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Listening sessions

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  • 1. Agenda[ Economic Development Listening Sessions ]  Presentation  Specific questions  Other Questions Ground Rules: 1. So that everyone has a chance to speak, only answer each question one time and limit the length of your answer. 2. Allow me to present and hold the questions to the end so that we respect each other’s time. 3. The goal is to gain a deeper understanding of the subject matter through your active participation. 4. Be respectful of other people’s opinions. 5. Respect each other and any time limitations that we may face.
  • 2. [ ]City of Development Economic Raleigh
  • 3. 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 supportEconomic Development
  • 4. [ Economic Development Partnership ] 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
  • 5. [ Economic Development in the Comprehensive Plan] 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 CoordinationEconomic Development
  • 6. [ Economic Development ] Potential future activities 1. Capitalize a fund to acquire and assemble property (aside from redevelopment areas) 2. Centralize management of Request for Proposals 3. Pre‐entitle property 4. Dispose or swap land 5. Strategically use Capital Improvement Funds to leverage private investment 6. Package prime development sites with properties in distressed areas 7. Target areas near future transit stops and corridors 8. Develop a business incentives program 9. Explore the use of incentives such as TIF and Special Assessment DistrictsEconomic Development
  • 7. [ Economic Development ] Potential future activities 1. Capitalize a fund to acquire and assemble property (aside from redevelopment areas) 2. Centralize management of Request for Proposals 3. Pre‐entitle property 4. Dispose or swap land 5. Strategically use Capital Improvement Funds to leverage private investment 6. Package prime development sites with properties in distressed areas 7. Target areas near future transit stops and corridors 8. Develop a business incentives program 9. Explore the use of incentives such as TIF and Special Assessment DistrictsEconomic Development
  • 8. [ Economic Development ] Potential future activities 1. Capitalize a fund to acquire and assemble property (aside from redevelopment areas) 2. Centralize management of Request for Proposals 3. Pre‐entitle property 4. Dispose or swap land 5. Strategically use Capital Improvement Funds to leverage private investment 6. Package prime development sites with properties in distressed areas 7. Target areas near future transit stops and corridors 8. Develop a business incentives program 9. Explore the use of incentives such as TIF and Special Assessment DistrictsEconomic Development
  • 9. [ Economic Development ] Potential future activities 1. Capitalize a fund to acquire and assemble property (aside from redevelopment areas) 2. Centralize management of Request for Proposals 3. Pre‐entitle property 4. Dispose or swap land 5. Strategically use Capital Improvement Funds to leverage private investment 6. Package prime development sites with properties in distressed areas 7. Target areas near future transit stops and corridors 8. Develop a business incentives program 9. Explore the use of incentives such as TIF and Special Assessment DistrictsEconomic Development
  • 10. [ Economic Development ] Potential future activities 1. Capitalize a fund to acquire and assemble property (aside from redevelopment areas) 2. Centralize management of Request for Proposals 3. Pre‐entitle property 4. Dispose or swap land 5. Strategically use Capital Improvement Funds to leverage private investment 6. Package prime development sites with properties in distressed areas 7. Target areas near future transit stops and corridors 8. Develop a business incentives program 9. Explore the use of incentives such as TIF and Special Assessment DistrictsEconomic Development
  • 11. [ Economic Development ] Potential future activities 1. Capitalize a fund to acquire and assemble property (aside from redevelopment areas) 2. Centralize management of Request for Proposals 3. Pre‐entitle property 4. Dispose or swap land 5. Strategically use Capital Improvement Funds to leverage private investment 6. Package prime development sites with properties in distressed areas 7. Target areas near future transit stops and corridors 8. Develop a business incentives program 9. Explore the use of incentives such as TIF and Special Assessment DistrictsEconomic Development
