Economic Vitality…High Affordability for Residents
The intent of Centennial is to be a self-contained, self-reliant community that generates its own economic vitality. Thus, the new town will have approximately 30,000 jobs along with 23,000 homes (approximately 12,800 single-family detached homes; 6,200 attached condominiums and townhomes; and 4,000 rental apartments).
In order to attract the majority of the anticipated 30,000 jobs at Centennial, the master plan includes a business district with a total potential of 12 million square feet of employment producing uses. The jobs will be distributed throughout the community in the form of retail shops, medical and professional offi ces, restaurants and entertainment venues, schools, and other job creating activities. Employment at Centennial is expected to range from teenage summer jobs to high paying positions such as senior executives, doctors, attorneys and accountants.
Construction of the new town will generate 29,455 jobs over the 20-year development period, generating a multiplier effect throughout the community and creating a continuing demand for goods and services through purchases by workers and contractors. It is estimated that about 68,060 jobs will be stimulated by this multiplier effect over the 20 year build-out period. Importantly, many of these indirect jobs will be supplied by existing businesses in the area.
An estimated 74 percent of Centennial’s projected households will have the opportunity and financial ability to purchase or rent a home in the new town, according to a jobs/housing affordability analysis by an independent research company. This places Centennial’s jobs/housing affordability level among the highest for new towns across the country and points to its ability to achieve its founders’ goal of creating a new town where working families can affordably live, work and play. The high jobs/housing ratio will also reduce traffi c on regional arterials and improve air quality by developing opportunities for people to live and work in the same community. Centennial will also be a good housing option for those working at the Tejon Industrial Complex, where more than 1,000 people are already employed and 6,000 more jobs will be created when it is completed.
Centennial will be an economic engine for the region and Los Angeles County because of its revenue generating components. It will more than cover the costs that it incurs, ensuring that existing residents will not support it with any new taxes but will benefi t from annual surplus payments to Los Angeles County generated by Centennial property and sales taxes once the new town is built out. For example, the County General fund is projected to enjoy an annual surplus of $5.86 million from Centennial. The Fire Department will receive an annual recurring surplus of $5.70 million while libraries will benefi t from the $3.38 million in new funds they will receive each year. The County Road Fund is expected to receive an estimated $1.99 million annually.
Along with its economic contributions, Centennial is being welcomed by many nearby residents who are looking forward to the services and options that it will bring to the area for the first time.