That figure is based on an economic impact analysis performed by the city and TIP Strategies and Impact DataSource, an Austin-based company the city retained to provide economic impact modeling of primary employer projects.
Woodward could spend as much as $169 million in new buildings and $50 million in new equipment, according to the report.
In addition, 1,000 new jobs would be added to Fort Collins. Six hundred of those would be transferred from within Larimer County and 400 would be new. These jobs would come with average annual salaries of $76,000.
The project — which would be built in phases and could ultimately encompass 935,000 square feet between the Woodward buildings and other commercial uses on the property — has the potential to support 1,652 construction jobs for a total of $91 million in earnings at an average wage of $55,000.
Taxing entities would benefit from the project as well, according to the report.
The analysis estimated the economic impact for taxing entities compared with tax revenues generated during construction and the first 10 years of operations against the costs associated with the project during the same period.
The total cost of the project is estimated at $45 million, and the total benefit is estimated at $90 million, meaning that the net benefit to taxing entities is $45 million.
Taxing entities include the city, Larimer County, school districts and the Downtown Development Authority.
The impact of losing the project is also estimated in the study. Over 10 years, losing Woodward’s presence in Fort Collins could have an economic impact of as much as $28.8 million.