Page 43 - Murfreesboro, TN Comprehensive Plan: Chapter 7, Economic Development

Economic Development 7.43

DRAFT 12.02.15

7.7 Build Local Building Improvement
public services; and/ or community outreach. In turn,
local staff could participate at a partnership-level in
Chamber-hosted events and special initiatives that may
Economic Development have a more city-specific aspect to them.
Bad redesign and “dark” or underused
guidelines promulgated by a City’s
upper floors are common problems of
historic preservation commission, civic
More importantly, local staff must be much more involved
many older downtowns. Both conditions
design commission or Main Street board.
and proficient in the physical aspects of community
Capacity detract from the attractiveness and Main Street organizations and staff
economic development, particularly redevelopment.
often provide technical and architectural
vitality of downtown districts and can
Local staff should be capable of helping package
assistance.
pose a drag on visitor and investor
and serve-up (re)development deals that might not
interest alike. Some fairly common
UPPER-FLOOR OCCUPANCY GRANTS
It is unusual for a city the size of Murfreesboro to otherwise happen without direct public involvement.
incentive programs can help impel
experience its level of recent economic growth without See Figure 7.12, New “Economic Development Roles”
To help relieve the deadening effects
property owners to maximize the value
any formal economic development programs or staff. (page 7.48). of dark upper floors in downtowns
of their buildings while restoring and
This is testament to the good work of the Rutherford An immediate recent example would be projects like the
aspiring to be more lively, some cities
revitalizing Downtown Murfreesboro in
County Chamber of Commerce and current City staff, Gateway development and the eventual redevelopment
offer financial assistance for substantial
the process. None should be used in-lieu
as well as the City’s location in the growth-path of of the City’s upper-floor renovations intended to
of, but rather in addition to, aggressive historic ‘Bottoms’ area. Other examples
reactivate long dormant spaces above
burgeoning Metro Nashville. code enforcement. could include: assembling land for a new mixed-use
street level.
Although the City has done a fine job in harnessing Downtown parking structure; the development of a
FAÇADE GRANTS AND LOANS
“backbone” companies involved in the essentials of new City-led business park; or managing an incentive
These grants and loans are often funded
The most common form of building
making and moving things, City leaders now seek to program for the restoration of Downtown building
in the same way as façade grants
diversify the local economy and to reposition it for more facades and/or upper-floor commercial/residential uses.
incentive is façade grants and loans.
described above. However because of
high-wage, knowledge-based industries – the types of Local staff may also be involved in the development and
These are typically small-dollar matching
the high cost and often upside-down
industries more befitting an emerging “Eds and Meds” management of a business incubator and parlaying
funds for the exterior repair and
economics of returning vacant space
community on the fringe of a fast-growing metro area. it into opportunities for a broader continuum of
restoration of formerly historic buildings.
to active use (including American with
This type of transition will require a deliberate effort entrepreneurship development services, programs and
Disability Act compliance, e.g., elevators
A typical transaction would involve
to move beyond reactionary, single-project economic places. and Universal Design), funding needs to
the City putting up a dollar-for-dollar
development efforts toward softer, longer-term efforts Ultimately, the energies of the local staff will be directed
be more liberal and tied to the estimated
match to return a highly visible, but
to enhance the City’s overall place-quality and its by the interests and priorities of the people in a
post renovation value of the property.
modernized
historic
inappropriately
economic dynamism. position to effectuate change. Besides elected officials,
building to something closer to its Generally speaking, any grant that can be
Beyond the implementation of new economic this includes industry CEOs, major property-owners,
original look. Funds are usually set aside
amortized through incremental property
development incentives and programs, this involves institutional and philanthropic leaders, high net-worth
tax revenues over a term of five to eight
from the city’s general fund or from an
changes to the physical environment as well as creating years is probably a good candidate for
existing TIF district and design oversight
is guided by historic preservation
opportunities and places for entrepreneurs and like-
minded individuals to connect, interact and derive a
strong sense of community. It involves working and
managing important relationships on a very consistent
and interpersonal level and connecting people and
projects to resources outside of traditional channels.
Making this turn will require dedicated and versatile
economic development staff, an economic development
budget, and myriad volunteer and in-kind resources. An
internal economic development staff should serve to
augment, not duplicate, the efforts of the Chamber by
helping to work through the ground-level mechanics
of company relocations and expansions and by rooting
out business leads that the Chamber or state could help
assist through its county-wide network of businesses,
banks and educational institutions.
In short, local staff would work within a partnership
relationship with the Chamber on Murfreesboro-specific
projects that may require more hands-on assistance
in the way of local incentives; land assembly; the
coordination of local entitlements, permitting and