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Economic Development Update

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Economic Development Update

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Economic Development Update

  1. 1. City of College Station Economic Development Update
  2. 2. College Station Economic Development Program Update Departmental Focus: Lead efforts to promote diversified economy generating quality stable, full-time jobs, bolstering sales & property taxes.  City Council Priority – 2014  New Program – 2015  Business Attraction & Product Investments  Expertise  Retail  Program Development & Business Recruitment
  3. 3. I. Resources,Partners, Program Focus
  4. 4. College Station Economic Development Program Update  City Efforts: Business attraction and support for product enhancements  Operating:  City staff is funded via General Fund with budget of $400,000  Includes salary and operating expenses for 2 FTE’s, along with funds for general marketing/promotion  Supported by two contracts ($70,000) for attraction of retail and commercial/industrial opportunities  ED Fund for Incentives per Economic Development Agreements  Spring Creek LGC- Economic Development efforts in South College Station. CS Business Center and Midtown Business Park - initial operating budget of $96,000
  5. 5. College Station’s Economic Development Regional Partners  Brazos Valley Economic Development Corporation  Reorganizing and refocusing its outreach efforts for the overall market  Corporation receives $350,000 annually from City, matched by Bryan, Brazos County, and Texas A&M  Additional funds provided by private businesses via Invest Brazos Valley (IBV)- $175,000  Focus remains on direct prospect development in several targeted industry sectors  Texas A&M  Research efforts connect with major corporations via University research departments, State agencies, and the A&M Systems office  RELLIS
  6. 6. O t h e r G o v e r n m e n t a l R e s o u r c e s  Experience Bryan College Station  Bryan College Station Chamber of Commerce  Related City Departments  Parks and Recreation  Capital Projects  Public Communications  CDBG Funds
  7. 7. E c o n o m i c D e v e l o p m e n t M a r k e t i n g I s 4 - F o l d I. Product –the facilities, sites and infrastructure available to prospects. II. Price –the prospect’s total costs (real estate, labor, operating expenses) and the ability of the locality to offset these costs with incentives. III. Pinpoint – enhanced targeting to streamline efforts and match community strengths with company needs. IV. Promotion – effective communication of competitive advantages to targeted audiences. A COMPETITIVE COLLEGE STATION Product Price Pinpoint Promotion
  8. 8. I n v e s t m e n t A t t r a c t i o n i s L o n g - t e r m S t r a t e g y f o r S m a l l b u t G r o w i n g M a r k e t A r e a s  Attraction efforts are complex and comprehensive, and require multi-year commitment  Important first steps have been taken with initial market outreach  Need to stay in marketplace consistently over time.
  9. 9. D e s t i n a t i o n M a r k e t i n g  Resources spent on Destination Marketing in the area are significant.  Nonetheless, if we don’t tie together these efforts with overall regional promotion, we may lose an important opportunity to improve market awareness.  Internal efforts on destination marketing
  10. 10. II. Economic Development Roles & Responsibilities
  11. 11. Lead Support Examples Planning & Policy • Overall framework and policy for Economic Development • Identify projects & funding sources City Council • ED Committee • LGC • City Staff • Adopt & Update strategic plan • Create tools to implement programs • Establish a LGC to oversee Midtown & CS Business Center Outreach/Marketing • Responses to leads • Prospect Management • Messaging • Land Development • Implement projects City Staff • Regional and State partners • Related City Departments • LGC • Other marketing partners • Attending annual trade shows • Joint efforts with consultant • Development of Midtown Retention and Growth • Retaining businesses while encouraging solutions and growth City Staff • Regional partners • Related City Departments • Local business leaders • Regular retention visits to key tax generators • Work with local Chamber membership
  12. 12. III. Recent Priorities & Accomplishments
  13. 13. M i d t o w n U p d a t e : Te l l i n g t h e S t o r y
  14. 14. I m a g i n i n g t h e M i d t o w n B u s i n e s s P a r k
  15. 15. Park Development Activities • Environmental Work • Preliminary Jurisdictional Determination - completed and submitted to FEMA • Threatened & Endangered Species • Phase One Environmental • Preliminary Plan • Greenway dedication • Infrastructure phasing • Ownership/ maintenance • Lakeway Dr. and Pebble Creek Pkwy • Completed Spring 2019 • RFQ for Design - released
  16. 16. College Station Business Center
  17. 17. Marketing and Outreach G O A L S I. Show Them Something Midtown Park: a tangible offering II. Make Connections • Site Selectors • Direct contact with influencers • Connect with companies looking for site opportunities A C C O M P L I S H M E N T S  Creation of National Site Selectors Database  Attendance at regional economic development summits  Women site selector connections  Dallas-based planning firm for Midtown Park generated Dallas connections  Three target company prospects identified; proposals underway
  18. 18. Prospects & Clients-Ongoing Contacts • Site Selectors & Brokers Deal opportunities generally pass through these types of organizations Increasing College Station’s prospect pipeline, necessitates relationships with these firms. This year staff has been in front of at least ten to twelve of these regional and national firms. • Direct Prospect Contact While building relationships, there has been one-on-one contact with firms that are in the early stages of site location decision-making
  19. 19. IV. Recommendations
  20. 20. Economic Development – Stay Focused  Maintain current structure  City Council – Policy Direction  ED Committee – Projects & Products  LGC – Implementation  Maintain focus on business attraction  Corporate  Retail  Upcoming Work Efforts  ED Master Plan Evaluation & Update  Small Business Resource Team – Partnership with Development Services  Destination Marketing Improvements