Page 40 - Murfreesboro, TN Comprehensive Plan: Chapter 7, Economic Development

7.40 Chapter 7

DRAFT 12.02.15

7.6 Pursue “Opportunity INCORPORATE THE I-24/TN SR 840 INTERCHANGE

Economics” Another “found” opportunity is the latent potential
of the I-24/TH SR 840 interchange which is now only
partially located within Murfreesboro’s corporate
limits. Because of its visibility and regional access, this
As stated in the Introduction, the strongest and most interchange (and to lesser extents, the interchanges at
sustainable economic programs attempt to leverage 840 / US Highway 70S and 840 / Veterans Parkway)
distinctive local assets or advantages. These can consist will inevitably become magnets for large-format retail
of a combination of geographic location, climate, and and larger corporate office buildings in the future. As
natural resources, as well as defined industry clusters, metropolitan Nashville continues to grow outward (and
unique infrastructure, wealthy civic-minded citizens or Murfreesboro, upward) it is only a matter of time before
institutional assets that have accrued over long periods this land finds itself directly in the path of commercial
of time. development.
“Opportunity economics” refers to maximizing these Despite the challenges to annexation posed by Public
assets and realigning them toward new or emerging Chapter 707, the City must still work to capture the
global markets. It also means seizing upon “found” economic activity that this area will surely generate
or latent opportunities that may present themselves in the future. As a key provider of public utilities and
either by historical accident or intentionally through the services, the City still has considerable leverage in
random actions, investments and interests of wealthy putting these and other key properties under its
or motivated private individuals. Other opportunities purview as development pressures coalesce. (refer to
arise from taking a first-mover position on emerging Chapter 2, Growth Capacity and Infrastructure, Section
trends that a city has a legitimate chance to lead on, 2.2 Annexation for initiatives and actions.)
as exemplified in Figure 7.9, Opportunity Analysis Map.
Yet another important growth opportunity for
One such found opportunity in Murfreesboro is the Murfreesboro concerns the City’s already significant
millions of gallons of treated effluent that the City is forced investment in tourism and youth sports facilities. The
to discharge into the West Fork of the Stones River on a City could solidify its position as a year-round youth
daily basis (12.1 MGD in 2014). Rather than continue this sports mecca by adding more indoor sports venues for
practice, the City should explore ways to monetize (or events like hockey, soccer, basketball and swimming.
“amenitize”) this “waste-stream” by offering it up at steep The water park idea mentioned above could augment
discounts to heavy water users such as modern urban the city’s position in both tourism and youth sports.
agriculture operations, food and beverage producers
or water-based recreational users (i.e., water parks). STRATEGY 7.6.1: Work to uncover and exploit latent
economic assets.
Another application could be a new city water feature
such as a grand fountain or a man-made lake at the ACTIONS AND INITIATIVES
center of a new professional office park. The overarching
goal is to convert existing liabilities into assets 1. Work to understand the missions and investment
through creative civic design and intentional resource strategies of area foundations, corporations and
stewardship. Building a reputation as a resourceful and wealthy individuals. Align City development
sustainability-minded community could be a favorable strategies to leverage them to the extent possible.
by-product of this type of demonstration project. 2. Develop a diversion, business recruitment, or amenity
As previously discussed, a related economic opportunity plan for the City’s treated effluent.
already being contemplated by the City is the day- 3. As discussed within Chapter 6, Parks, Recreation
lighting of Town Creek within Murfreesboro’s historic and Open Space, update and implement a Parks and
‘Bottoms’ area. The goal of this ambitious project will Recreation Master Plan.
create an immediate amenity feature that will help drive 4. Leverage City sewer service to impel voluntary
the redevelopment of the historic ‘Bottoms’ area. The annexations around the I-24/TN SR 840 interchange.
goal should be to leverage this improvement to create an
added public amenity to help drive the redevelopment 5. Provide more effective wayfinding and directional
of the historic ‘Bottoms’ area. signs near the City’s dominant visitor centers (i.e.,
the Gateway/hospitality district and Stones River
National Battlefield).