Proposing a Regional Impact Based Feasibility Studies Framework for Convention Centers: A Quantitative Analysis of the Orange County Convention Center (OCCC)

ABSTRACT

The primary purpose of this article is to propose a Regional Impact Based Feasibility Study (RIBFS) framework, which is an alternative model to the traditional feasibility study that is used to assess the benefits of the investment of public funds in convention centers. More specifically, the framework features a rigorous methodology that can be used to calculate a more comprehensive picture of what convention centers can deliver on public investments. Numerous studies have focused on the importance of the existence of convention centers; however, few authors have been critical of the failure of feasibility studies to accurately forecast economic impacts and operational pro-forma statements. The Orange County Convention Center in Orlando, Florida was used as a case study for assessing this proposed framework. Results indicate that despite operational deficits as an independent entity, a convention center provides income and jobs for a variety of businesses and produces a ripple effect of broad economic interactions that produces additional regional income.

Keywords:

• Convention Centers
• Input-Output Models
• Feasibility Studies
• Government Bonds
• Tourist Development Tax