Economic Development Summary DRAFT 10/28/2014

Transcription

1 9 Economic Development Summary

2 Chapter 9: Economic Development Summary Overview Longview s vision as it relates to economic development is to be the economic engine for the East Texas I-20 corridor, supporting innovative business, talent and place development. Economic development is more than just the recruitment of new business but the redevelopment of lagging business. The development of place is creating an environment that welcomes new industry, attracts new residents to want to live in Longview and creates an incentive package that makes Longview competitive to similar cities. In other words, economic development is far more than the responsibilities of a local chamber but it encompasses intrinsic characteristics that lay the foundation for a thriving, economically bustling city. For Longview, much of the economic responsibilities lie with the Longview Economic Development Corporation (LEDCO) which is funded by 4A sales tax. LEDCO completed its strategic plan in January The plan included both quantitative research and fieldwork. A number of stakeholder interviews were conducted representing area employers, City and County officials and staff, education and workforce development, and key players in the commercial and retail industry. LEDCO s plan involved benchmarking competitor communities and defining strengths, weaknesses, opportunities and threats. The input and analysis derived during the Comprehensive Plan found consistencies with LEDCO s strategic plan. Many of the same factors and desires were noted. Because of the relevant and recent report of LEDCO s strategic plan, this chapter simply summarizes the plan (also included in the Appendix) and highlights a few additional areas of note that was not included in the strategic plan. Page 218

3 Summary of LEDCO Strategic Plan Key Findings There were a number of challenges and opportunities identified in the planning process. Some of the areas worthy of note include: Through innovative programs in business recruitment, business retention, and workforce development, LEDCO has played a leadership role in supporting economic development in the Longview area. The area s business sites, infrastructure, incentives, and development process make Longview highly competitive for business expansion and new locations. The board and city leadership should take pride in the organization s achievements and continue to make economic development a priority in the community. There is much more to Longview than meets the eye. World-class employers (e.g., Eastman Chemical, LeTourneau University), fully supported industrial sites, and strong public school systems, are a few examples of assets that would make many communities envious. While many in the area know the assets well, there is an opportunity to better tell the Longview economic development story, both internally and externally. Longview has not fully exploited its location as part of the I-20 corridor. This is due to a combination of reasons, including: (1) limited visibility of Longview from the interstate, (2) lack of adjacent developable lands due to flood plain, (3) lack of attractive gateways leading to the city, and (4) development in other competing areas (e.g., north Longview). In spite of strong education and training assets in the community, some area businesses are still struggling to find the talent they need, specifically in technical and professional areas. Some shortages are due to causes outside of community control (i.e., company wage rates or national skills shortages), but many could be mitigated with better alignment of business needs with area education and training providers. While Longview satisfies the work and life needs of many, there are limited assets to attract and retain young professionals. This issue, cited by several large employers, remains a barrier to the recruitment of young professionals (e.g., engineers, management, and healthcare) to the area. While Longview should not attempt to replicate the urban cores of Austin or Dallas, there are opportunities for the community to enhance entertainment, dining, and other activities to support young professionals. Note: The above key findings were taken directly from the Economic Development Strategic Plan prepared for the Longview Economic Development Corporation, January Economic Development Summary Page 219

4 Strategies Strategy One: INDUSTRY Lead the attraction, retention, and expansion of high impact business in the region. LEDCO should continue its successful economic development programs and consider new efforts, such as (1) targeting HR directors of prospect firms using new workforce data; (2) marketing Longview as a center for transportation equipment manufacturing along the I-20 corridor; (3) developing a downtown catalyst employment site; and (4) targeting new international investment in Longview. Strategy Two: TALENT Lead the delivery of a sustainable talent pool to meet the needs of current and future employers. LEDCO has long supported the needs of its employers through cutting-edge workforce programs. It must now sharpen its focus by (1) enhancing its existing Career Choices program; (2) facilitating better alignment of employer needs with education and training providers; (3) and working to recruit and retain young professionals to Longview. Strategy Three: ENTREPRENEURSHIP Play a pivotal role in making Longview the preferred location for new business formation. LEDCO should enhance its entrepreneurship efforts by (1) establishing an innovation center; (2) facilitating an entrepreneurs forum; (3) providing financial support for high-growth startups; and (4) building a local climate that embraces and celebrates entrepreneurship. Strategy Four: PLACE Support the success of critical redevelopment areas within the community. There are three distinct areas in Longview (outside of the traditional industrial parks and sites), which, if the right strategies and resources are applied, could enhance the community s economic competitiveness through redevelopment. Considerations for these three areas (I-20/Estes Parkway corridor, West Industrial District, and downtown) are provided as part of this plan. Note: The above strategies were taken directly from the Economic Development Strategic Plan prepared for the Longview Economic Development Corporation, January Page 220

5 Recommendations The most significant impact the City can have on economic development is strategy of PLACE. Defining locations for new business, providing infrastructure, and assisting with redevelopment strategies are all within the City s purview to support economic development. As part of the Future Land Use Plan in Chapter 3, an industrial area is reserved for a long-term business park. Additionally, attention is given to plan for long-term expansion. However, specific emphasis is placed on redevelopment of existing corridors and continuing development of Downtown. Continued revitalization of Downtown is an important element of the Comprehensive Plan for more reason than being the historic center and core of government activities. As stated in the Neighborhood and Community Livability chapter, Downtowns are increasingly becoming the hub of new talent and the millennial generation s neighborhood of choice. Attracting and maintaining young talent was listed as a key factor for future goals and having a vibrant Downtown has much to do with attracting that talent. When attracting new industry and business, usually the three most important factors are neighborhoods, school districts, and the availability of land and talent. The City should consider the current state of neighborhoods and corridors not just for the sake of current residents, but as a key approach to attracting new businesses.façade enhancement programs are needed, especially along these key corridors. The aesthetic and property tax base improvements is imperative for the commercial corridor s long-term competitiveness. LEDCO should continue its acquisition strategies of purchasing underutilized properties and demolishing dilapidated structures. This program offers public-private-partnerships by attracting developers to non-traditional development formats through the use of land donation or writedowns. In addition, the city must position itself for the next big thing.all too many cities have failed to adequately plan for the future and therefore have been bypassed for significant new developments.longview thrives off its big businesses and major employers. Future efforts must be coordinated with LEDCO to attract large employers, large developments and key redevelopment in underutilized locations. As a continued partnership, key strategies for economic development must include development incentives. Financial incentives should be utilized by the City in order to attract the desired development. In most cases, funding could include City funds, Tax Increment Reinvestment Zones funds, low interest loans, tax exempt financing, improvement districts, tax abatements, and state and federal grants. As a whole, the City should work with LEDCO to put in place funding mechanisms to sustain on-going financing tools (ex. TIF, PID, BID), review the current incentive packages, and monitor and seek out grant and funding sources for public improvements and property consolidation. It is recommended that LEDCO conduct small area plans to identify more specific development opportunities and key properties based on market assessments.these small area plans should include detail parcel assessments based on block-by-block analysis of land uses, urban forms and redevelopment potential.the small area plans should be focused in districts such as downtown and along key corridors, specifically older commercial corridors.results of the area planning should identify specific catalytic projects that in turn can be marketed to targeted regional developers or investors. Economic Development Summary Page 221