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the Horse Park Authority must recruit a facility manager from the upper 90 percentile of <br />managers and support that manager with top-notch review and assistance by <br />professional equestrian management professionals. Without an entrepreneurial <br />manager, it is unlikely that the, facility will generate the alternative revenue built into the <br />model, Finally, the facility will require subsidization from either private foundations or' <br />public coffers of approximately $80,000 per year. <br />ONOMIC IMPACTS <br />One means by which other facilities justify operating grants is through their impacts <br />upon local and regional economies. Therefore, an impact model based upon <br />expenditures of the horse park participants and expenditures for horse park operations <br />was developed to estlmate f9nanc4al flows to both the local and state economies and to <br />local and state finances. Using the `most likely" Scenario 3 at year six maturity, the <br />following impacts are projected: <br />0 The direct spending by exhibitors and spectators are estimated to be $7,334,038 <br />when the -facility reaches maturity in the sixth year of operations_ <br />The total money flows attributable to the horse park In the sixth year, including <br />Indirect and induced effects, are $8,412,982 annually. <br />Using the employment multiplier of 17 jobs per million dollars of direct <br />expenditures projects, 143 jobs will be created by the horse park after the direct, <br />indirect and induced effects are factored In. <br />D Starting at the sixth year, annual state impacts from out of state residents were <br />found to be $51,164,360 of direct, indirect and induced spending. <br />r� <br />