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Study finds Blackstone Canal opening could deliver huge return on investment for Worcester
By Lindsay Corcoran | lindsay.corcoran@masslive.com
WORCESTER – The supporters of reopening the Blackstone Canal in Worcester’s Canal District got a big boost on Friday with the release of the findings from a cost benefit analysis study performed by Worcester Polytechnic Institute.
The two-month study found that reopening the canal from Harding from Union Station to Kelley Square would cost about $25 million, but would mean a huge return on investment for the city.
“There’s a real compelling case for why we should open up canal,” said John Giangregorio, president of Worcester’s Canal District Business Association. “Frankly, the numbers exceeded my expectations … It would expand the tax base, create a larger demand for the existing hotels and encourage new ones and the city itself would realize a benefit in terms of fees and taxes.”
Giangregorio also said the projected 100,000 visitors per year would also be a big win for not only the businesses within the Canal District, but also the city’s attractions and restaurants.
The study group’s finding came largely from looking at data from six similar projects across the country, including those in Lowell; Providence Rhode Island; Oklahoma City, Oklahoma; Buffalo, New York; San Antonio, Texas; and Indianapolis, Indiana.
“[The] most startling were the economic development numbers,” the study found. “The five cities experienced an average of $300 million of private development in the area surrounding the waterways.”
Full article: http://www.masslive.com/news/worcester/index.ssf/2015/01/study_finds_blackstone_canal_o.html