  • 12. [ Economic Development ] Potential future activities 1. Capitalize a fund to acquire and assemble property (aside from redevelopment areas) 2. Centralize management of Request for Proposals 3. Pre‐entitle property 4. Dispose or swap land 5. Strategically use Capital Improvement Funds to leverage private investment 6. Package prime development sites with properties in distressed areas 7. Target areas near future transit stops and corridors 8. Develop a business incentives program 9. Explore the use of incentives such as TIF and Special Assessment DistrictsEconomic Development
  • 13. [ Economic Development ] Potential future activities 1. Capitalize a fund to acquire and assemble property (aside from redevelopment areas) 2. Centralize management of Request for Proposals 3. Pre‐entitle property 4. Dispose or swap land 5. Strategically use Capital Improvement Funds to leverage private investment 6. Package prime development sites with properties in distressed areas 7. Target areas near future transit stops and corridors 8. Develop a business incentives program 9. Explore the use of incentives such as TIF and Special Assessment DistrictsEconomic Development
  • 14. [ Economic Development ] Potential future activities 1. Capitalize a fund to acquire and assemble property (aside from redevelopment areas) 2. Centralize management of Request for Proposals 3. Pre‐entitle property 4. Dispose or swap land 5. Strategically use Capital Improvement Funds to leverage private investment 6. Package prime development sites with properties in distressed areas 7. Target areas near future transit stops and corridors 8. Develop a business incentives program 9. Explore the use of incentives such as TIF and Special Assessment DistrictsEconomic Development
  • 15. [ Economic Development ] Potential future activities 1. Capitalize a fund to acquire and assemble property (aside from redevelopment areas) 2. Centralize management of Request for Proposals 3. Pre‐entitle property 4. Dispose or swap land 5. Strategically use Capital Improvement Funds to leverage private investment 6. Package prime development sites with properties in distressed areas 7. Target areas near future transit stops and corridors 8. Develop a business incentives program 9. Explore the use of incentives such as TIF and Special Assessment DistrictsEconomic Development
  • 16. [Potential Outcomes] M 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.Economic Development
  • 17. Economic Development
  • 18. [ Vacancy rates- 4th quarter 2011 to 1st quarter 2012 ] Cameron Village Cameron Village Downtown Downtown US 1/Capital Blvd 4 qtr 2011 Retail US 1/Capital Blvd 1 qtr 2012 Retail 4 qtr 2011 Warehouse 1 qtr 2012 Warehouse Falls of Neuse Falls of Neuse 4 qtr 2011 Flex 1 qtr 2012 Flex Six Forks Six Forks 4 qtr 2011 Office 1 qtr 2012 OfficeUS 70 Glenwood Ave. 4 qtr 2011 TYPE US 70 Glenwood Ave. 1 qtr 2012 TYPE West Raleigh West Raleigh 0 0.1 0.2 0.3 0.4 0 0.1 0.2 0.3 0.4 0.5 Economic Development
  • 19. [ Three Quarters Compared ] 18.00% 16.00% 14.00% 12.00% 3rd qtr 2011 10.00% 4th qtr 2011 8.00% 1st qtr 2012 Warehouse 6.00% Office Retail 4.00% Flex 2.00% 0.00%Economic Development
  • 20. [ Office ] 25000000 20000000 Construction Value 15000000 Office 10000000 Linear (Office) 50000000 0 [ Commercial ] 20000000 Construction Value 15000000 10000000 Commercial Linear (Commercial) 50000000 0 2002 2004 2005 2006 2007 2008 2009 2010 2011 Year Raleigh and ETJ New Non-Residential Building ActivityEconomic Development
  • 21. [ Industrial ] 40000000 35000000 Construction Value 30000000 25000000 20000000 Industrial 15000000 Linear (Industrial) 10000000 5000000 0 [ Institutional ] 20000000 18000000 16000000 Construction Value 14000000 12000000 10000000 Institutional 80000000 60000000 Linear (Institutional) 40000000 20000000 0 2002 2004 2005 2006 2007 2008 2009 2010 2011 Year Raleigh and ETJ New Non-Residential Building ActivityEconomic Development
  • 22. www.InvestRaleigh.com or www.RaleighEconomicDevelopment.com
  • 23. [? ]Economic Development
  • 24. Based on what you have heard today are there other issues to be addressed?Economic Development
  • 25. Is there a particular issue that you feel is critical to Raleigh’s success in economic development?Economic Development
  • 26. 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 venturesEconomic Development
  • 27. Your questions….. [? ]Economic Development

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