PowerPoint Presentation (added 11/21/2023)

VAI Resort Economic Impact Analysis
November 21, 2023

Background
2
• Initial economic impact conducted by Applied Economics in 2020.
• Original scope of the project included:
– 630 hotel rooms (three hotels)
– 11-acre lagoon
– 130,000+ SF of office
– 263,000+ SF of retail/restaurant
– 75,000 SF family entertainment center
• The total revenue impact estimated for the original scope was $700.8 
million over 25 years to all taxing jurisdictions. 
• The revenue impact specific to the city for the original project was $240 
million over 25 years, or $9.6 million annually

Background
3
• The scope of the project has grown in scope and magnitude. The VAI 
Resort will now include:
– 1,083 hotel rooms (four luxury hotels)
– 171,000+ SF of retail/restaurants
– 571,000+ SF of attractions, entertainment amenities including 9-acre Mattel 
Adventure Park, night club, multi-level concert venue
– 5-acre swimming area with beaches and related amenities
– 55,000 SF of corporate office occupied by the owner/developer
– 70,000 SF convention space
• The information on the following slides are from the updated economic 
impact study from Applied Economics based on the expanded scope of 
the project.

4
•
To support the VAI Resort project, the city offered permit/plan review fee waiver 
up to $1 million and a 25-year Government Property Lease Excise Tax 
agreement (GPLET) on the entertainment, recreation and concession portions 
of the development. (The total value of the incentive is estimated at $107.4 million)
• The project is estimated to result in $2.2 billion in new sales, 
property and bed tax revenues to the city, county and state over the 
next 25 years. 
• The revenue impact specific to the city for the VAI Resort is $811.7 
million over 25 years, or $32.4 million annually
Summary of the Revenues and Incentives 
for VAI Resort

5
Alternatives for Comparison
For context and comparison purposes, the analysis included revenue estimates to the 
City of Glendale over 25 years for two development alternatives on the same site.
$71.2 million
$17.7 million
VAI Resort              $811.7 million
Type of Use
Square 
Feet/Units
Construction 
Cost
Lease 
Rate
Sales per 
Sq Ft
Occupancy
Alternative 1
   Multifamily
500
$124,799,675
$1,500
$0
95%
   Retail
200,000
$28,000,700
na
$325
100%
Alternative 2
   Multifamily
500
$124,799,675
$1,500
$0
95%
   Office
266,000
$49,428,652
$29
$0
90%
Estimated Revenues 
over 25 years to City
($32.4 million annually)

6
Annual Revenue Impacts to School Districts
Pendergast 
Elementary
Tolleson 
Union
WESTMEC
Community 
Colleges
Schools 
Total
All Other 
Taxing 
Districts
Schools
Total
Current Conditions (Pre-Construction)
$55,452
$51,883
$1,765
$11,121
$120,221
$32,997
$0
$0
VAI Resort with GPLET
$2,906,600 $2,719,506
$92,498
$582,938
$6,301,542 $1,734,838
$6,181,321 $7,883,162
      GPLET Value
$1,191,901 $1,115,179
$37,930
$239,043
$2,584,053
$711,400
na
na
Multifamily/Retail Alternative
$467,468
$437,378
$14,876
$93,754
$1,013,476
$279,014
$893,255 $1,139,271
Multifamily/Office Alternative
$708,241
$662,652
$22,539
$142,042
$1,535,474
$422,722
$1,415,254 $1,804,978
Total Tax Collections
Increase over Current
VAI Resort could generate an annual increase in property tax revenues to schools of $6.2 
million, and $7.9 million to all jurisdictions combined, net of the GPLET exemptions.

7
Summary
• In 2020, the initial economic analysis estimated the total revenue impact to be 
$700.8 million over the next 25 years, including $9.6 million annually to the city. 
•
With the growth of the project, the return has more than tripled with an 
estimated revenue impact of over $2.2 billion over 25 years, including $32.4 
million annually to the city.  
•
These figures do not include the estimated impact of the parking garage 
revenues. 
•
This analysis represents a conservative approach based on the current site plan 
for the VAI Resort. The project is expected to open in two phases with the first 
phase opening at the end of 2024 and the second phase opening in summer 
2025.

VAI Resort Economic Impact Analysis
November 21, 2023