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A brief economic overview of Parker Colorado, hightligths of challenges and an outline of solutions.

A brief economic overview of Parker Colorado, hightligths of challenges and an outline of solutions.

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Rotary Presentation Rotary Presentation Presentation Transcript

  • Relationships
    How partnerships and people drive economic development
  • Principles to Live By
    • Is it the TRUTH?
    • Is it FAIR to all concerned?
    • Will it build GOODWILL and BETTER
    • FRIENDSHIPS?
    • Will it be BENEFICIAL to all concerned?
  • Economic Development
    • Sustained economic growth can provide sufficient incomes for the local labor force, profitable business opportunities for employers and tax revenues for maintaining an infrastructure to support this continued growth.
    • There is no alternative to private sector investment as the engine for economic growth, but there are many initiatives a Town can support to encourage investments.
  • Economic Development
    It is important to know that economic development is not community development. Community development is a process for making a community a better place to live and work.
    Economic development is purely and simply the creation of wealth in which community benefits are created.
  • Economic Development
    There are only three approaches used to enhance local economic development. They are:
    • Business Retention and Expansion - enhancing existing businesses
    • Business Expansion - attracting new business
    • Business Start-ups - encouraging the growth of new businesses
  • Economic Development
    • To achieve economic development success in the 21st Century global economy, communities must change with the times or risk becoming obsolete.
    • Change requires new ways of thinking and honest self-evaluation. All communities have strengths, but also weaknesses they must address to become more competitive.
    • Successful communities implement change where needed while respecting and building on historical strengths and traditions.
    – Janus Economics
  • Some of the Challenges We Cannot Affect
  • Challenges We Cannot Affect
    LOCATION
    Parker is off the I-25 corridor
    • The South east Business Partnership stated in a 2010 Employment Impacts Report that, “The Economic Engine of South Metro Denver is the I-25 Corridor”
    • In 2010 (Q2) a total of 212,570 jobs ($13.9 billion wages) were located on the I-25 corridor alone.
    • 12% of employment in Colorado (378,000 jobs - $21.7 billion wages) resulted from I-25 Corridor activity.
  • Challenges We Cannot Affect
    Land Values are Relatively High
    When we use the term “relatively” we mean it in the literal sense as in, relative to other places. While this is good as home owners, it poses a challenge for business. In times of economic hardship land values play a key role in business location and re-location.
  • Challenges We Cannot Affect
    Growth and Commercial Land Purchases Happened When Land Values Where High
    What this means is that commercial property owners in some cases owe more on their property than it is worth. The rents they require to maintain their debt are high and based on old land values.
  • Challenges We Cannot Affect
    This is not about being negative; it’s about being honest
    The first thing to understand about the bad news is this:
    Until we realize our weaknesses and challenges, in essence our reality, we will be unable to develop a strategy to overcome them.
    Economics is called the dismal science because it recognizes truths – the truth, no matter how unappealing, is always the place to start implementing change.
  • A Juggernaut is Coming
    On the National Level
    Between 2010 and 2014, about $1.4 trillion in commercial real estate loans will reach the end of their terms. Nearly half are at present “underwater” – that is, the borrower owes more than the underlying property is currently worth.
    Commercial property values have fallen more than 40 percent since the beginning of 2007. Increased vacancy rates, which now range from eight percent for multifamily housing to 18 percent for office buildings, and falling rents, which have declined 40 percent for office space and 33 percent for retail space, have exerted a powerful downward pressure on the value of commercial properties.
  • A Juggernaut is Coming
    Regional Impact
    Smaller Regional Banks
    The Congressional Oversight Panel on the financial system bailouts said in a Feb. 10 report that “the ultimate impact of the commercial real estate whole loan problem will fall disproportionately on smaller regional and community banks” that have higher concentrations of such loans.
    This will directly affect local enonomies.
  • Some of the Challenges We Cannot Affect
  • What We CAN Affect
    Community Education
    What are the Basic Components of Parker’s Economy?
    • Business: Creators of Wealth
    • Government: Redistributors of wealth
    • Residents: Consumers
    Retail sales tax supports government, government then provides goods and services to the residents and the residents ____________________.
  • What We CAN Affect
    Community Education
    1) It is our hope that when educated, residents consider first when to oppose “pro-business” policy changes and take a moment to understand how, in the long run it might affect them and the overall health of the Town. It is also a hope that they might support initiatives that they might otherwise have opposed when they understand the elements
    2) They consider more seriously making all the purchases they can locally. By spending their hard earned money locally they invest it locally and make public benefits and services possible
  • What We CAN Affect
    Develop Aggressive Business Retention Program
    We will look at Novi Michigan:
    In Michigan, Novi's advantages are obvious — location, schools and city services — but that alone does not attract business. In fact, ED Director AraTopouzian said, businesses attract each other.
  • What We CAN Affect
    “The major part for us is the retention work,” he said. “We get between 70-to-80 percent of new businesses coming from retention. People think we should be pounding the pavement to find new businesses but that is not the case.”
     
