1 GUAM ECONOMIC DEVELOPMENT AND COMMERCE
Transcription
1 GUAM ECONOMIC DEVELOPMENT AND COMMERCE
GUAM ECONOMIC DEVELOPMENT AND COMMERCE AUTHORITY ITC Bldg. Suite 511, 590 South Marine Dr., Tamuning, Guam 96911 Guam Economic Development and Commerce Authority R. G. Sablan, Revised 011/22/05 Print 1/30/06 1 Table Of Contents I. II. III. IV. V. VI. VII. VIII. IX. PREFACE EXECUTIVE SUMMARY REVITALIZATION OBJECTIVES DESTINATION DEVELOPMENTS i. Industry Overview ii. The Arts and Economics iii. Destination Examples iv. Industry Overview – Guam PROJECT BACKGROUND i. Hagatna Master Plan ii. KOTTURA - Guam’s Cultural Destination Development a. The Concept b. The Features c. Map - KOTTURA Layout A d. Map - KOTTURA Layout B e. KOTTURA Venues and Amenities 1. Infrastructure 2. Museum – Museum Guahan 3. Performing Arts Center - Heritage Center 4. Legislature - Legacy Hall (Capitol Building) 5. Hagatna Visitor Center 6. Chamorro Village 7. Paseo Point 8. Plaza De Espana 9. Skinner Plaza PROJECT COSTS AND FINANCING i. Overall Project Costs ii. Funding Sources and Assistance iii. Revenue Sources and Sustainability iv. Economic Impact a. Capital Investment b. Economic Diversity PROJECT DEVELOPMENT i. KOTTURA Primary Working Group ii. Phases iii. Flood Map SWOT ANALYSIS ADVANTAGES AND BENEFITS FOR GUAM Guam Economic Development and Commerce Authority R. G. Sablan, Revised 11/22/05 1 2 2 3 3 3 3 6 6 7 10 11 11 12 15 2 PREFACE What this document is not • • This document is not a Master Plan. This document is not “Cure-All” for Guam’s economic recession, land and property issues, or social ills. What this document is • The primary goal of this document is to provide a conceptual plan for the development of a “Cultural Destination Development” to be known as “KOTTURA” (Chamorro word for Culture) in the capital city of Hagatna, Guam. The concept is meant to be integrated into the economic segment of the Hagatna Master Plan to assist with restoration, redevelopment and revitalization. • What this plan proposes is a project that will address and offset socio-economic and political issues by contributing to the growth, elevation and alleviation of some of those concerns. WHAT THE RESULTS WILL BE • This document shall serve to introduce an all encompassing, large scale, multi-faceted development that will address Guam’s socio-economic needs by achieving three (3) key objectives: o Economic Diversity o Cultural Preservation o Access to the Arts • KOTTURA will also become a new brand for Guam. The project, when completed, will become Guam’s second largest tourist attraction, a Cultural and Arts District, and a Commercial and Government Center. • KOTTURA will promote: o Concentration of the Masses o Economic Synergy o Centralization of Culture o Creation of a Unified Vision o Quality of Life o Education Guam Economic Development and Commerce Authority R. G. Sablan, Revised 011/22/05 Print 1/30/06 1 EXECUTIVE SUMMARY GOAL: In two (2) years, GEDCA will assist the Hagatna Restoration and Redevelopment Authority (HRRA) in the development and implementation of the Hagatna Master Development Plan by introducing a “Cultural Destination Development” plan to be known as “KOTTURA”. KOTTURA (Chamorro word for Culture) will be a culturally based economic zone concept that will be a core element in 1. The Revitalization of Guam’s capital city of Hagatna, 2. The Preservation of the Chamorro Culture and Arts and, 3. The Diversification and Expansion of Guam’s Revenue base utilizing existing opportunities. KOTTURA will be a long-range plan that will be divided into phases over a period of 10 years. DESCRIPTION: KOTTURA will focus primarily on the family market segment for visitors and residents. The project will initially encompass renovation and development of major landmark locations and facilities in a strategic geographical footprint of the Hagatna downtown area along with the integration of economic incentives to develop various business opportunities. This project will become a “Core Cultural District” that will focus on improving and developing the institutional infrastructure for Guam’s Tourism Economic Initiative in the areas of Education, The Arts, and Commercial enterprise working in compliment to the Hagatna Master Plan. The primary aim is to develop facilities that will preserve and promote historical sites, artifacts, and the arts while creating new, non-competitive, revenue streams that will support and maintain these facilities and ultimately provide additional revenue to the government of Guam. KOTTURA will become a new “Brand Image” for Guam that will become a highly marketable commodity. The concept is culturally theme based destination reflecting Guam’s rich and diverse cultural heritage. The project will act as a central, core cultural district and as the main attraction for the new Hagatna development project. The project will contain multiple elements that will provide residents and visitors with an experience unlike any other in the Pacific Rim. • • • • • • • • • • Commercial Zoning with Economic Incentives Cultural Thematic Common areas Unique Retail, Dining and Entertainment amenities Museum and Gallery Facilities Performing Arts Facilities and Venues Market Place Multipurpose Arena, Convention and Meeting Facilities Historical Parks and Gardens Family Gathering and Walking Areas Government Office Facilities REVITALIZATION OBJECTIVE • • • • • • • • Restore Historic and Cultural Icons Stimulates Economic Activity and Expands Revenue Base Improves Quality of Life Creates Jobs and Entrepreneurial Opportunities Creates Cultural Pride and Awareness Promotes local Arts and Culture Increases Marketing value overseas Enhances synergy and commercial viability of a “Defined Zone” Guam Economic Development and Commerce Authority R. G. Sablan, Revised 11/22/05 2 DESTINATION DEVELOPMENTS Industry Overview • • • • • Successful Destination Developments contain 3 key elements, Retail, Dining and Entertainment experiences. Newer developments now feature cultural centers that have initiated the revitalization efforts of numerous community downtown areas throughout the United States. These cultural centers contribute as Cultural Showcases, Arts Preservation Foundations, Economic Stimulus for Business, Quality of Life Enhancers and as, Tourists Attractions. Destination Developments are successful partnerships between the public and private sectors consisting of Government Agencies, Downtown Associations and Development Partners. The resurgence of main street developments in many city and town centers around the world has increased dramatically over the past decade. The Arts and Economics • • • • • • • • • • Important cultural artifacts and traditions must be protected and sustained to ensure that our heritage is preserved for future generations. Community life and development are enhanced by the presence and availability of the arts, artists, and arts organizations. The arts bolster our economy through expenditures by arts organizations and the participating public. Artistic work and freedom of expression are a vital part of any democratic