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City of RaleighEconomic Development[ ]
Economic Development
Cities pursue growth to survive Healthy Tax Base - Rising land values - Business Prosperity
- Good Business Climate
Underlying Assumption: - Private Investment is the Key to Economic Development- Pubic Investment is often a catalyst to give confidence to private investors.
> Retention > Expansion > Attraction > Entrepreneurial support
Economic Development Partnership
Economic Development
[ ]
How we arrived at this destination :Mitchel Silver, Chief Planning and Development Officer drafted an MOU that was adopted in 2011. That MOU summarized the responsibilities of economic development on behalf of the City and who held what responsibility. That MOU also lead to the creation of the Office of Economic Development.
Economic Development in the Comprehensive Plan
Economic Development
1. Commercial Corridor Reinvestment
2. Neighborhood Reinvestment
3. Entrepreneurs and Business Development
4. Economic Development Through the Arts
5. Workforce Training and Access to Employment
6. Economic Development and Land Use
7. Creative Industries
8. Downtown Raleigh
9. Regional and Inter-Jurisdictional Coordination
[ ]
1. Capitalize a fund to acquire and assemble property (aside from redevelopment areas)2. Centralize management of Request for Proposals3. Pre entitle property‐4. Dispose or swap land5. Strategically use Capital Improvement Funds to leverage private investment6. Package prime development sites with properties in distressed areas7. Target areas near future transit stops and corridors8. Develop a business incentives program9. Explore the use of incentives such as TIF and Special Assessment Districts
Economic Development
Economic DevelopmentPotential future activities
[ ]
1. Capitalize a fund to acquire and assemble property (aside from redevelopment areas)2. Centralize management of Request for Proposals3. Pre entitle property‐4. Dispose or swap land5. Strategically use Capital Improvement Funds to leverage private investment6. Package prime development sites with properties in distressed areas7. Target areas near future transit stops and corridors8. Develop a business incentives program9. Explore the use of incentives such as TIF and Special Assessment Districts
Economic Development
[ Economic DevelopmentPotential future activities
]
1. Capitalize a fund to acquire and assemble property (aside from redevelopment areas)2. Centralize management of Request for Proposals3. Pre entitle property‐4. Dispose or swap land5. Strategically use Capital Improvement Funds to leverage private investment6. Package prime development sites with properties in distressed areas7. Target areas near future transit stops and corridors8. Develop a business incentives program9. Explore the use of incentives such as TIF and Special Assessment Districts
Economic Development
[ Economic DevelopmentPotential future activities
]
1. Capitalize a fund to acquire and assemble property (aside from redevelopment areas)2. Centralize management of Request for Proposals3. Pre entitle property‐4. Dispose or swap land5. Strategically use Capital Improvement Funds to leverage private investment6. Package prime development sites with properties in distressed areas7. Target areas near future transit stops and corridors8. Develop a business incentives program9. Explore the use of incentives such as TIF and Special Assessment Districts
Economic Development
[ Economic DevelopmentPotential future activities
]
1. Capitalize a fund to acquire and assemble property (aside from redevelopment areas)2. Centralize management of Request for Proposals3. Pre entitle property‐4. Dispose or swap land5. Strategically use Capital Improvement Funds to leverage private investment6. Package prime development sites with properties in distressed areas7. Target areas near future transit stops and corridors8. Develop a business incentives program9. Explore the use of incentives such as TIF and Special Assessment Districts
Economic Development
[ ]Economic DevelopmentPotential future activities
1. Capitalize a fund to acquire and assemble property (aside from redevelopment areas)2. Centralize management of Request for Proposals3. Pre entitle property‐4. Dispose or swap land5. Strategically use Capital Improvement Funds to leverage private investment6. Package prime development sites with properties in distressed areas7. Target areas near future transit stops and corridors8. Develop a business incentives program9. Explore the use of incentives such as TIF and Special Assessment Districts
Economic Development
[ ]Economic DevelopmentPotential future activities
