Executive Summary - Argyll and Bute Council

Oban Action PlanAssessment of Economic BenefitsThe economic assessment estimates that delivery of the Action Plan has the potential to deliver the following economicoutputs and impacts. These impacts are, however, based on completion and successful delivery of the full Action Plan.Elements of the Action Plan include options and development of a very extended time period with no certainty thateither private or public sectors can secure the funding to facilitate full development of the Action Plan proposals. supporting the creation of 407 gross jobs (permanent FTEs);generating £8.06m annual wages and salaries and a 10 year cumulative impact of £80.6m; generating £14.2m of new GVA per annum and a 10 year cumulative impact of £142m; generating 527 construction jobs (one-off Man Year equivalent posts);generating total construction employment GVA of £18.5m;creating 3,750 sq m of new business and leisure accommodation;generating an additional £1.2 million of new annual council tax at the completion of development and a 10 yearcumulative impact of £11.9m creating 825 new homes over 10-15 years; accommodating 1850 residents, equating to the total forecast uplift for Oban to 2012 plus additional allowancefor growth post 2012; and generating annual tourism spend of £3.6m.IronsideFarrarIt is easier to understand the impacts when they are set within the context of the existing socio-economic climate forthe town. Using our earlier Baseline Analysis we have identified that the Action Plan will:increase employment in the town over 15 years by 8.2% (based on gross FTEs); increase GVA in Argyll & Bute by 1.5%;support an increase in the town’s population by 24 %; and increase annual tourism expenditure within the town of 27%.Outcomes that will be achieved through the delivery of projects and programmes contained within the Action Plan willinclude: attracting more people into the town centre to spend more money;a growth in turnover and profits for local businesses;more disposable income for local people, that can be captured by the town centre businesses;improvements in the range and quality of town centre retailers, services, entertainment and leisure businesses;a more attractive product offering for tourists and day visitors, encouraging repeat visits and therefore theopportunity to capture future spend; anda diversified housing product offer in the town centre, increasing the local tax revenue through Council Taxpayments.ixExecutive Summary