An arena in Potomac Yard could add $34 million in yearly tax revenue for Alexandria, according to a report published Friday.

HR&A Advisors performed the study for the Alexandria Economic Development Partnership to determine potential tax revenues and job creation for the proposed new stadium at Potomac Yard. The report found that the project would generate 29,555 permanent jobs and 17,645 one-time construction jobs in Virginia.

The current outline for Potomac Yard includes a new stadium for the Washington Wizards and Capitals, team headquarters, a music venue, and retail spaces. The development’s economic impact would total $40 million yearly for the state with $34 million staying in Alexandria. Without the arena, tax revenue would drop to $5 million annually for the area.

The analysis includes financial data from Monumental Sports and Entertainment, which owns the District’s NBA and NHL teams.

Monumental estimates that the site would host 221 events at the stadium and 115 at the concert venue each year. The organization expects $117 million in parking and retail revenue yearly while accumulating $293 million in operating expenses.

“The City remains committed to providing facts and information to our community to consider economic development projects based on their merits and facts, considering the benefits of proposals and what they bring to our community,” Alexandria officials wrote in a statement.

• Liam Griffin can be reached at lgriffin@washingtontimes.com.