    Now that doesn't mean the city is not reaching out to businesses out of state or out of country, but often times the best spokesperson for the city is a business owner already there.
  • What We CAN Affect
    Public Policy
    • As a force of business, residents and government we can collectively affect policy that is either good for our economy or bad for it.
    • Until though we have a clear goal and a clear vision of what we want for Parker – it is difficult to identify and affect public policy.
    • Policy is made often at the local, state and federal level that affect our Town’s ability to flourish.”
  • What We CAN Affect
    Perception. Promotion. Productivity.
    • Perception is everything.
    • The value of anything is truly one’s perception of it.
    • Perception is rooted (for a Town) in its image branding and it’s constant, maintenance of that brand identity. It must be deliberate, consistent and it must deliver on what that brand evokes.
  • What We CAN Affect
    PUBLIC-PRIVATE PARTNERSHIPS
    Back when the economy was humming along, public agencies were flush with tax dollars and business groups had their own ideas about how to grow. Cooperation was begrudging, at best. Today, economic circumstances have changed, and so has the need to form new alliances.
  • What We CAN Affect
    BORROW FROM YOUR NEIGHBORS – NEAR AND FAR
    • Flagstaff, Arizona
    • Omaha, Nebraska
    • Denver Metro
    • Castle Rock, Colorado
  • If It Works for Them
    Flagstaff Arizona
    The newly formed EDC includes the city of Flagstaff as well as the Flagstaff Chamber of Commerce, two entities that sometimes have not seen eye-to-eye in City Council chambers.
    Long-time NAU business V.P. Rich Bowen has been hired to run the ship. Bowen’s job will be to get the public and private partners to align their goals, then work collaboratively in areas like redevelopment, work force development, and retention and expansion.
  • It Works for Them
    Flagstaff Arizona
    "The downturn has changed the mindset of what economic development looks like," Bowen told the Daily Sun. "It used to be that we in Arizona grew in spite of what we might have done or not done in terms of economic development."
  • If It Works for Them
    Greater Omaha Economic Development Partnership:
    The Partnership includes the Greater Omaha Chamber, Sarpy County Economic Development Corporation (SCEDC), Gateway Development Corporation and Cass County Nebraska Economic Development Council, as well as the City of Omaha and public-private organizations throughout the region.
    These four organizations not only work together, but are also co-located. This seamless integration of resources promotes significant economic progress in the Greater Omaha area.
  • It Works for Them
    Denver Metro
    The Denver Metro EDC partners include 70 cities, counties, and economic development organizations in the seven-county Metro Denver and two-county Northern Colorado region.
    DMEDC’s primary funding coming from private-sector investors, as well as participating cities and counties.
  • If It Works for Them
    Castle Rock
    The Castle Rock Economic Partnership was created by the Town of Castle Rock, The Castle Rock EDC and the Castle Rock Chamber and Downtown Development Authority (Downtown Alliance), with the founding entities working together on significant projects and initiatives that will move Castle Rock forward.
    Success requires collaboration and a streamlining of resources.
    BECAUSE OF OUR SIMILARITIES – LET’S FOCUS ON CASTLE ROCK
  • If It Works for Them
    BECAUSE OF OUR SIMILARITIES – LET’S FOCUS ON CASTLE ROCK
    What Makes Castle Rock Different?
    Folks, Castle Rock is outpacing every other community in Douglas County – they MUST be doing something right. We can learn from them.
    It costs time and money trying to reinvent the wheel.
  • If It Works for Them
    Building Permits Issued: 2010
  • If It Works for Them
    Average Retail Lease Rates: 2010
  • If It Works for Them
    Vacancy Rates: 2010
  • If It Works for Them
    Structure of Castle Rock’s Alliance
    Broad Areas of Responsibility
    Town of Castle Rock:
    Quality development & quality development systems and processes
    The Maintenance of an overall positive business climate
    Castle Rock EDC:
    Attraction, retention and expansion primary employment, retail, entertainment and recreation
    Database management
    Castle Rock Chamber:
    Community branding and marketing
    Business support services (education, networking, etc.)
    Hospitality and Tourism
  • In a Nutshell
    In Parker we are doing none of these things.
    • There are no agreed upon division of responsibilities.
    • There is not a collective “Greater Good” concept.
    • And while we are busy competing internally with one another we are missing the opportunity to compete with other communities.
  • The Solution (the beginning)
    All Collaborative Effort
    Including:
    • An honest SWOT analysis - (Strengths, Weaknesses, Opportunities and Threats).
    • The development of a unified vision and goal
    • A clear outline of what needs to be done to get there.
    • Assignment of responsibilities (some may be joint) coupled with commitments to execute them.
  • Conclusion
    If each entity held to the concept of a clear division of responsibilities and executed on them, Parker could efficiently and effectively create a well branded, powerful product that is “Parker”.
  • Relationships
    How partnerships and people drive economic development