society. The arts are universal, having the ability to cross all boundaries whether imposed by geography, economic conditions, ethnic background, or disability. Participating in the arts and engaging in creative endeavors are an essential part of human development. National support of the arts must rely upon partnerships that build on existing strengths and assets within our communities. Revitalizing the artistic culture of our Nation requires strengthening educational activity in the arts, especially for the young. Learning in the arts makes a positive contribution to our young people’s academic achievement, interpersonal skills, confidence, motivation to succeed, and preparation for work. Artists are among our Nation’s most important innovators and creators. Destination Examples Presented below are four 4 examples of downtown destination developments. These particular examples have been chosen primarily because they are centered on cultural and historical restoration and projects that have led to increased economic development in the same area. Guam Economic Development and Commerce Authority R. G. Sablan, Revised 011/22/05 Print 1/30/06 3 Downtown Denver Denver has the tenth largest downtown sector in the U.S. centered around a mile-long pedestrian promenade that is lined with outdoor cafes and flower baskets. Downtown Denver is home to 5,200 hotel rooms, three new sports stadiums, 300 restaurants, a restored historic district filled with 90 bars and brewpubs, a collection of museums, a variety of galleries and shopping, the second largest performing arts center in the nation, the city's convention complex, three college campuses and even a unique downtown amusement park Denver has one of the highest educated populations in America and a great love of the arts. The Denver Performing Arts Complex contains ten theatres seating 10,000 people for theater, symphony, opera and ballet. Lower Downtown ("LoDo") is on the northern edge of downtown Denver and offers one of the nation's greatest concentrations of Victorian buildings and warehouses, many of which have been refurbished to house restaurants, art galleries, offices and shops. Downtown San Jose, CA San José, the Gateway to the Bay Area, is the third largest city in California and the 11th largest city in the nation. The city’s accessible location, comfortable climate and affordable amenities, make it an ideal destination for meetings and conventions or the leisure visit. San José is rich in history and cultural diversity, and recognized as a city of innovation and entrepreneurial success. San José offers worldclass cultural arts, nightlife and professional sports (including the NHL's San Jose Sharks), theme parks, shopping, nationally recognized hotels and restaurants. Guam Economic Development and Commerce Authority R. G. Sablan, Revised 11/22/05 4 San Antonio River Walk, Texas San Antonio, Texas is the eighth largest city in the United States. The city has retained its sense of history and tradition, while carefully blending in cosmopolitan progress. Amidst the busy metropolitan downtown area, sequestered 20 feet below street level, lies one of San Antonio's jewels - the Paseo Del Rio. Better known as the "River Walk," these cobblestone and flagstone paths border both sides of the San Antonio River as it winds its way through the middle of the business district. The River Walk has multiple personalities - quiet and park-like in some stretches, while other areas are full of activity with European-style sidewalk cafes, specialty boutiques, nightclubs and gleaming high-rise hotels. The River Walk stretches for approximately two-and-a-half miles from the Municipal Auditorium and Conference Center on the north end to the King William Historic District on the south. The Paseo Del Rio Association The Paseo Del Rio Association is a nonprofit organization founded in 1969 to promote and support the San Antonio River Walk, the number one tourist attraction in Texas. The Paseo Del Rio Association recognizes the River Walk as a key element of the city's character, its visitor industry and its economy. City Place, West Palm Beach, Florida City Place is the result of the revitalization of downtown West Palm Beach Florida. Centered around the arts and theater, this Tuscan themed development offers great shopping, a multiplex 20-movie theater, performing arts and an exciting nightlife. Since it’s inception and still to this day is a great gathering point for families, singles or tourists day or night. CityPlace is also a residential development in downtown West Palm Beach, offering 1, 2, and 3 bedroom condominium real estate living, conveniently located above shops and freestanding buildings. CityPlace is the heart of it all and within walking distance to the waterway. Guam Economic Development and Commerce Authority R. G. Sablan, Revised 011/22/05 Print 1/30/06 5 Industry Overview – Guam • • • • • As Asia looks to the west for vacation and leisure destinations, Guam’s competitive edge is hampered as it does not offer unique experiences particularly in terms of cultural identity and historical attractions. This dilemma also relates to quality of life issues equating to the lack of family oriented activities not only for travelers but also for the local populace as well. Guam does currently offer a western style “Entertainment Destination”, known as “Pleasure Island”, in a highly developed tourist area of Guam. This type of venue is highly complimentary to Guam’s Tourism Industry but does possess limitations as other tourism destinations are offering the same or similar style attractions and ammenities. In order to separate and elevate itself from these other destinations, Guam must offer a new segment to diversify its attraction portfolio. This new offering would be based upon Guam’s unique cultural and art. If collectively presented, this new destination will attract new, diverse and repeat visitor markets while simultaneously maintaining, promoting and developing Guam’s heritage. The island currently does not have a centralized cultural district or any multi-functional cultural facilities therefore; Guam cannot capitalize on revenue streams and opportunities that these facilities would generate. Because of Guam’s uniqueness, stand-alone facilities may not prove to be self-sustaining which is why the “Cultural Destination Development” concept needs to be highly considered. Pleasure Island Guam PROJECT BACKGROUND HAGATNA MASTER PLAN The Hagatna Restoration and Redevelopment Authority was created in 1997 through passage of Public Law 24-110. The law called for the creation of the Hagatna Redevelopment Authority, with seven commissioners who would help restore Guam's capitol. Governor Camacho originally named David Hanley as chair of the Board of Commissioners along with former governor Paul Calvo, Paul Shimizu, Tony Leon Guerrero, Grace Bordallo, and Carlos Camacho. The authority will create a master plan that will cover an area from Adelup to East Agana. Guam Economic Development and Commerce Authority R. G. Sablan, Revised 11/22/05 6 KOTTURA - GUAM’S CULTURAL