Economic Overview
The Avalon Cornerstone Project supports significantly improved economic and cultural benefits for the community.
Indirect Revenue
Supporting Local Businesses
MORE PATRONS MEANS MORE SPENT WITH LOCAL BUSINESSES *
In addition to their ticket purchase, patrons of The Avalon Theatre currently spend an average of $23 per attendance with local businesses for food, lodging, and shopping. Expanded capacity is projected to increase attendance by 54%, resulting in annual indirect income to local businesses of $1 to $2 million.
CONSTRUCTION PROJECTS ARE A BOON FOR THE LOCAL ECONOMY
The first phase was a substantial construction project helping to create jobs and support local building trades, associated businesses, and supporting industries. Based on economic development multipliers, every $1 spent in construction generates $1.85 in local earnings and $1.99 in local employment.
In addition to their ticket purchase, patrons of The Avalon Theatre currently spend an average of $23 per attendance with local businesses for food, lodging, and shopping. Expanded capacity is projected to increase attendance by 54%, resulting in annual indirect income to local businesses of $1 to $2 million.
CONSTRUCTION PROJECTS ARE A BOON FOR THE LOCAL ECONOMY
The first phase was a substantial construction project helping to create jobs and support local building trades, associated businesses, and supporting industries. Based on economic development multipliers, every $1 spent in construction generates $1.85 in local earnings and $1.99 in local employment.
Direct Revenue
Supporting Operations
INCREASED GROSS REVENUES *
Expanded programming and events are projected to increase gross revenues by as much as 100%, or double that of current gross revenues.
INCREASED TICKET REVENUES **
The average ticket price at The Avalon is currently $13. Though many offerings may retain a lower ticket price, people are willing to pay a higher ticket price for bigger acts. In fact, in the 2010 Avalon Study, respondents said they would pay as much as $33 per ticket for higher-level performances, which would result in substantially increased gross revenues. At full build-out, the Avalon Cornerstone Project will equip the building appropriately to appeal to the type of performances that will garner higher ticket prices.
SUPPORTING TAX BASE
Projected increases in indirect revenues would also yield an increase in supporting tax revenues. Many of these dollars will come in the form of sales taxes from out-of-town visitors through their purchases in local businesses.
NATIONAL ATTENTION
During the first phase, 200 seats were added to the theater. This additional capacity brings the theater to a more competitive venue size able to attract the more diverse events and performances, a league from which it was previously excluded. This additional capacity will have a substantial positive impact on The Avalon’s economic operations and profitability.
REGIONAL HUB EFFECT
The expansion of the Avalon Theatre increases the regional draw to the Grand Valley. As a newly renovated and expanded venue the theater effectively anchors the east end of the downtown shopping complex, further solidifying it as a regional destination. This status draws a larger out-of-town and tourism base. On average, visitors are typically willing to pay 66% more for a ticket, in addition to local spending on food, lodging, and shopping.
Expanded programming and events are projected to increase gross revenues by as much as 100%, or double that of current gross revenues.
INCREASED TICKET REVENUES **
The average ticket price at The Avalon is currently $13. Though many offerings may retain a lower ticket price, people are willing to pay a higher ticket price for bigger acts. In fact, in the 2010 Avalon Study, respondents said they would pay as much as $33 per ticket for higher-level performances, which would result in substantially increased gross revenues. At full build-out, the Avalon Cornerstone Project will equip the building appropriately to appeal to the type of performances that will garner higher ticket prices.
SUPPORTING TAX BASE
Projected increases in indirect revenues would also yield an increase in supporting tax revenues. Many of these dollars will come in the form of sales taxes from out-of-town visitors through their purchases in local businesses.
NATIONAL ATTENTION
During the first phase, 200 seats were added to the theater. This additional capacity brings the theater to a more competitive venue size able to attract the more diverse events and performances, a league from which it was previously excluded. This additional capacity will have a substantial positive impact on The Avalon’s economic operations and profitability.
