For Immediate Release
Facility to bring hundreds of new jobs, larger tax base for Daniel Boone School District, attract disposable income of tourism, etc.
| Douglasville, Pa., May 24, 2011- Researchers from Penn State University (PSU) presented the results from the Economic Impact Study on how the new Liberty Bell Motorsports Park and Campground facility will have on Berks County and surrounding counties. The reception was held on Sunday, May 22, 2011 at Building 24 Kitchen & Bar, Wyomissing, Pa., following a Road Rally.
“Paramount to the entertainment Liberty Bell will offer, we’re looking forward to improving the condition of the tax base for the Daniel Boone school district and drawing visitors to Berks County,” said Louis Mascaro, president & owner of Liberty Bell Motorsports Park and Campground, and an owner of J.P. Mascaro and Sons Waste Disposal Company. “Liberty BellMotorsports Park and Campground will be a destination for motorsports enthusiasts and their families and will serve as an excellent community resource for driver training for emergency medical transit staff,” said Mascaro. Based upon potential assessment values for the developed land (not including the buildings) reported to Liberty Bell, the real estate taxes to be paid to the school district are estimated to exceed $500,000, with an additional $125,000 to Berks County and $32,000 to Union Township. The amount of real estate taxes is expected to increase as further building development occurs. PSU examined the potential economic impacts of two phases: the construction of the Park and Campground and the first year of operation. Beginning in 2012, the construction phase of the development of Liberty Bell Motorsports Park and Campground could generate 633 jobs, almost $92 million of output of goods and services, over $27 million of employee compensation, and $972,000 of indirect business tax revenue within Berks County. |
| “Liberty Bell Motorsports Park and Campground will be a welcome tourist attraction in Greater Reading that will keep people coming back year after year to support our businesses in Berks, and which has a magnificent ripple effect on increasing jobs, the tax base and personal income,” said Jon Scott, president and chief executive officer, Berks Economic Partnership.
Other community and business leaders who attended the reception included State Representative Mark Gillen, BEP President & CEO Jon Scott, and members of Daniel Boone school board. Motorsport professionals who spoke of their excitement of Liberty Bell included Professional Driver David Donohue of the Action Express Racing in the Grand Am Rolex Series, and Professional Rider Jason DiSalvo of Team Latus Motors in the AMA Pro Road Racing Series. At the Reception, Liberty Bell staff unveiled its three-dimensional architectural model and video of its future facility and PSU researchers presented the results of the Economic Impact Study that forecasts the potential regional economic and tax impacts that Liberty Bell Motorsports Park and Campground will have on the region, beginning with construction in 2012. Liberty Bell Motorsports Park and Campground is slated to break ground in the Spring of 2012 and a grand opening in the Spring of 2013. The facility will be a multi-functional, state-of-the-art motorsports track complex that will include a campground area and buildings. At a glance, the motorsports activities will include professional racing, club events, driver training, product development, autocross, automotive testing, and stunting. For more information, please visit www.libertybellmp.com. To download a copy, please visit the Social Science Research Network (SSRN) at http://ssrn.com/abstract=1831492. The Economic Impact Study was conducted by David L. Passmore, professor of education and operations research, and Rose M. Baker, PhD PMP, assistant professor of education / director of Center for Regional Economic and Workforce Analysis, both from Penn State University. |
David Donohue addresses his excitement from a professional racing perspective, focusing on the state-of-the-art and safety features, as well as the impact it will have on the region.
Liberty Bell Motorsports Park & Campground’s Director of Sales & Marketing Rob Armbruster (left at podium) introduces President & CEO of Liberty Bell Louis Mascaro, who shares his excitement of the positive impact this facility will have and his gratitude to the community of supporters.
Jason DiSalvo, Professional Rider; Rose M. Baker, Penn State University; David Passmore, Penn State University; Louis Mascaro and Matt Mascaro, Liberty Bell Motorsports & Campground; and Jon Scott, Berks Economic Partnership.
That is good to know! Nice job for putting this together, and well done explaining it. Thanks Stephanie!