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wikstrom economic & planning consultants Proposal Wikstrom Economic & Planning Consultants Prison Relocation Feasibility Carter Goble Associates LECG DMJM Evaluation of Feasibility of Relocating Utah State Prison October 31, 2005
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wikstrom economic & planning consultants Proposal Wikstrom Economic & Planning Consultants Prison Relocation Feasibility Carter Goble Associates LECG DMJM Feasibility is a product of cost of rebuilding equivalent prison facilities less the value of the property and any other economic benefits or revenues
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wikstrom economic & planning consultants Proposal Wikstrom Economic & Planning Consultants Prison Relocation Feasibility Carter Goble Associates LECG DMJM Existing Complex Site
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wikstrom economic & planning consultants Proposal Wikstrom Economic & Planning Consultants Prison Relocation Feasibility Carter Goble Associates LECG DMJM Construction Cost to Replace Draper Prison ($2005$) Table ? Construction Cost - Full Relocation Cost LevelTotal Cost ($2005$) Moderate$421,800,000 Low$416,800,000 High$475,000,000 Carter Goble Associates, Inc. Full RelocationPartial Relocation Moderate$422 million$128 million Low$417 million$119 million High$475 million$132 million Carter Goble Associates, Inc. Cost variations result from alternative corrections planning and population management approaches as well as differing unit cost levels.
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wikstrom economic & planning consultants Proposal Wikstrom Economic & Planning Consultants Prison Relocation Feasibility Carter Goble Associates LECG DMJM Other Prison-Related Costs Demolition $6.6 million Transition $0.9 million Operating: Transportation (20-year NPV) $10.7 million Staff Relocation (20-year NPV) $0.3 million Recruitment/Training (20-year NPV) $11.2 million Site Acquisition $2.0 million Repayment of ESCO Debt $7.5 million Cost Subtotal $39.2 million
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wikstrom economic & planning consultants Proposal Wikstrom Economic & Planning Consultants Prison Relocation Feasibility Carter Goble Associates LECG DMJM Additional Costs Replacement of Surplus Property Building Replacement of Juvenile Justice Services Facility
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wikstrom economic & planning consultants Proposal Wikstrom Economic & Planning Consultants Prison Relocation Feasibility Carter Goble Associates LECG DMJM Value of Draper Prison Property Valuation ScenarioMarket ValueInvestment Value Highest & Best Use$73 million$93 million (residential development) Full Relocation$51 million$77 million (mixed-use development) Partial Relocation$34 million$49 million (mixed-use development) Source: LECG
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wikstrom economic & planning consultants Proposal Wikstrom Economic & Planning Consultants Prison Relocation Feasibility Carter Goble Associates LECG DMJM Market Value Assumes the state sells to a private developer and uses costs of capital available to the private sector
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wikstrom economic & planning consultants Proposal Wikstrom Economic & Planning Consultants Prison Relocation Feasibility Carter Goble Associates LECG DMJM Investment Value Assumes the public sector (the state) is the investor and uses the state’s more beneficial cost of capital
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wikstrom economic & planning consultants Proposal Wikstrom Economic & Planning Consultants Prison Relocation Feasibility Carter Goble Associates LECG DMJM Highest and Best Use Land UseUnits Square Feet Gross Acreage Single-family2,500 416 Multifamily-163,000 183 Regional retail 150,00024 Trunk road system 47 Total5,500150,000670
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wikstrom economic & planning consultants Proposal Wikstrom Economic & Planning Consultants Prison Relocation Feasibility Carter Goble Associates LECG DMJM Mixed-Use Business Park Land UseUnitsSquare Feet Gross Acreage Commuter Rail 14 Institutional 14 Mixed Use150120,00021 Multifamily – 163,000 176 Neighborhood Retail 85,00014 General Office 1,100,00085 Regional Retail 175,00028 Single-family550 92 Light Industrial/ Business Park 2,000,000156 Trunk Road System 70 Total3,7003,480,000670
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wikstrom economic & planning consultants Proposal Wikstrom Economic & Planning Consultants Prison Relocation Feasibility Carter Goble Associates LECG DMJM
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wikstrom economic & planning consultants Proposal Wikstrom Economic & Planning Consultants Prison Relocation Feasibility Carter Goble Associates LECG DMJM
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wikstrom economic & planning consultants Proposal Wikstrom Economic & Planning Consultants Prison Relocation Feasibility Carter Goble Associates LECG DMJM Other Revenues ($2005$) Table ? Construction Cost - Full Relocation Cost LevelTotal Cost ($2005$) Moderate$421,800,000 Low$416,800,000 High$475,000,000 Carter Goble Associates, Inc. Water Shares$1.8 million Net Fiscal Impact to Draper (20-Year NPV) $13.6 million
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wikstrom economic & planning consultants Proposal Wikstrom Economic & Planning Consultants Prison Relocation Feasibility Carter Goble Associates LECG DMJM High Land ValueLow Land Value Revenues$108.4 million$66.4 million Costs Construction Costs$422 million Other Costs39.2 million Net (Cost) Gain to State($345 million)($387 million)
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wikstrom economic & planning consultants Proposal Wikstrom Economic & Planning Consultants Prison Relocation Feasibility Carter Goble Associates LECG DMJM
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wikstrom economic & planning consultants Proposal Wikstrom Economic & Planning Consultants Prison Relocation Feasibility Carter Goble Associates LECG DMJM
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wikstrom economic & planning consultants Proposal Wikstrom Economic & Planning Consultants Prison Relocation Feasibility Carter Goble Associates LECG DMJM Feasibility Summary – Partial Relocation Investment ValueMarket Value Appraised Value$49.0 million$34.0 million Plus Benefit to Draper$3.5 million Subtotal$52.5 million$37.5 million Costs Construction$128.0 million Demolition$1.7 million Transition$0.7 million Operating Staff Relocation$0.1 million Recruitment/Training$4.7 million Site Acquisition$0.7 million Cost Subtotal$135.9 million Net (Cost) Gain to State($83.4 million)($98.4 million)
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wikstrom economic & planning consultants Proposal Wikstrom Economic & Planning Consultants Prison Relocation Feasibility Carter Goble Associates LECG DMJM Replacement Locations Full Relocation: Box Elder County NE Juab County Tooele County/Rush Valley Partial Relocation: Carbon County Iron County
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wikstrom economic & planning consultants Proposal Wikstrom Economic & Planning Consultants Prison Relocation Feasibility Carter Goble Associates LECG DMJM
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wikstrom economic & planning consultants Proposal Wikstrom Economic & Planning Consultants Prison Relocation Feasibility Carter Goble Associates LECG DMJM
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