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Business Recruitment in a Rural Environment

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Business Recruitment in a Rural Environment Powerpoint

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Business Recruitment in a Rural Environment

  1. 1. Business Recruitment in a Rural Environment Brad N. Hall, IOM, EDI, MBA Manager of External Affairs Kentucky Power Company
  2. 2. aeped.com 2 What is Economic Development?
  3. 3. aeped.com 3 ED in East KY  Challenges for ED in Eastern Kentucky  Declining population  Unorganized ED effort  Infrastructure Challenges  Opportunities for ED in Eastern Kentucky  Available work force  Low cost of living  Affordable, available land  Strong legislative representation
  4. 4. aeped.com 4 Professional Analysis • InSite Project – Phase I – Must create a regional economic development organization – a Champion – Develop viable client-ready product • InSite Project – Phase II – Property Inventory – Prioritized potential sites in Eastern KY • InSite Project – Phase III – Creating Two Client-Ready Industrial Parks – Marion’s Branch Industrial Park – Pikeville – Coalfields Industrial Park -- Hazard
  5. 5. aeped.com 5 Economic Development
  6. 6. aeped.com 6 How Can Eastern KY Compete? • Sites and Buildings • Marketing Strategies for Sites and Buildings • Business Recruitment Strategies • Business Retention Strategies
  7. 7. aeped.com 7 Sites and Buildings • Inventory Properties in the Region – Your Community – Your County – Regional Industrial Parks • You must have something to sell – Itemize and know the characteristics of your properties – Determine the fatal flaws of the properties • Know the stakeholders to assist with each property
  8. 8. aeped.com 8 Sites and Buidlings Winning Site Characteristics •Zoned industrial •Proximity to infrastructure – with planned improvements – Excess sewer capacity (>250,000 GPD) – Excess water capacity (>250,000 GPD) – Fiber Capacity to the Site – Excess Power Capacity to the Site (10 MW Optimal) •Conduct all site due diligence •Master plan the park
  9. 9. aeped.com 9 Sites and Building Eastern KY Industrial Sites •Gateway Business Park •Coalfields Industrial Park •Honey Branch Industrial Park •East Park •Marion’s Branch Business Park •Other parks in SOAR territory Are we Planning Other Sites?
  10. 10. aeped.com 10 Coalfields RFI Sample
  11. 11. aeped.com 11 Coalfields RFI Sample
  12. 12. aeped.com 12 Marketing Strategies
  13. 13. aeped.com 13 Marketing Strategies • Partner with other organizations – Chambers, SKED, SOAR, Utilities, Industrial Authorities, ADD’s, Kentucky United, and local governments • Keep Your Property Inventory Up-to-date • Information must be readily available online – Website dedicated to marketing properties • Target Markets based on your assets
  14. 14. aeped.com 14 Marketing Strategies
  15. 15. aeped.com 15 Business Attraction
  16. 16. aeped.com 16 Business Attraction • Community Readiness • Develop Your Response Team – Chambers, SKED, SOAR, Utilities, Industrial Authorities, ADD’s, and local governments • A Website Dedicated to Your Properties • Generate Prospects (Marketing) – Cabinet for Economic Development – Kentucky United – Electrical Utilities • Understand the RFI (Request For Info)
  17. 17. aeped.com 17 Business Retention & Expansion
  18. 18. aeped.com 18 Business Retention & Expansion • Most ED occurs from existing businesses • Does your Community have a BRE plan? • Set up meetings with existing industry • Know your industry’s supply chain • Assist in making it easy for them to do business • It is easier to keep the investment you have
  19. 19. aeped.com 19 Recruiting Fundamentals • Profit Driven – Investment for purpose of return • Deadline driven – Both the site selection and the project • Competitive – Multiple location options • Comprehensive – Complex decision involving most functional areas • Risk averse – “Shovel Ready”
  20. 20. aeped.com 20 Who Is Responsible for Doing All This Work in Our Region? • County Government? • City Government? • Private Industry? • Chambers of Commerce? • Local Economic Developers? • Utility Providers? Someone must be in charge of the ED effort!
  21. 21. aeped.com 21 What will make you a Winner?
  22. 22. Questions? Brad N. Hall, IOM, EDI, MBA Kentucky Power Manager of External Affairs Email: bnhall@aep.com Office: 606-437-3790

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