DESTINATION DEVELOPMENT The Concept KOTTURA has a threefold project focus; the first being Economic Development, the second is Cultural Preservation and the third being Artistic Accessibility. The KOTTURA proposal will be the first project of its kind for Guam and will be a flagship for The Guam Economic Development and Commerce Authority as part of the Authority’s strategy for continued economic development and economic diversity. Guam’s downtown area will be a cultural destination not only for our community but for the millions of visitors who come to Guam seeking family friendly and educational attractions, specifically for information about our unique heritage and history. KOTTURA will be designed to integrate “economic zoning” in its layout. These economic zones will provide incentives to entice businesses to locate or relocate to Hagatna creating and supporting a bustling downtown district. This district will become an “architectural landmark” with facilities for hosting events in the arts, culture, and commerce for educational outreach and community-wide involvement that will support retail, dining, entertainment and commercial activities which in turn compliment and support the cultural centerpiece. The project formula will be comprised of public/private partnerships and will be the largest culturally based community development of its kind in this region of the Pacific that will diversify our tourism economy. KOTTURA will create and develop venues for the preservation of the Chamorro Heritage. By creating fusion between culture and commerce, KOTTURA will become recognized as a “cultural tourist attraction” that will welcome hundreds of thousands of patrons each year – tourists and visitors, established stars of the stage, emerging artists, students in the arts, and vibrant cultural and arts organizations. The project will serve our residents, students and visitors as a place for artistic enlightenment, personal reflection and cultural enjoyment in a picturesque public setting designed for gathering as well as a place of public resource. KOTTURA will also provide centralized community access to all local arts and arts organizations and will also serve as a “cultural community center”. Research has shown that community life and development are enhanced by the presence and availability of the arts, artists, and arts organizations. Focusing on the Arts is one of the key components of this project and is also a key factor that allows for access to numerous funding opportunities. The quality of life will be improved for all. The Features KOTTURA will reflect detailed design concepts combining elements of “Old World Spain” and “Chamorro Heritage” themes mixed with a Tropical Island setting throughout the area also to be known as “Old Downtown Hagatna". The KOTTURA development will involve substantial expansion and development of existing and new facilities reflecting this highly sought after aesthetic scheme creating continuity and ultimately an independent “brand image”. The destination will exude the essence of a flourishing downtown district fused with energy and excitement emanating from an array of entertainment, retail, dining, commercial and residential facilities. The project will highlight various displays of cultural entertainment through out the development. Entertainment facilities will include historical sites, museums, galleries, a performing arts center, convention and meeting facilities, sports facilities, live music clubs, botanical gardens, performance stages, and community gathering areas. Retail facilities will consist of an array of vendors to include gift Guam Economic Development and Commerce Authority R. G. Sablan, Revised 011/22/05 Print 1/30/06 7 shops, thematic retail stores, all of which will compliment the destination. Dining facilities will feature a collection of new and fun restaurants, stand-alone thematic restaurants, concessions and fun food vendors. Architectural design will promote open-air amenities for sidewalk cafés and picnicking. In order to maximize property use, building codes will encourage new multi-functional structures i.e., 1st floor retail or dining activity; 2nd floor commercial or office space; and 3rd floor and above commercial or residential use. Economic Zoning will offer to new and existing businesses attractive opportunities to relocate or remain in Hagatna by offering an array of incentive packages. The Destination Development will aim at consolidating complimentary commercial enterprises in support of the cultural district to promote synergy for KOTTURA. Additionally, private companies will be sought to engage in partnerships with the Government of Guam for various development projects. KOTTURA will consist of an area approximately 1-mile long starting from Latte Stone Park to the Paseo. The width of concentration will be an area approximately 3 to 5 city blocks wide. Site selection was based on several variables: • • • • • Hagatna Revitalization movement Highly visible, central location that will provide optimum access Existing historical sites, parks, facilities and amenities. Existing cultural importance. Synergy of elements create a high potential for a destination development KOTTURA's common area amenities will include: area lighting, paths and walkways, landscaping, waterscapes, picnic and seating areas, UV covered areas, restroom facilities, parking structure, ambient area music, security. • Infrastructure o Underground Utilities, o Storm drains, Sanitary and Water Lines o Street and Pedestrian Lighting o Landscape and Waterscape Design o Signage o Increased Parking areas o Parking Facilities • Common Area Amenities o Restroom Facilities o Covered walkways and seating o Colored concrete sidewalk accented with pavers and granite banding o Gardens o Waterfalls and Water Fountains o Concert and Performance stages o Statues and Monuments o Designated walking paths o Picnic Areas and Play Areas o Outdoor Furniture and Accessories Guam Economic Development and Commerce Authority R. G. Sablan, Revised 11/22/05 8 KOTTURA Venues and Amenities KOTTURA will need to develop infrastructure and amenities that will facilitate the realization of its threefold focus of Economic Development, Cultural Preservation and Artistic Accessibility. Economic Development will be realized through business incentive packages that will assist with the construction of new facilities and the development of economic zones. Cultural Preservation will be achieved through the restoration of key landmarks and historic sites. Additionally, the sheltering of Guam’s cultural artifacts to a safe centralized location is a key consideration. Artistic Accessibility will be realized by providing a centralized location for culture and art facilities integrated with community and outreach programs for Creation and Promotion of the Arts, Enhanced Learning in the Arts and Partnership Development. A combination of existing facilities and newly constructed facilities in Hagatna will form the synergy necessary to create the foundation for KOTTURA. KOTTURA identifies eight proposed venues that would create the core of the development. 