Page 5 - Murfreesboro, TN Comprehensive Plan: Chapter 7, Economic Development

Economic Development 7.5

DRAFT 12.02.15

incorporate/annex key geographic areas, such as the diverting energies away from the chosen course.
I-24/TN SR 840 interchange area, in order to capture Although the plan can identify a city’s competitive
and control the economic activity that will naturally advantages and lay out strategies to capitalize on
be drawn to this powerful location in coming years. them, economic development doesn’t unfold in
linear fashion. When opportunities present that are
Guiding Principle 6: Vibrant Economies. Create and
enhance vibrant commercial areas to meet the wide not discordant with the plan, the City will need to
range of economic needs and interests of residents, mobilize quickly and aggressively to make them a
businesses, and the City; provide employment reality. There is no shame in the reactive pursuit of
opportunities; and take advantage of Murfreesboro’s a special opportunity, provided that it is “real” and a
proximity and connections to surrounding areas. good fit for the community.
Guiding Principle 7: Low Costs + Low Regulations Guiding Principle 9: Economic Development is
= Low Outcomes. Competing purely on a low a Verb. It needs to be a Proactive, Facilitated
regulation, low cost basis may make sense for Endeavor. Few communities are fortunate enough
asset-poor, low-skilled, opportunity-deprived to have great companies and projects simply fall
communities. (Where assets are few, barriers-to- in their laps. Most places need to work for it with
entry had better be too.) That profile however dedicated staff and financial tools and resources. In
definitely does not fit Murfreesboro. The City has Murfreesboro’s case, the effort should focus mainly
opportunities to position itself as an economically- on working alongside commercial property brokers
diversified, university-endowed, health and wellness- and the Rutherford County Chamber of Commerce
focused, destination city within the metro Nashville to connect prospective commercial office tenants to
region. The City therefore shouldn’t try to compete local developers and property-owners.
mainly on price and ease of entry especially at the Another major task will be to further develop
expense of strategic, talent-attracting investments in the MTSU relationship and evolve it into an active
quality public services and amenities. economic partnership with the City. On the physical
re/development side, there is a need for a quasi-
Guiding Principle 8: “Strategic” and “Opportunistic”
are not mutually exclusive terms. When it comes governmental arm of the City to help package and
to economic opportunity, cities need to be both serve-up real estate development deals that wouldn’t
strategically focused and light-on-their-feet. Plans otherwise happen without public involvement (e.g.,
should be dutifully implemented. However, there The Gateway).
are times when opportunities materialize seemingly Guiding Principle 10: Entrepreneurship. Finally, the
out of nowhere that may require pivoting and/or City needs to embrace entrepreneurship with funded
programs and facilities.
[ Continued on page 7.9 ]