GLENDALE — The rapidly slowing economy may have sucker-punched the local business community, but preliminary findings in a new Redevelopment Agency report suggest that the Americana at Brand has lessened the blow.

For the first time since the 900,000-square-foot mixed-use retail behemoth opened in May, the city released a financial impact report detailing how the Americana is faring in what is generally considered an economic slump for the decades.

Early assessments in the report indicate that the Americana is on track to exceed projections in terms of sales tax returns and property valuation, while at the same time continuing to draw outside investment — findings that only bolstered the long-held position of the property’s developer, Rick Caruso.

“Those are all the things that we predicted,” Caruso said. “So all the naysayers who said we were going to have a negative impact were just flat wrong.”

Second-quarter sales at the Glendale Galleria, which engaged in a bitter fight with Caruso Affiliated over the Americana before it was built, increased overall by 10.7% since last fiscal year, according to the report.

And while second-quarter retail sales fell for the state and county 4% and 2.6%, respectively, since last year, Glendale saw just a 0.1% decrease during the same period, according to the report.

City officials cautioned that the data used to compile the findings were drawn only from the second fiscal quarter — between April and June — and even then, the retail center opened May 3, so just two months of records were available. Third-quarter data wouldn’t be ready until next year, and at least two years of tracking would be needed until any trends could be identified, city officials said.

But preliminary estimates put the value of the Americana at $271 million, far above the projected asset value of $193.7 million. The increased value of the land would translate into a $2.05-million annual tax infusion to the city’s coffers — 42% more than expected, according to the report.

As tenants complete improvements, and more residential units are sold, city officials expected the total assessed value to improve. And since the city gets the full property tax increment through 2025, its take could eventually be more than $35 million on assessed value alone.

“We’re pleased where the project is today, compared to what our projections were, even in light of this impending economic gloom,” Development Services Director Philip Lanzafame said. “We’re cautiously enthusiastic.”

Overall, the total assessed value for the Central Glendale Redevelopment Project Area was $2.81 billion for this fiscal year, a 15.7% increase from the year before. The report attributed a “substantial portion” of the increase to the newly completed Americana.

The sales tax report was less dependable, with the partial fiscal quarter only tracking a list of retailers that gradually expanded as time wore on.

But even for the May-June period, the Americana generated $252,667 in sales tax. A “straight projection” over 12 months would put total tax revenue at $1.52 million, beating a 2004 forecast by $150,000, according to the report.

Caruso endorsed the preliminary findings, saying strong sales at H&M, Forever 21, Barneys CO-OP and the Cheesecake Factory had surpassed corporate expectations.

Even beyond the direct financial impact to the city, the report indicated positive indirect benefits that were likely attributable to the Americana.

Retail vacancy rates within a one-mile radius of the Americana dropped by almost half in the third quarter. The same trend was seen downtown. Outback Steakhouse and BJ’s restaurants have cited the Americana as an inspiration to try new service models, while American Apparel is seeking to secure a site adjacent to the retail hub.

Marshalls recently filled one of the most visible Marketplace storefronts across from the Americana, and developers of a planned 11-story Hyatt Place Hotel at the corner of Wilson and North Central avenues cited the mixed-use center in July as a reason for pursuing a Glendale location.

“If we didn’t have [the Americana] there, I believe we wouldn’t be as attractive a destination for a lot of those investors, and potential investors, as well as visitors,” Lanzafame said.

Of those shoppers who use tenant reward points while at the Americana, 66% are from out of town — a key driver for potential “spinoffs” to other retail outlets downtown, city officials said.

“I think it is living up to that destination environment for folks,” said Harry Hull, president of the Glendale Chamber of Commerce.

The drawing power of the Americana was considered a bright spot among other survey results that showed business at some industries had dropped by as much as 23% since last year.

New car sales took the biggest hit, reporting a 23.1% drop in revenue since the same quarter last year. Business at jewelry stores was down 21.7% in the same period, with lumber, light industrial, building and specialty stores all reporting double-digit drops.

Despite the glum landscape, Caruso contended the city should seize on the moment to fulfill plans to open up and expand Central Park to Brand Boulevard and redevelop adjacent properties.

“I’m very frustrated that that hasn’t occurred,” he said. “People should be building on the momentum.”