Could Glen Abbey be good for Oakville economically? A lot of Oakville residents are opposed to the development of Glen Abbey Golf Course and would rather have the space be preserved as the iconic Golf Course that hosts the Canadian Open.
Oakville commissioned an economic analysis that compared the current golf course to the proposed development plans that was carried out by PwC. Here are the main findings for the economic impacts of the current golf course:
- The golf course generates about $5.2-$6.4 million in revenue and incurs $4-$4.5 in operating costs annually.
- Total economic impact in Oakville, measured in terms of GDP impact, is about $2.9-$3.6 million per year.
- During the Canadian Open, the economic impact is estimated at $22 million.
- The Golf Course provides 220 jobs to Oakville residents each year
- Between $5.9 million and $9.4 million annually would be generated annually in property taxes.
- Because of other associated costs to Oakville, the fiscal impact to the Town could range from a net annual shortfall of $2.5 million to a net annual surplus of $1 million.
- The short term employment for construction would create jobs.
The ongoing economic benefits from the operation of the Golf Course are significant. Meanwhile, the overall benefit to the financial status of Oakville is marginal. It seems that the economic analysis affirms that maintaining the golf course would be better than replacing it.