increasing.
A significant portion of the $4,034,287.82 in capital investment reported in October, 2017 was for the remodel-alteration of the Arvada Marketplace west shops located at 7410 W. 52nd Avenue ($1,650,000) and the tenant finish of Ulta Beauty located at 7450 W. 52nd Avenue ($425,000). This figure reflects a combined total of existing and new commercial capital investment. Capital investments from business use tax for September and October 2017 will be reported and added to this figure when the information becomes available through Finance Department records.
$6,040,229 in use tax for August, 2017 was reported and added to the capital investment total for that month. This figure represents the amount of new furniture, fixtures, and equipment Arvada businesses purchased in August, 2017. The figures being used for existing and new commercial building capital improvements are from building permits for completed work that received a certificate of occupancy.
As of October, 2017, $114,421,530 in private sector capital investment has been reported, which brings the total of $392,339,815 reported to date exceeding the goal of $350,000,000 by 2019.
The total investment calculation is based upon all commercial building permit valuations including multi-family, non-profit and public projects as reported by the Building Division with the Utilities Department, as well as, use tax valuations for items such as furniture, fixtures, equipment, and other business-related supplies reported by the Finance Department. Numbers are reported in thousands. Because of the Use Tax collection time frame, the number will be reported with a two-month lag from when the funds were collected.