1. 2. 3. 4. 5. 6. 7. 8. Guam Museum Historic Park Central Park Capitol Building Performing Arts Visitor Center Local Arts Commercial Center Multi-use Arena Museum Guahan – Parking Structure Plaza De Espana Skinner Plaza Park Legacy Hall - Legislature Offices, Session Hall / GIMAC Heritage Center Hagatna Visitor Center Chamorro Village Market Place Paseo Point Existing and additional venues and attractions Cathedral Basilica Latte Stone Park Serena Bridge Park Chief Quipuha Park Paseo Liberty Park Triangle Park Government House Fort Apugan Each project will be discussed briefly in terms of on the following topics: • • • • • • • • • Venue Name Venue Use Suggested Location Goal Description Attraction and Displays Financing Sources Estimated Costs Projected Income Notes: • Each project will have varying financing sources due to the different nature and scope of the project and respective objectives. • Total Project Costs are based on a current conditions, scalable projects and debt service managability. • Numerous grant sources are available that may decrease finance capital. Guam Economic Development and Commerce Authority R. G. Sablan, Revised 011/22/05 Print 1/30/06 9 KOTTURA LAYOUT – Proposal A LIBERTY PARK PARKING STRUCTURE PASEO POINT Agana Bay East Agana Bay Bus and Car Bus Terminal Chief Quuipuha CHAMORRO VILLAGE W. MARINE CORPS DRIVE W. SOLEDAD AVENUE Moylan's Sirena Park ECON. ZONE Moylan's LEGISLATURE ECON. ZONE ECON. ZONE CHALAN SANTO PAPA HAGATNA VISITOR CENTER A S P I N A L L HERITAGE CENTER M U R R A Y B L V D . SKINNER PLAZA S E A T O N B L V D . ECON. ZONE ECON. ZONE BOG LEGACY HALL PLAZA DE ESPANA A V E . PARKING STRUCTURE A R C H B I S H O P F L O R E S Church MUSEUM de GUAHAN ECON. ZONE R O U T E M A R T Y R 4 S T . ECON. ZONE ECON. ZONE AOL Bus and Car W. O'BRIEN DR. LATTE STONE PARK JUDICIARY BUILDING HOTEL / RESIDENTIAL ZONE FORT APUGAN ALTERNATE PARKING STRUCTURE GOV. HOUSE Guam Economic Development and Commerce Authority R. G. Sablan, Revised 11/22/05 TRI PARK 10 KOTTURA LAYOUT – Proposal B Guam Economic Development and Commerce Authority R. G. Sablan, Revised 011/22/05 Print 1/30/06 11 Infrastructure Project Name: Use: Location: Description: KOTTURA Infrastructure Prepare and upgrade infrastructure for future development projects. KOTTURA Footprint (See KOTTURA Proposed layout.) Infrastructure improvement would consist of the following: • Flood and Storm mitigation, Sewer and Drainage • Power, Water, Cable, Telephone enhancement • Lighting, Signage • Sidewalk and Roadway • Landscape and Waterscape • Outdoor Furniture and Accessories The KOTTURA “Footprint” must be delineated from the rest of Hagatna’s developments. This will be primarily accomplished through the use of architectural elements, signage and a thematic commercial mix of businesses. The theme, based on Old World architecture and Tropical Island elements, must be adopted and enforced in order to preserve the historical and cultural identity of the district. The infrastructure must be upgraded first in order to handle the future growth and magnitude of the project. Aesthetic cover-ups will only be detrimental to the success and the future of the “Footprint”. Financing Sources • Government of Guam Various Bond tools, Municipal Sources Reprogrammed Excess Bond or Municipal Funds if available. Real Property Tax (Hagatna properties) Business License Fees • Federal Government Office of Insular Affairs ($1.39M) USDA Rural Development USDUD Community Development Block Grant (CDBG) – Fund Availability USDHSS Community Services Block Grant - Fund Availability Infrastructure Example The following are estimated costs for infrastructure for KOTTURA Footprint. Total project cost: Construction Costs: Amenities Capital: $4 Million $3.5 Million $0.5 Million Guam Economic Development and Commerce Authority R. G. Sablan, Revised 11/22/05 12 Museum Guahan Venue Name: Museum Guahan Use: Multi-use Museum – Guam Historical, Fine Arts, Modern Art and Children’s Museum Location: Department of Administration Site Goal: To develop in two (2) years, a state of the art museum facility and tourist attraction that will feature Guam historical components targeting “family-oriented” entertainment. Description: Museum Guahan shall serve the community by providing a multi-use facility that will house 4 museum entities. This facility will alleviate the need to construct various museums scattered throughout the island. This project will erect a new, state of the art facility on the Department of Administration Site. The Museum Guahan concept aims to preserve Guam’s diverse cultural heritage, enlighten and expose the community to the arts, enhance alternative and continued learning, develop government and community partnerships and to promote Guam as a world-class destination. The Museum’s History wing will be dedicated to the history and artifacts of Guam. The Fine Art and Modern Art wings will showcase regional and internationally recognized works of art. The Children’s Museum wing provides an interactive, learning environment for children. The end result will be the first core component of the KOTTURA footprint that will showcase our heritage, contemporary and classic artwork and a children’s learning center under one secure roof. Additionally, a multi-story parking structure will be erected in the adjacent parking lot to accommodate car and bus parking and visitor drop-off. Attractions and Displays • Ancient Chamorro Life • Discovery of Guam • Spanish Missionaries to the Spanish American War • Japan Occupation to Guam’s Liberation • Hall of Leaders – Prominent political and community leaders • Unique to Guam Displays - Marianas Trench, Typhoon Center, Animals, etc. • Fine Art and Modern Art displays – Regional and International Artists and Treasures • Children’s Museum – Interactive learning center • Gift Shop • Food Concession and Guam product vendors Guam Economic Development and Commerce Authority R. G. Sablan, Revised 011/22/05 Print 1/30/06 13 Financing Sources • • • • • • • • • • • USDUD Community Development Block Grant (CDBG) – Fund Availability USDHSS Administration of Native Americans Grant – Up to $1.5 Million USDHSS Community Services Block Grant - Fund Availability USDA Rural Development – Direct Loans and Loan Guarantees up to $25/$30 Million National Endowment for the Humanities, NEH, OPO –Grants Institute of Museum and Library Services – Grants from $25,000 - $1 million National Endowment for the Arts - Save America's Treasures National Science Foundation Local – Various Bond tools, Municipal Sources Corporate Partnerships Tourist Attraction Fund Museum Guahan Example The following table illustrates an example of a simplified Projected Annual Income Statement for the proposed Museum Guahan. The revenues and expenses are estimated for 1-year operation utilizing the factors listed in the key. The variables are based on: Total project cost: Construction Costs: Interior Design / Working Capital: $30 to $35 Million $25 Million - Financed $5M to $10M - Grants, private funding Note: This is a