Matthews Strategic Economic Development Plan

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Matthews Strategic Economic Development Plan
Prepared for Town of MatthewsFebruary 27, 2007
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Agenda

• Why are we here?
• What is Economic Development?
• What is the Process?
• What is the Leadership Team Role?
• How does Economic Development Relate to the Town
  Vision Statements?
• What are your Economic Development Preferences?
• What are the Critical Issues?

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Why Are We Here?

• Maintain Balanced Tax Base
• Reduce Emphasis on Retail Development
• Expand Professional Employment Opportunities
• Identify Locations for Potential Employment
  Centers
• Take Advantage of I-485
• Recognize Mixed-Use Potential at Future Transit
  Stations

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Town of Matthews Tax Base

• Commercial growth rate equivalent to residential,
  but mostly retail
• Residential share increased to 70

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Town of Matthews Tax Base

• Vacant acres 79 residential higher than 70
  share of tax base
• Higher average commercial value per acre could
  offset lower share of acres
• Keep residential share at or below 70

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Potential Employment Center Locations on I-485
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What Is Economic Development?

• Create jobs with new and existing businesses
• Pursue new capital investments and tax base
• Improve quality of life

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Which Businesses to Attract

• Compatible with existing businesses
• Consistent with community values
• Appropriate with adjacent uses
• Skills obtainable from community

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Basic Industry

• Basic industry - Exports goods or services to
  other areas
• Brings cash into the community
• Best is luxury good manufacturing
• Retail can drain cash from a community
• Lower quality/paying jobs
• Cash sent out of community

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Distribution Businesses

• Includes Harris Teeter and Family Dollar
• Buy outside (cash out)
• Sell outside (cash in)
• Locating headquarters locally has positive effect
• Locating a branch locally has neutral effect
• Must judge each opportunity individually
• Understand overall cash flows!

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All Jobs Not Equal

• High unemployment communities eager for any jobs
• Matthews must be discerning
• Limited supply of undeveloped land
• Maximize its long-term economic benefit
• Identify target businesses
• Characterize by value to economy

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What is the Process?

• Phase I
• Community Assessment
• Phase II
• Strategic Direction
• Phase III
• Implementation

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Phase I - Community Assessment

• Create Leadership Team
• Host focus groups
• Complete research and benchmarking
• Assess properties and infrastructure
• Hold public meeting

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Phase II - Strategic Direction

• Gather recommendations on sites and choices
• Target strategic businesses
• Create marketing and branding
• Define organizational structure
• Hold public meeting

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Phase III - Implementation

• Create operational plan
• Determine timing
• Allocate funding
• Develop structure for implementation

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What is Leadership Team Role?

• Represent perspectives and interests
• Participate in process
• Stewards of the process
• Core of team for implementation

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Exercise 1

• Which Vision Statements have the greatest effect
  on economic development planning.
• Overlaps
• Gaps

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Exercise 2

• Choose the most desired type of economic
  development for the town

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Exercise 3

• Discuss the critical issues based on what youve
  learned tonight

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Next Steps

• Document critical issues
• Review next Meeting
• Future questions and/or comments
• www.askBuck.com

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Strategy For Matthews

• Our job Develop the optimum economic
  development strategy
• Leadership Team Reflect values of the community
  and keep E.D. strategy and local values congruent
• Everyone must be stewards of the limited
  resources
• Make good long-term decisions

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Northwest Quadrant E. John St. I-485
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Northeast QuadrantE. John St. I-485
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Northeast Quadrant Independence Blvd. I-485
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Southwest Quadrant Independence Blvd I-485