Page 34 - Murfreesboro, TN Comprehensive Plan: Chapter 7, Economic Development

7.34 Chapter 7

DRAFT 12.02.15

Comparison Cities’ Approach to Metropolitan Area includes Murfreesboro and the
selected comparison cities in Tennessee. Many of
Economic Development the economic development tools employed by these
comparison communities are available to communities
Murfreesboro has the opportunity to become a throughout the Nashville Metropolitan Area and are
destination for many new businesses relocating not unique to a particular city. Other comparison cities,
to middle Tennessee. To understand what similar such as Cary, North Carolina and Columbia, Missouri
communities around the nation have been doing fall under a similar regional economic development
to employ economic development strategies, tools, structure, having limited economic development tools
and techniques to draw businesses, residents, and and incentives at the local level though having access
tourists to their community, the cities identified in to an abundance of regional opportunities for new and
Table 7.2, Comparison Cities Economic Development incoming businesses.
and Tourism Toolbox, were evaluated based on seven ORGANIZATIONAL/ADMINISTRATIVE STRUCTURE
different economic development indicators. These
cities are similar to Murfreesboro with regard to There are different administrative structures utilized
their demographic and socioeconomic composition, by cities to advance economic development initiatives,
aspirational characteristics, and distance to major whether by city department and/or commission or by
metropolitan areas. The following indicators were used a quasi-governmental organization that partners with a
to evaluate cities’ economic development programs: city. Most of the Murfreesboro comparison cities have
both public and private entities working to improve
1. Organizational/administrative structure
the economic stability of their respective cities. For
2. Public/private partnerships example, McKinney, Texas has both an economic
3. Utilization of specific economic development development department within the city structure with
tools a Grants Advisory Commission as well as an economic
development corporation, which provides incentives,
4. Tourism programs loans, and grants to spur business growth. The
5. Main Street / Downtown-related programs and McKinney Economic Development Corporation (MEDC)
district character is primarily funded through the levy of a one-cent
sales tax and are budgeted annually. Athens, Georgia
6. Successful redevelopment projects utilizing established an Economic Development Department
economic development tools which is run through partnerships with the Chamber
7. Marketing strategies for the city of Commerce, the City of Athens, and the University of
As indicated in Chapter 1, Planning Context, Figure 1.4, Georgia. The department is different from the previous
Comparison Cities in Middle Tennessee, the Nashville example as the partnerships between local colleges
and universities, power companies, the railroad, and

TABLE 7.2:
Comparison Cities Economic Development and Tourism Toolbox Nashville, TN Asheville, NC Athens, GA Cary, NC Charlottesville, VA Columbia, MO Florence, AL Greenville, SC McKinney, TX

City Department X X X X X
Organization Corporation X X X X X X X X X
Chamber of Commerce X X X X X X X X X
Public/Private Partnerships X X X X X X X X X
District X X X X X X
Revolving Loan X X
Economic Tools
Business Incubator X X X
Grants and Incentives X X X X X X X X X
Place Based Economic Initiatives X X
Main Street Program X X X X
Chamber of Commerce X X X X X X X X X
Tourism Visitors Bureau X X X X X X X X X
Private Corporation X X X X X X
Redeveloped Districts X X X X
City-Wide Marketing Strategies X X X X X X