Colchester, VermontEconomic Development Action Plan

Prepared byGarnet Consulting Services, Inc.

AndWadley-Donovan GrowthTech, LLC

The AssignmentPrepare an Action Plan that:

Builds upon the County’s ECOS plan and Town’s Heritage Project

Identifies trends, issues and conditions shaping Colchester’s economic development future

Identifies strongest business sectors, clusters, or operational types with emphasis on value-added businesses

Capitalizes on Colchester’s marketable strengths and identifiable opportunities

Recommends actions to increase competitiveness

Town GoalsTake care of existing businessesSupport formation of new businessesAttract value-added businessesDevelop physical infrastructure for economic

developmentManage growth to maintain desired quality of

lifeCultivate spirit of cooperation among

government, businesses, schools, and community

Major Research Work ElementsReview of background materials and websites“Prospect tour” and detailed briefingThree other community visitsStatistical ProfileEmployer Survey (70 companies, 28

responses)Extensive interviewing (67)Community input sessionBuild-out Analysis review

Some Important NumbersThe Commercial portion of your Grand List

Between 2001 – 2010: ranged from 23.58% - 27.19%

2011 - dropped to 20.88%Lower than some of your neighbors (Williston,

South Burlington, Burlington, Winooski, Essex Junction) but

Higher than others (Shelburne, Essex Town, Milton)

Some Important NumbersData from the Commercial Build-out Analysis

2010 Gross Floor Area – 3,731,972 SFProjected 2030 Gross Floor Area – 4,322,720 SF

Growth of 590,748 SF = 15.8%Projected Total Gross Floor Potential – 9,585,256 SF

Growth from 2010 of 5,853,284 SF = 157%

Under current evaluation and taxation policies:Projected 2012 – 2030 Commercial Assessed Value

increases by $57.8 millionEach $1 million generates $5,530 in new taxes$57.8 million of new Assessed Value = $319,634 in new

taxes

Some Important NumbersColchester typically ranks 5th in VT in retail

sales receipts (more than $214 million)

Colchester typically ranks 10th in Combined meals, rooms and alcohol receipts

Primary Colchester StrengthsAccessibility/proximity to Burlington, Boston,

NYC, CanadaTwo I-89 access pointsPlanned improvements at Exit 16Well educated populationImproved development procedures (but

lagging perception)Most support services hereStrong Quality of Life – especially the Lake

Primary Colchester WeaknessesRoad access but no reason to stopNo public transportationRail freight services and costsExit 16 rush hour trafficLack of sewersSpotty high speed Internet and cellular serviceBrain drainDifficulty finding technical and trades skillsTown officials perceived as rule

enforcers/regulators – not helpful to developers

Primary Colchester WeaknessesLack of relationship between Town and its

businessesAct 250Lack of larger sites for developmentLack of upscale restaurantsLack of places to stayLack of widely shared unifying visionLack of image/brandFragmentationNeed for more leadership by SelectboardLack of progress in implementing Heritage Project

Potential TargetsCounty-wide and Existing Colchester Nucleus

Business & Administrative ServicesClean Tech/Green TechDigital MediaE-CommerceHealth-care and wellnessHigher Education suppliers, services & spin-offsInformation TechnologyNon-Profit OrganizationsRetailTourismValue-added Manufacturing

Some Thoughts about TargetingFrequently used to focus limited marketing

dollars on sectors with highest success potential

Used to develop clusters of interrelated businesses in business attraction, creation, retention and expansion efforts

Works best if you have characteristics distinguishing you from your neighbors

Colchester may be better served in taking advantage of multiple sector targets of opportunity rather than concentrating on limited targets of intent

Potential Niche TargetsMaritime Niche

Housing

Agri-tourism or similar induced niche

The Action AgendaPrimary Concerns

Expanding the tax baseProduct improvements - making Colchester

more ready and competitiveResource realistic

The Action AgendaThe Process

23 possible initiatives suggested by residents or identified by consultant team

Brief descriptions preparedPrioritization exercise conducted - focus on

Likelihood of positive impactLikelihood of support from public and alliesCost-effectivenessOpportunity to suggest additional items or

combining

The Action Agenda1. Colchester branding program and market

niche development2. Economic development communications plan3. Economic development team-building

program4. Colchester Business Association5. Business retention and expansion program6. Available properties inventory7. Annual business survey8. Business prospect tour9. Malletts Bay development plan10.Package treatment plant study

The Action AgendaFor each Initiative we have provided:

Background information – why it is important Major Action Steps and suggested schedule Suggested primary and support

responsibilities Resources needed Performance measures Overall timeframe Additional information

Important CaveatsEconomic development rarely happens for

freeYou will need to invest in it to make it happenYou should expect to get a return on that

investmentDevelopment areas must by “shovel-ready”

Must have full utilities, telecommunications and road access

Adequate staff capacity will be necessary to make progress on implementationRestaff and adequately fund the Community

and Economic Development Department

What Would You Like to Discuss?