hypothetical model. Guam Economic Development and Commerce Authority R. G. Sablan, Revised 11/22/05 14 Museum of Guahan Example Annual Income Statement REVENUE Admission Tour Pax $1,440,000.00 School $52,500.00 Walk-up $300,000.00 SUBTOTAL $1,792,500.00 (1) (2) Other Revenue Vendor $21,600.00 Giftshop $216,000.00 Food Concession Vendor $30,000.00 Municipal Budget $550,000.00 Grants $100,000.00 Corporate Sponsorship $50,000.00 Endowments $20,000.00 Fund Raising $50,000.00 SUBTOTAL $1,037,600.00 TOTAl REVENUE $2,830,100.00 EXPENSES Financing Debt Service $1,798,651.58 SUBTOTAL $1,798,651.58 (3) (4) (5) (6) Assumptions Tourists Annually 6% Visitor Target $20(USD) Avg. Adm. after Comm. School Groups 35% Student Target $5(USD) Avg. Adm. Walk-up (10% of populas of 150K) $20(USD) Avg. Adm. Giftshop - $18,000/Monthly Food Concession Vendor - $2500/month Vendors - 6 @ $300/month 1,200,000 72,000 $1,440,000.00 30,000 10,500 $52,500.00 15,000 $300,000.00 $216,000.00 $30,000.00 $21,600.00 Loan Amount: Annual Interest Rate: $25,000,000.00 6.00% Length of Loan (in Years): Number of Payments Per Year: 30 12 Total Number of Periods: 360 Payment Per Period: Total Interest Paid: Total Payments: $149,887.63 $28,959,547.26 $53,959,547.26 Fixed Expenses Utilities Maintenance Salary SUBTOTAL $120,000.00 $18,000.00 $675,000.00 $813,000.00 Utilities @ $10,000/month Maint. @ $1500/month Salary (15) @ $56,250/month $120,000.00 $18,000.00 $675,000.00 Inventory Supplies Marketing SUBTOTAL $84,000.00 $12,000.00 $120,000.00 $216,000.00 Inventory @ $7,000/month Supplies @ $1,000/month Marketing @ $10,000/month Yr. 1 $84,000.00 $12,000.00 $120,000.00 Variable Expenses TOTAl EXPENSES $2,827,651.58 TOTAL INCOME $2,448.42 Guam Economic Development and Commerce Authority R. G. Sablan, Revised 011/22/05 Print 1/30/06 15 The Heritage Center Venue Name: The Heritage Center Use: Center for the Performing, Galleries, Office and Meeting spaces, Concessions Location: Hagatna Post Office Site Goal: In three to five years, construct and operate a multi-purpose Performing Arts Center Description: The Performing Arts Center will be a unique public/private partnership that will serve as a cultural community center for the arts, culture and education. The Center will be an architectural landmark hosting professional performances, emerging artists, established stars of the stage, educational outreach, students in the arts, and vibrant cultural and arts organizations. The Heritage Center will be also feature office space and meeting rooms that will contribute to revenue streams. In addition, rental space for food and retail concessions, positioned adjacent to the Skinner Plaza, will also contribute to revenue streams. Attractions and Displays • • • • Performing Arts Theaters o Theater 1 – 1500+ seating capacity o Theater 2 – 500+ seating capacity (optional) Office Space and Meeting Rooms Food Service and Retail Concessions Galleries, Gift Shop Facility Use • • • • • • Shows – Plays, Performance Art, Comedy, Premiers Concerts – International and Local Artists, Symphony, Recitals Special Events – Awards, Ceremonies, Graduations Gallery/ Exhibit Hall featuring Local Art and Artifacts Meeting Functions Dining Guam Economic Development and Commerce Authority R. G. Sablan, Revised 11/22/05 16 Financing Sources • • • • • • • • National Trust for Historic Preservation National Park Service – Dept. of the Interior USDUD Community Development Block Grant (CDBG) – Fund Availability USDHSS Community Services Block Grant - Fund Availability National Endowment for the Humanities, NEH, OPO –Grants National Endowment for the Arts Local – Various Bond tools, Municipal Sources Corporate Partnerships Heritage Center Example The following table illustrates an example of a simplified Projected Annual Income Statement for the proposed Heritage Center for the performing arts. The revenues and expenses are estimated for 1-year operation utilizing the factors listed in the key. The variables are based on: Total project cost: Construction Costs: Interior Design / Working Capital: $20 to $25 Million $16 Million - Financed $4M to $9M - Grants, private funding Note: This is a hypothetical model. Guam Economic Development and Commerce Authority R. G. Sablan, Revised 011/22/05 Print 1/30/06 17 Heritage Center Example Annual Income Statement REVENUE Admission Main Stage Second Stage SUBTOTAL $607,500.00 $120,000.00 $727,500.00 (1) Other Revenue Office Space $115,200.00 Meeting Rooms $19,200.00 Vendors $63,000.00 Giftshop $216,000.00 Municipal Budget $600,000.00 Grants $150,000.00 Corporate Sponsorship $75,000.00 Endowments $50,000.00 Fund Raising $50,000.00 SUBTOTAL $1,338,400.00 (2) (3) (4) TOTAl REVENUE $2,065,900.00 Assumptions PERFORMING ARTS CENTER MAIN STAGE - Avg. Rental / Per Show Annual Income ( 3 shows/ week x 45 wks.) SECOND STAGE - Avg. Rental / Per Show Annual Income ( 3 shows/ week x 40 wks.) OFFICE SPACE Office Rentals $2sf, 1200sf, 4 rms Annual for full occupancy MEETING ROOMS Room Rentals $200, 1000sf, 4 rms 8 rentals per month for 1 year VENDOR(S) Food Concession Vendor - $2750/month Retail Space - $2500/Monthly EXPENSES Financing Debt Service $1,151,137.01 SUBTOTAL $1,151,137.01 (5) GIFTSHOP Giftshop - $18,000/Monthly $4,500.00 $607,500.00 $1,000.00 $120,000.00 $727,500.00 $115,200.00 $19,200.00 $33,000.00 $30,000.00 $63,000.00 $216,000.00 Fixed Expenses Utilities Maintenance Salary SUBTOTAL $120,000.00 $18,000.00 $540,000.00 $678,000.00 Inventory Supplies Marketing SUBTOTAL $84,000.00 $12,000.00 $120,000.00 $216,000.00 Variable Expenses Loan Amount: Annual Interest Rate: $16,000,000.00 6.00% Length of Loan (in Years): Number of Payments Per Year: Total Number of Periods: 30 12 360 Payment Per Period: Total Interest Paid: Total Payments: $95,928.08 $18,534,110.25 $34,534,110.25 TOTAl EXPENSES $2,045,137.01 TOTAL INCOME $20,762.99 Guam Economic Development and Commerce Authority R. G. Sablan, Revised 11/22/05 Utilities @ $10,000/month Maint. @ $1500/month Salary @ $45,000/month $120,000.00 $18,000.00 $540,000.00 Inventory @ $7,000/month Supplies @ $1,000/month Marketing @ $10,000/month Yr. 1 $84,000.00 $12,000.00 $120,000.00 18 Legacy Hall Venue Name: Legacy Hall Use: Guam’s Territorial Capitol – Legislative Offices and Session Hall, Meeting Rooms Location: Old Legislature Site Goal: To develop in three (3) years, a facility that will become our Territorial Capitol Building that will centralize the Legislative Branch of government. Description: The Government of Guam has made many attempts to consolidate offices and operations to decrease cost and to provide easier, centralized access to government services. Although this has not materialized, the opportunity now exists to centralize the Legislative Branch of government into a “Capitol Building” to be known as “Legacy Hall”. The Old Legislature Site has been designated as a historic site, the site of the first Guam Congress. It would be fitting to erect Guam’s territorial capitol on this site to pay homage to the past government “legacies” and future leaders of Guam. The Government of Guam will decrease costs, as