By Gabrielle Paulissian

On May 11, 2010, Lincoln residents voted on a proposal to build a 16,000 seat arena in the west Haymarket area. UNL men’s and women’s basketball teams will be the main tenants, but the arena will also be able to host a wide-variety of other events like concerts and conventions. The proposal includes the addition of over 7,000 parking spaces, public gathering areas and outdoor festival space. Other proposed private development includes an ice center and hotel as well as retail, office and residential space.

The arena development will create 7,800 jobs during construction of the arena and the establishment of 1,200 permanent jobs from operations for the new facility. The arena’s estimated economic impact includes multiple categories of spending like annual expenditures associated with operating and maintaining the arena, admissions revenue flowing to event promoters or sponsors, and arena spectators and/or participants spending money on lodging, food, and other miscellaneous items. “It’s a good thing, bringing back pride and people to Lincoln,” said North Star economics teacher Brian Wandzilak.

So this is all pretty great right? But how much will this all cost?

The total revenue is $498,401,834 and the total project costs $339,749,343. The report also detailed $260 million in projected economic activity annually associated with the arena and with other parts of the development.

“I just hope that the money we are spending will come back to us in the long term,” Wandzilak said. Lincoln residents are hoping the same thing. Only time will tell what the direct impact will be.