1. Capitalize a fund to acquire and assemble property (aside from redevelopment areas)2. Centralize management of Request for Proposals3. Pre entitle property‐4. Dispose or swap land5. Strategically use Capital Improvement Funds to leverage private investment6. Package prime development sites with properties in distressed areas7. Target areas near future transit stops and corridors8. Develop a business incentives program9. Explore the use of incentives such as TIF and Special Assessment Districts
Economic Development
[ ]Economic DevelopmentPotential future activities
1. Capitalize a fund to acquire and assemble property (aside from redevelopment areas)2. Centralize management of Request for Proposals3. Pre entitle property‐4. Dispose or swap land5. Strategically use Capital Improvement Funds to leverage private investment6. Package prime development sites with properties in distressed areas7. Target areas near future transit stops and corridors8. Develop a business incentives program9. Explore the use of incentives such as TIF and Special Assessment Districts
Economic Development
[ ]Economic DevelopmentPotential future activities
1. Capitalize a fund to acquire and assemble property (aside from redevelopment areas)2. Centralize management of Request for Proposals3. Pre entitle property‐4. Dispose or swap land5. Strategically use Capital Improvement Funds to leverage private investment6. Package prime development sites with properties in distressed areas7. Target areas near future transit stops and corridors8. Develop a business incentives program9. Explore the use of incentives such as TIF and Special Assessment Districts
Economic Development
[ ]Economic DevelopmentPotential future activities
1. Capitalize a fund to acquire and assemble property (aside from redevelopment areas)2. Centralize management of Request for Proposals3. Pre entitle property‐4. Dispose or swap land5. Strategically use Capital Improvement Funds to leverage private investment6. Package prime development sites with properties in distressed areas7. Target areas near future transit stops and corridors8. Develop a business incentives program9. Explore the use of incentives such as TIF and Special Assessment Districts
Economic Development
[ ]Economic DevelopmentPotential future activities
Economic Development
Potential Outcomes
aximizing of resources and outcomes to benefit commercial districts,
neighborhoods and the City at large.
Capturing the entrepreneur spirit and dreams, welcoming new businesses to our
community (local and corporate), nurturing our neighborhoods and neighborhood
commercial areas and investing in key areas, both in projects and public
infrastructure, to strategically encourage further development.
[ ]M
Economic Development
Economic Development
West Raleigh
US 70 Glenwood Ave.
Six Forks
Falls of Neuse
US 1/Capital Blvd
Downtown
Cameron Village
0 0.05 0.1 0.15 0.2 0.25 0.3 0.35
1 qtr 2012 Retail1 qtr 2012 Warehouse1 qtr 2012 Flex1 qtr 2012 Office1 qtr 2012 TYPE
West Raleigh
US 70 Glenwood Ave.
Six Forks
Falls of Neuse
US 1/Capital Blvd
Downtown
Cameron Village
0 0.1 0.2 0.3 0.4 0.5
4 qtr 2011 Retail4 qtr 2011 Warehouse4 qtr 2011 Flex4 qtr 2011 Office4 qtr 2011 TYPE
Vacancy rates- 4th quarter 2011 to 1st quarter 2012[ ]
Economic Development
Three Quarters Compared
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
18.00%
3rd qtr 20114th qtr 20111st qtr 2012
Offi
ce
Fle
x
Wa
reh
ou
se
Re
tail
[ ]
Economic Development
Year
20022004
20052006
20072008
20092010
20110
20000000400000006000000080000000
100000000120000000140000000160000000180000000200000000
[ Commercial ]
CommercialLinear (Commercial)
Year
20022004
20052006
20072008
20092010
20110
50000000
100000000
150000000
200000000
250000000
[ Office ]
OfficeLinear (Office)
Raleigh and ETJ New Non-Residential Building Activity
Cons
truct
ion
Valu
eCo
nstru
ctio
n Va
lue
Economic Development
Year
20022004
20052006
20072008
20092010
20110
20000000400000006000000080000000
100000000120000000140000000160000000180000000200000000
[ Institutional ]
InstitutionalLinear (Institutional)
Year
20022004
20052006
20072008
20092010
20110
5000000
10000000
15000000
20000000
25000000
30000000
35000000
40000000
[ Industrial ]
IndustrialLinear (Industrial)
Cons
truct
ion
Valu
eCo
nstru
ctio
n Va
lue
Raleigh and ETJ New Non-Residential Building Activity
www.InvestRaleigh.com or www.RaleighEconomicDevelopment.com
Economic Development
[ ? ]
Economic Development
Based on what you have heard today are there other issues to be addressed?
Economic Development
Is there a particular issue that you feel is critical to Raleigh’s
success in economic development?
Economic Development
What do you believe to be a priority for economic development? (two votes
each)
a) New business development (not currently located here)
b) Expansion and retention of existing businesses
c) Neighborhood redevelopment (commercial components)
d) Innovation and entrepreneurship ventures
Economic Development
[ ? ]Your questions…..