REGIONAL HUB EFFECT
The expansion of the Avalon Theatre increases the regional draw to the Grand Valley. As a newly renovated and expanded venue the theater effectively anchors the east end of the downtown shopping complex, further solidifying it as a regional destination. This status draws a larger out-of-town and tourism base. On average, visitors are typically willing to pay 66% more for a ticket, in addition to local spending on food, lodging, and shopping.
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Business Recruitment and TourismCULTURAL OPPORTUNITY ATTRACTS NEW BUSINESSES
According to local economic development leaders, the lack of cultural opportunities is a consistent factor working against the area’s ability to attract new businesses and young professionals. A fully renovated Avalon Theatre helps correct this deficit and enhances the region‘s appeal to potential outside investors. ECONOMIC DEVELOPMENT In case studies of similar venues in Durango and Fort Collins, out-of-town patrons accounted for 15 to 27% of total annual event attendance. Out-of-town visitors are a primary source of new business cultivation and economic development. THE CITIZENS’ ASSET The Avalon Theatre is already owned by the citizens of Grand Junction and operated by the City. This public/private partnership not only improves the quality of life in the Grand Valley, but also significantly increases the value of this capital asset to its citizens. The fully renovated theater will give the community a beautiful, one-of-a-kind civic auditorium. The historic roots of this grand building further draw together the generations and render an asset that all can claim withpride. |
Community Enrichment and Expanded Opportunities
Cultural enrichment is key to attracting and retaining good businesses and in building community strength through shared experiences.
METRO TALENT DRAW
Situated halfway between Denver and Salt Lake City on the Interstate 70 corridor, and with excellent air service to Las Vegas, The Avalon Theatre is well positioned to capture high-caliber performances, speakers, and events.
NO COMPARABLE FACILITIES **
Event planners and respondents to the 2010 Avalon Study said there were currently no facilities comparable to a fully renovated Avalon Theatre. Nearly two-thirds of those surveyed said they would use the new venue. Civic organizations were chief among those interested. Business and religious organizations also indicated high interest.
EXPANDED PROGRAMMING **
Respondents indicated that 64% of the activities they would bring to the renovated theater represent a growth in the overall programming offered in Grand Junction — either newly developed activities, events, and performances or expansions of existing programs. Examples of new uses possible in a fully renovated facility include:
* Grand Junction Visitor and Convention Bureau
** 2010 Avalon Theatre Study by AMS Planning & Research
METRO TALENT DRAW
Situated halfway between Denver and Salt Lake City on the Interstate 70 corridor, and with excellent air service to Las Vegas, The Avalon Theatre is well positioned to capture high-caliber performances, speakers, and events.
NO COMPARABLE FACILITIES **
Event planners and respondents to the 2010 Avalon Study said there were currently no facilities comparable to a fully renovated Avalon Theatre. Nearly two-thirds of those surveyed said they would use the new venue. Civic organizations were chief among those interested. Business and religious organizations also indicated high interest.
EXPANDED PROGRAMMING **
Respondents indicated that 64% of the activities they would bring to the renovated theater represent a growth in the overall programming offered in Grand Junction — either newly developed activities, events, and performances or expansions of existing programs. Examples of new uses possible in a fully renovated facility include:
- Philharmonic and live acoustic presentations, such as the Grand Junction Symphony and the Centennial Band
- Amplified musical performances in a wide range of genres, such as rock, jazz, and country
- Local talent and artists such as the Express All Stars, dance companies, gallery artists and special exhibits from the Museum of Western Colorado
- National performers such as the Chinese Ballet and Peking Acrobats, as well as events in a broad range of other performance styles, including comic, inspirational, and theatrical
- Classes, seminars, and workshops
- Distinguished lecturers and special-interest presentations Civic and private events
* Grand Junction Visitor and Convention Bureau
** 2010 Avalon Theatre Study by AMS Planning & Research