senatorial satellite offices and the current legislative session hall are leased properties with no equity and asset growth. Amenities, Attractions and Displays • Senatorial Offices • Legislative Session Hall • Legislative Administration, Library and Archives, Legislative Museum • Conference, Meeting Rooms and Reception Facilities Financing Sources • Government of Guam Municipal Budget • Local – Various Bond tools, Municipal Sources • USDUD Community Development Block Grant (CDBG) – Fund Availability • USDHSS Community Services Block Grant - Fund Availability • USDA Rural Development – Direct Loans and Loan Guarantees up to $25/$30 Million • USDHSS Administration of Native Americans Grant – Up to $1.5 Million • National Trust for Historic Preservation • Dept. of the Interior Legacy Hall Example The following are estimated costs for the Legacy Hall structure. Total project cost: $25 Million Construction Costs: $20 Million Interior Design / Working Capital: $5M Guam Economic Development and Commerce Authority R. G. Sablan, Revised 011/22/05 Print 1/30/06 19 Plaza De Espana Venue Name: Plaza De Espana Use: Historical Park, Botanical Garden Location: Plaza De Espana Goal: To restore and upgrade in three (3) years, the historic Plaza grounds for use as a community-gathering place. As a direct result, the Plaza will once again be an integral part of the Hagatna downtown experience and will again become the number one visited tourist site on island. Description: For over two hundred years, the Plaza de Espana served many purposes. This included the location of Guam’s seat of Government, the main residence for the leaders of three separate and distinct nations and as an entertainment complex. Today, three principal Spanish structures remain standing in the Plaza. There is a three-arch gate that was the threshold to the Almacen or Arsenal, the Azotea or back porch, and the Chocolate House. The latter was a popular location for meriendas. The Plaza was the traditional place for the U.S. Navy band to perform weekly concerts, inducing villagers to swarm to the Plaza to enjoy the music and to spend a leisurely day in the park. Restoration of the Plaza de Espana will feature restored historical monuments, public gathering facilities incorporating a botanical garden feature. Attractions and Displays • Chocolate House, Almacen or Arsenal, the Azotea • Botanical Gardens • Water Fountains • Plaza Musicals • Family Picnic and Play area • Gift Shop merchandise located in the Museum Guahan Financing Sources • Local – Various Bond tools, Municipal Sources • Government of Guam – Real Property Tax (Hagatna properties) • Government of Guam – Business License Fees • Government of Spain – Pledge made to GovGuam. • National Trust for Historic Preservation • National Park Service – Dept. of the Interior • USDUD Community Development Block Grant (CDBG) – Fund Availability • USDHSS Community Services Block Grant - Fund Availability • National Endowment for the Humanities, NEH, OPO –Grants • Institute of Museum and Library Services – Grants from $25,000 - $1 million • Corporate Partnerships Plaza De Espana Example The following are estimated costs for the Plaza De Espana. Total project cost: $3.5 Million Construction Costs: $2.5Million Design and Landscaping / Working Capital: $1Million Guam Economic Development and Commerce Authority R. G. Sablan, Revised 11/22/05 20 Skinner Plaza Park Venue Name: Skinner Plaza Park Use: Community Park and Economic Zone Location: Skinner Plaza Goal: To restore and develop in two (2) years, a community park in which the surrounding properties offer retail, dining, entertainment, and commercial and residential features as part of economic zoning. Description: The Skinner Plaza Park project will be a landmark project. The introduction of an “Economic Zone” associated with this new attraction will assist with the facilitation of the Park’s development. This development will be the link and centerpiece for KOTTURA. Attractions and Displays • • • • • • • Economic Zones offering Incentive Packages to commercial enterprises. o Architectural Design Assistance o Improved Infrastructure o Marketing o Adjacent attractions o Residential variances Performance Venue Covered Pedestrian Areas Waterscapes and Landscapes Monuments and Statues Restroom Facilities Concessions Facility Use • • • Live Performances Community Gathering Special Events Guam Economic Development and Commerce Authority R. G. Sablan, Revised 011/22/05 Print 1/30/06 21 Financing Sources • • • • • • • Local – Various Bond tools, Municipal Sources Corporate Partnerships Government of Guam – Real Property Tax (Hagatna properties), Business License Fees National Trust for Historic Preservation National Park Service – Dept. of the Interior USDUD Community Development Block Grant (CDBG) – Fund Availability USDHSS Community Services Block Grant - Fund Availability Skinner Plaza Park Example The following are estimated costs for Skinner Plaza Park. Total project cost: $5 Million Construction Costs: $4 Million Design and Landscaping / Working Capital: $1 Million Guam Economic Development and Commerce Authority R. G. Sablan, Revised 11/22/05 22 Hagatna Visitor’s Center Venue Name: Hagatna Visitor’s Center Use: Offices for HRRA, Chamorro Affairs and CAHA, Tourist Information Center, and Security Headquarters Location: Hagatna Police Station (Agana Lock Up) Goal: To construct in two (2) to four (4) years, a visitor’s center that will address the needs of KOTTURA’s visitors, tenants and properties. Description: The Hagatna Visitor’s Center will house three (3) supporting venues for the Hagatna Master Plan and the KOTTURA project. They are the offices for the Hagatna Restoration and Redevelopment Authority (the government project leader), Chamorro Affairs and CAHA. The Center will also contain a Tourist Information Center, which will be a Visitor’s staging area where guests will be able to obtain useful information about the Hagatna area and Guam. Also located in the complex will be Security Headquarters for the entire destination, which will incorporate the Guam Police Department or private security service. Attractions and Displays • • • • Visitor Interactive Information Desk Transit Station Box Office Gift Shop Facility Use • Government Offices • Information Center • Ticket Outlet • Security Headquarters Financing Sources • Local – Various Bond tools, Municipal Sources • Corporate Partnerships • Government of Guam – Real Property Tax (Hagatna properties) • Government of Guam – Business License Fees • USDA Rural Development – Direct Loans and Loan Guarantees up to $25/$30 Million • USDUD Community Development Block Grant (CDBG) – Fund Availability • USDHSS Community Services Block Grant - Fund Availability Guam Economic Development and Commerce Authority R. G. Sablan, Revised 011/22/05 Print 1/30/06 23 Hagatna Visitor Center Example The following are estimated costs for the Hagatna Visitor Center. Total project cost: Construction Costs: Interior Design / Working Capital: $16 Million $14 Million $2 Million Guam Economic Development and Commerce Authority