02.07.24 IMPACT ANALYSIS FUNKO MARICOPA COUNTY V2.PDF

Funko
Impact Analysis
December 2023
602.256.7700 /// gpeg.org

IMPACT ANALYSIS
Impact Analysis
Overview
Below is an analysis of Funko’s impact over the next 10 years to demonstrate the economic
value the company will generate in Maricopa County.
Based on the assumptions outlined below, Funko will generate an estimated $3.2 million in
direct tax revenues and an additional $555,447 in indirect tax revenues for a total of $3.7
million in tax revenue to Maricopa County over a 10-year period.
In 10 years, this company will directly create an estimated $240.3 million of personal income,
plus an additional $131.7 million in indirect personal income for a total of $372.0 million.
Over a 10-year period, Funko will create $980.8 million in economic output, with $501.4
million in direct economic output, and $479.4 million in indirect output.
Assumptions
• Total Employment at the end of 10 Years: 600 jobs
• Annual Payroll at the end of 10 Years: $25.4 million
• Total Square Feet of Property: 958,000 square feet by Year 1
• Total Real Property Improvement Investment: $28.4 million
• Total Personal Property Investment: $28 million
10-Year Economic Impact to Maricopa County
Impact Jobs Personal Income Economic Output Revenues
Direct 600 $240,331,988 $501,412,051 $3,156,156
Indirect 316 $131,683,712 $479,404,963 $555,447
Total 916 $372,015,709 $980,817,005 $3,711,602
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IMPACT ANALYSIS
Direct Revenue and Economic Impact
Year Jobs Personal Income Output Revenues
2024 257 $10,918,388 $22,779,370 $322,363
2025 600 $25,490,400 $53,181,409 $308,553
2026 600 $25,490,400 $53,181,409 $364,655
2027 600 $25,490,400 $53,181,409 $308,655
2028 600 $25,490,400 $53,181,409 $308,655
2029 600 $25,490,400 $53,181,409 $308,655
2030 600 $25,490,400 $53,181,409 $308,655
2031 600 $25,490,400 $53,181,409 $308,655
2032 600 $25,490,400 $53,181,409 $308,655
2033 600 $25,490,400 $53,181,409 $308,655
Total 600 $240,331,988 $501,412,051 $3,156,156
Indirect Revenue and Economic Impact
Year Jobs Personal Income Output Revenues
2024 135 $5,982,449 $21,779,578 $25,234
2025 316 $13,966,807 $50,847,265 $58,913
2026 316 $13,966,807 $50,847,265 $58,913
2027 316 $13,966,807 $50,847,265 $58,913
2028 316 $13,966,807 $50,847,265 $58,913
2029 316 $13,966,807 $50,847,265 $58,913
2030 316 $13,966,807 $50,847,265 $58,913
2031 316 $13,966,807 $50,847,265 $58,913
2032 316 $13,966,807 $50,847,265 $58,913
2033 316 $13,966,807 $50,847,265 $58,913
Total 316 $131,683,712 $479,404,963 $555,447
Total Revenue and Economic Impact
Year Jobs Personal Income Output Revenues
2024 392 $16,900,837 $44,558,948 $347,597
2025 916 $39,457,208 $104,028,673 $367,466
2026 916 $39,457,208 $104,028,673 $423,567
2027 916 $39,457,208 $104,028,673 $367,567
2028 916 $39,457,208 $104,028,673 $367,567
2029 916 $39,457,208 $104,028,673 $367,567
2030 916 $39,457,208 $104,028,673 $367,567
2031 916 $39,457,208 $104,028,673 $367,567
2032 916 $39,457,208 $104,028,673 $367,567
2033 916 $39,457,208 $104,028,673 $367,567
Total 916 $372,015,709 $980,817,005 $3,711,602
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IMPACT ANALYSIS
Property Tax Analysis
Property Taxes
Year
Total Business Residential
2024 $31,141 $20,188 $10,953
2025 $45,996 $20,188 $25,809
2026 $46,098 $20,469 $25,629
2027 $46,098 $20,469 $25,629
2028 $46,098 $20,469 $25,629
2029 $46,098 $20,469 $25,629
2030 $46,098 $20,469 $25,629
2031 $46,098 $20,469 $25,629
2032 $46,098 $20,469 $25,629
2033 $46,098 $20,469 $25,629
Total $445,921 $204,127 $241,794
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IMPACT ANALYSIS
Impact Analysis
About GPEC Economic Impact Model
The Greater Phoenix impact model calculates economic and revenue impacts of new
business in the region. The underlying theory behind this regional model is that all
communities benefit when a new business locates in the region, both in terms of employed
residents and new revenues. The purpose of the model is to show how this distribution of
economic benefits may occur.
Economic Impact
The impact model uses county-level multipliers from the IMPLAN Group for Maricopa
County to calculate direct and indirect impact on specific communities in the Greater
Phoenix region. The model also calculates economic impact to the county and state
economies in terms of new jobs, output, and revenue generated. In addition to jobs, new
businesses create new consumer spending throughout. The payroll from the new
businesses can be converted into effective buying income. On a regional basis, effective
buying income is distributed across retail and service categories based on spending
patterns from the Bureau of Labor Statistics.
Revenue Impact
Direct revenue impacts include revenues generated directly by the businesses, based on
project information such as real property values, employment, direct sales, and local and
nonlocal purchases. Additional revenues generated by related supplier and consumer jobs,
and supported residents are included in the indirect and total impact results. All revenue
projections are in current dollars.
Disclaimer
The results from this analysis suggest only one possible scenario based on given project
parameters and assumptions, and do not exclude other development possibilities under
different assumptions. The economic impact model serves as a tool for basic quantitative
evaluations for economic development projects. The results are based on the current
economic structure of the communities, and current tax rates. The results of the model are
order-of-magnitude estimates and are intended only as a general guide as to show how
businesses and development projects may impact the region.
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