The Jubilee Library and the Jubilee Street development could inject over £20m into the local economy, a council report estimates. It is expected to attract in excess of 700,000 visitors a year and create 709 new jobs.
Projections show that in its first fully operational year, 2007, the library and the surrounding Jubilee Street development could generate £4.4m in visitor spending.
Shopping streets in the North Laine stand to gain enormously from the development but traders mustn’t rest on their laurels. There is much to be done to enhance the offer in the adjacent streets. For example there is a need to keep the area clear of graffiti so that new visitors will not be intimidated by the underlying threat of criminal activity. There is also an opportunity to improve the festive atmosphere over the Christmas period to ensure that visitors go away with a warm glow and a desire to return (these things could be done through a Business Improvement District ([BID] – see related stories in Knowledgebase or click on the icon on the top right hand corner of this page).
The report also forecasts that the development could create up to 709 full time jobs, which would bring in as much as £16.3m a year to the city’s employment market. This also means 709 more people will be using the local shops and restaurants.
The report, is called ‘Jubilee Street Library PFI: Local Economic Impact’, and will be given to Brighton & Hove City Council’s tourism and culture sub-committee on 10 November.
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