R. G. Sablan, Revised 11/22/05 24 Chamorro Village Market Place Venue Name: Chamorro Village Market Place Use: Retail and Dining District, Galleries, Economic Zone 2 Location: Chamorro Village Goal: To reorganize and develop in two (2) years the Chamorro Village to the Chamorro Village Market Place, a facility that will allow guest of Hagatna and KOTTURA to experience Guam’s diverse cultural heritage through dining, entertainment and retail of locally made products from tenants participating in the Economic Zone. Description: The Chamorro Village Market Place will be reorganized and remodeled to reflect a place to experience Guam’s diverse cultural heritage in an open-air setting. The project will feature the second Economic Zone promoting various incentives that will promulgate entrepreneurial activity. Entrepreneurs will be allowed to use the facility the way it was designed, as an incubator for commercial enterprises. Some of the cabanas and spaces will be used for local agriculture and local art displays. The strength of this project will be its link with the KOTTURA footprint. Renovation will include giving the Village a “Face”, a formal entrance to invite guest in and provide them loading and unloading options. Other amenities will include improved facilities for the night market activities, overhead canopies, seating, landscaping, lighting and signage. Attractions and Displays • Dining • Retail of Local Products and Gifts • Entertainment – Galleries, Live Music and Dance Performance Venue • Vendor Swap Meets • Local Produce Facility Use • Economic Zones offering Incentive Packages to commercial enterprises. o Entrepreneurial Incubator o Marketing • Gallery • Community Gathering Financing Sources Guam Economic Development and Commerce Authority R. G. Sablan, Revised 011/22/05 Print 1/30/06 25 • • • • • • Local – Various Bond tools, Municipal Sources Corporate Partnerships Government of Guam – Real Property Tax, Business License Fees (Hagatna properties) USDA Rural Development – Direct Loans and Loan Guarantees up to $25/$30 Million USDUD Community Development Block Grant (CDBG) – Fund Availability USDHSS Community Services Block Grant - Fund Availability Chamorro Village Market Place Example The following are estimated costs for the Chamorro Village Market Place. Total project cost: Construction Costs: Working Capital: $3 Million $2 Million $1 Million Guam Economic Development and Commerce Authority R. G. Sablan, Revised 11/22/05 26 Paseo Point Venue Name: Paseo Point Use: Sports and Meeting Complex, Parking Structure and Transit Terminal Location: Paseo Stadium Description: The Spanish definition of Paseo is: from pasear – a. to take a leisurely stroll, b. a public walk or boulevard. The current facilities has been neglected and severely underutilized. The vision would be to construct a multi-use complex that would allow events for: • • • • • • • Special Event - Concerts, Car Shows, Home Shows, Conventions and Meetings, etc… Baseball and Softball Football, Soccer and Rugby Basketball and Lacrosse Track and Field Tennis and Volleyball Xtreme Sports Most of the sports organizations listed above have received funding from their perspective national organization. For example, The Guam Rugby Association recently receives $2,000,000 last year for facilities. Paseo Point would be an open-air structure that could be closed, with multiple artificial turf options allowing for various configurations and mix uses. Also located in the complex would be meeting rooms, concessions and retail shops. Additionally, the existing northeast parking area could be utilized as a Bus Terminal and Parking Structure. The surrounding area would be developed to maintain the current walk/run activity and picnic grounds. Financing Sources • Local – Various Bond tools, Municipal Sources • Corporate Partnerships • Government of Guam – Business License Fees, Real Property Tax (Hagatna properties) • USDA Rural Development – Direct Loans and Loan Guarantees up to $25/$30 Million • USDUD Community Development Block Grant (CDBG) – Fund Availability • USDHSS Community Services Block Grant - Fund Availability Paseo Point Example The following are estimated costs for the Paseo Point. Total project cost: $45 Million Construction Costs: $35 Million Interior Design / Working Capital: $10 Million Guam Economic Development and Commerce Authority R. G. Sablan, Revised 011/22/05 Print 1/30/06 27 PROJECT COSTS and FINANCING OVERALL PROJECT COSTS Project Name Infrastructure Low Cost Estimate High Cost Estimate Average Cost Estimate $3,000,000 $5,000,000 $4,000,000 Museum Guahan $30,000,000 $35,000,000 $32,500,000 Heritage Center $20,000,000 $25,000,000 $22,500,000 Legacy Hall $20,000,000 $25,000,000 $22,500,000 Hagatna Visitor Center $14,000,000 $16,000,000 $15,000,000 $2,000,000 $3,000,000 $2,500,000 $40,000,000 $45,000,000 $42,500,000 Plaza de Espana $3,000,000 $4,000,000 $3,500,000 Skinner Plaza Park $4,000,000 $5,000,000 $4,500,000 $136,000,000 $163,000,000 $149,500,000 Chamorro Village Paseo Point FUNDING SOURCES AND ASSISTANCE The development of the destination and its components will require a creative financing scheme that will need to be custom tailored for each phase and venue. Funding will be combinations of various sources as outlined below. 1. Public Sources a. Federal Funding i. Loans (examples) 1. Administration for Native Americans 2. USDA Programs ii. Grants, Other 1. National Endowment for the Arts 2. HUD-CDBG – Community Block Grant 3. National Preservation Trusts 4. National Historical Preservation 5. National Parks Service b. Local Funding i. Bond Financing ii. Highway Funds iii. Tobacco Funds iv. Government General Fund v. Tourist Attraction Fund c. Tax Incentives d. Enterprise Zones Guam Economic Development and Commerce Authority R. G. Sablan, Revised 11/22/05 28 2. Private Sources a. Corporate Sponsorship b. Foundations and Associations c. Endowments d. Philanthropy e. Private Membership f. Grants g. Fund Raising REVENUE SOURCES AND SUSTAINABILITY Revenue streams created by the attractions will be the primary source of income. As outlined below, combination of sources is a key element to the success of the project. 