06-B PEDC Budget 2007-2008 - Laserfiche WebLink

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Lamar County - Paris Economic Development Plan Prior to constructing a speculative building, a community must fully understand its potential market in order to design a marketable structure. The potential market is determined by the type of existing primary employers located in the area. Paris has a handful of existing, vacant structures. However, they are aged and are likely not suitable for most potential companies. On the short term, Paris should not consider constructing a speculative building. Since Paris has few non food processing primary employers, the marketplace for such a speculative building cannot be determined. Funds which might be used for a speculative structure are better allocated for other activities described in this plan. Since the important features of an existing building are a shortened time frame for the business to occupy the facility, along with known costs, an alternative to constructing a speculative building is to "pre-design, site plan, and cost estimate" several types of facilities on several parcels of land. These are considered, in the economic development field, as "virtual buildings." Computer generated pictures are created and used as marketing tools. The virtual buildings are, in essence, pre-permitted by the government, expediting the approval process. The cost of the facility is "ball parked" giving the company an idea of how much the building will cost them in a given community. Recommendation: · The Paris Economic Development Corporation should review the facility needs of the companies which have made inquires over the last two or three years to determine the most frequent or desirable structure requested. When specific parcels of industrial property are building ready, a "virtual building" should be designed on one of the parcels which reflect the most marketable product. This should be used in the marketing program. · After several hundred acres of industrial property are available and after the initiation of the expanded marketing program, the community should construct a speculative building. The Task: Within one year, the community should create a "virtual building" and use it in its marketing program. The Task: Within two years, the community should design and construct a speculative building. Housing: Housing availability and the cost thereof influences the wages paid to workers and the ability to attract management to a community. Paris Economic Development Corporation Page 19