Page 45 - Murfreesboro, TN Comprehensive Plan: Chapter 7, Economic Development

Economic Development 7.45

DRAFT 12.02.15

Economic development is the process of building strong, adaptive

economies. Strategies driven by local assets and realities, a

diverse industry base and a commitment to equality of opportunity

and sustainable practices have emerged as those that will ensure

a strong foundation for long-term stability and growth. Even within

the parameters of these principles, what constitutes success in

economic development and the specific strategies to accomplish it

will look different from place to place. Despite these differences,

leadership is consistently identified as a critical factor in

effective economic development.
(National League of Cities, Center for Research and Innovation)

should be enough to establish a starter economic ACTIONS AND INITIATIVES
development division in Murfreesboro. This person 1. Consider empaneling an Economic Development
would serve as the executive director of the Economic Commission consisting of leaders from the business,
Development Commission, serve on the Main Street academic and real estate fields as well as elected
Board, and act as the City’s main point of contact with officials.
the Chamber of Commerce (perhaps even maintaining
offices there). They may also be charged with managing 2. Consider establishing an initial economic
a city-run business incubator and revolving loan fund. development budget of $300,000-$400,000 to
As the City’s economic development workload expands, cover: two staff positions, the development of
the division should become an independent department basic marketing collateral, creation of a $50,000
reporting directly to the City Manager. micro-loan fund and/or façade grant program, and
development of a dedicated economic development
As the City’s economic development activities settle- website.
in and new programs such as TIF are established,
the department may be spun-off to create the quasi- 3. Develop economic development coordinator
independent economic development / redevelopment job description and employment solicitation.
corporation mentioned above. This more transaction- Position should focus heavily on redevelopment,
driven business model generally allows for more small business/entrepreneurship and community
adroitness and opportunities for financial self-sufficiency development.
(i.e., such as through development and administration 4. Hire an economic development coordinator and
fees, rent collections on city-owned land, interest assistant (housed initially in Planning Department).
payments on loaned funds and even direct financial 5. Prepare draft project plan for a downtown/historic
or in-kind donations). It essentially acts as a business ‘Bottoms’ area TIF district.
unit of the City but better insulated from the sometimes
slow and protracted public discourse that can often 6. Launch an enhanced, City-focused business retention
kill important economic development deals. Public and expansion (BRE) program in coordination with
accountability is maintained through corporation by- the Chamber using trained volunteers. Business
laws and by the appointment of elected representatives ambassadors should come mostly from the ranks
to the corporation board. of Chamber members and the city’s own Economic
Development Commission. Focus should be on
STRATEGY 7.7.1: Initiate a scalable, “starter” economic locally held companies with more than 10 employees.
development function at the city level.