1. EXTERNAL a. Federal Program Funding b. Organization Support c. Municipal Budget Item d. QC Program and Tax Sources (Real Property) e. Philanthropy f. Non-Profit Organization(s) (Fundraising) 2. INTERNAL - Facility Revenue Centers a. Events Admission b. Facility Rental(s) c. Concessions - Gift Shop, Vendors d. Box Office Service e. Parking Charges Economic Impact The economic impact of this project begins prior to the first ribbon cutting ceremony. During the planning and development stages, commerce is already being conducted, as various firms will be contracted to initiate developmental plans and strategies. As construction begins, synergy will be created and will increase activity in surrounding areas as money for on-going projects flows into the economy. Capital Investment for KOTTURA and Facilities o Feasibility studies and A&E plan development o Construction Dollars o Business Synergy - Revitalization of Capital City Commercial Improvement Relocation to Hagatna o Federal Grants and Subsidy Historic Restoration Cultural Preservation Arts and Education Commercial Development Guam Economic Development and Commerce Authority R. G. Sablan, Revised 011/22/05 Print 1/30/06 29 Economic Diversity o Tourism Growth Tour Attraction Growth and Expansion Expanded Visitor Market Hospitality Industry Growth o Government General Fund Growth KOTTURA Facilities Revenue streams Business Economic Zones Increased Jobs and Wage Levels Increased Tax Base o Civic Growth Arts and Events Organization and Development Promotion of Local Art PROJECT DEVELOPMENT KOTTURA WORKING GROUP Essential to project development will be the creation of the KOTTURA Working Group. The initial working group will be comprised of lead agencies GEDCA and HRRA. Primary focus of this group will be the creation of a Conceptual Plan. The Conceptual Plan will be integrated into HRRA’s Master Plan, which will have already addressed 1. Community Needs, 2. Feasibility Study and 3. Strategic Planning. The Conceptual Plan will cover the economic footprint, thematic concepts and project development and promotions. Stakeholders of the KOTTURA development include: GOVERNMENT • • • • • • • • • • • • • • Hagatna Restoration and Redevelopment Authority HRRA Board - David Hanley Chairman, Paul Calvo Sr., Paul Shimizu, Tony Grace Bordallo, Carlos Camacho Guam Legislature Governor’s Office Guam Economic Development and Commerce Authority Guam Visitors Bureau Dept. of Parks and Recreation - Historical Resource Division Department of Public Works Department of Chamorro Affairs Guam Council on the Arts & Humanities Agency Guam Housing and Urban Renewal Authority Department of Land Management Office of the Congresswoman UOG and GCC Guam Economic Development and Commerce Authority R. G. Sablan, Revised 11/22/05 Leon Guerrero, 30 PRIVATE SECTOR • • • • • • • • • • • • Guam Chamber of Commerce Guam Hotel and Restaurant Association Archdiocese of Hagatna Guam Humanities Council Guam Contractor’s Association PEALS PATA Guam Women’s Club Gef Pago TaoTao Tano Various Sports Organizations Various Art and Civic Organizations THE PHASES KOTTURA will essentially focus on the economic downtown model. After HRRA and affiliates complete the Hagatna Master Plan and finalize A&E designs, implementation of KOTTURA phases will take effect. Assumptions: • Funding source secured. • Floodway mitigation is approved. • Historical Sites are registered. PHASE 1 – INFRASTRUCTURE – Year 1 and 2 • Phase 1 will primarily focus on Hagatna’s infrastructure. • This is inclusive of utilities, sewer, sidewalks and roadways, lighting, signage, etc… • This project should work concentrically from the center of KOTTURA outward in order to prepare for consecutive KOTTURA phases. • * Complete Flood Zone Analysis PHASE 2 – FACILITY DEVELOPMENT (In Chronological Order) • MUSEUM GUAHAN / Parking structure • PLAZA DE ESPANA and SKINNER PLAZA • CHAMORRO VILLAGE • LEGACY HALL PHASE 3 – FACILITY DEVELOPMENT (In Chronological Order) • HAGATNA VISITOR’S CENTER • HERITAGE CENTER PHASE 4 – FACILITY DEVELOPMENT (In Chronological Order) • PASEO POINT • SHORELINE • FORT APUGAN Guam Economic Development and Commerce Authority R. G. Sablan, Revised 011/22/05 Print 1/30/06 31 FLOODWAY MAP Guam Economic Development and Commerce Authority R. G. Sablan, Revised 11/22/05 32 SWOT ANALYSIS Strengths Visitor market segments are not being fully tapped. KOTTURA would provide Guam with a new alternative “Tourism Attraction” that would compliment Tumon’s Development. KOTTURA will bring to realization the wants, needs and interest of tourist for Guam’s culture as indicated by Visitor Exit Surveys. KOTTURA project is in line and supports the Government of Guam’s economic initiative of Tourism. New destination will assist in attracting large corporations and industry professionals to Guam. Promotes the educational development and appreciation for the Arts Existing infrastructure and historical significance give the project viability. Guam’s unique culture and community partnerships are key assets that will make this project attractive and successful. The authority of the Hagatna Restoration and Redevelopment Authority. Weaknesses Government and private sector resources have not been formally organized to form a collaborative effort. No “existing” government incentives for the development of this industry. Opportunities Capitalize on increasing outbound visitor markets and expand exiting markets i.e. Military numbers. To organize the movement to revitalize a dilapidated area into a thriving economic center. To centralize cultural entities in one of the most histories location on Guam. To recover and return national treasures and artifacts to Guam. Creation of new commercial enterprises and business opportunities. Maximize the utility of prime real estate to serve as a socio-economic project. Reestablish a sense of community. Threats Ability of the Government of Guam to work in partnership with the Private Sector on a unified vision. Infrastructure – Because of the current state of Guam’s infrastructure, this condition adds additional cost to operations disrupts business operations and deters new business investments into Guam. Unstable Economy. Property issues – Flood Zone, Property title and ownership, landowners, etc. Guam Economic Development and Commerce Authority R. G. Sablan, Revised 011/22/05 Print 1/30/06 33 ADVANTAGES FOR GUAM This project shall serve the community by contributing to the: 1. Economic Diversity a. Providing a New Attraction Segment to Guam’s portfolio. b. Creating New, Non-Competitive, Complimentary Revenue Streams c. Revitalization of Guam’s capital city d. Development of Economic Zones 2. Cultural Preservation a. Preservation and Promotion of our diverse cultural heritage. b. Restoration of historical landmarks. 3. Development of the Arts a. Creation and Promotion of the Arts. b. Enhanced Learning in the Arts c. Greater Accessibility to the Arts d. Partnership Development for the Arts • • • • • • • Preservation of culture by providing direly needed facilities to house artifacts and historical memorabilia. Fosters an understanding and appreciation of our culture in our young people; helps to bring our heritage to the masses of all ages and backgrounds; assists those who create, share, and yearn for the arts. Supports works of artistic excellence, learning in the arts, and strengthening the arts in communities throughout the region Introduction of new economic activity on Guam. Expanded economic growth in the areas of Tourism and Education for the territory. Centralized cultural and arts center that will enhance the revitalization of Guam’s Capital City of Hagatna. Creation of jobs and numerous employment opportunities. Provides access and better conditions for the community to utilize for special events. R. Gregory Sablan Industry Development Specialist Guam Economic Development and Commerce Authority Industry Development Division Guam Economic Development and Commerce Authority R. G. Sablan, Revised 11/22/05 34