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Lamar County — Paris Economic Development Plan <br />The issue of real estate is so important, that today, more than 70% of the counties in the United <br />States which have economic development programs have "community or government owned <br />industrial parks." <br />Presently, Paris has a limited supply of property. To reach the economic goal set forth of 3000 <br />primary industry jobs, 500 net usable acres will be needed over the next twenty years. To be <br />successful, the community not only needs to have the land available but it also needs to control <br />the property, relative to price and use. <br />Recommendation: Paris must create an abundant supply of inexpensive, improved, approved <br />industrial real estate which it can offer to primary employers under favorable terms and <br />conditions. <br />The Task: Within two years, the PEDC shall purchase and develop a multi -use "industrial park," <br />500 acres in size, which shall be marketed exclusively to qualified primary employers. <br />• Within one year, PEDC will purchase additional land and continue development of <br />our existing industrial park. <br />• Within one year, the horizontal development of the industrial park shall commence <br />and criteria for the sale or lease of the land shall be established. <br />Existing Buildings: <br />Most businesses looking to locate would prefer to lease or purchase an existing building which <br />exactly meets their facility needs. The reasons include: 1) the facility cost is certain (as opposed <br />to uncertain construction costs), 2) there typically are not any zoning or community issues to <br />confront, and 3) the time necessary to begin production is truncated significantly compared to <br />constructing a facility. <br />The most desirable situation for a community is to have a plethora of modern, existing buildings <br />available which meet the specific structural needs of a business and are ready for occupancy on <br />the desired date. Few, if any, communities in the United States are in this position. <br />Between 1988 and 1992, there was a collapse of the commercial, industrial marketplace. As a <br />result of overbuilding, millions of square feet of new industrial and office space were available <br />for immediate occupancy at depressed prices. This space has since been absorbed and <br />commercial developers are reluctant to construct speculative product. <br />After the "dot -com" boom busted in California and Oregon, there was and still is an abundant <br />supply of modern office — high tech buildings available. <br />However, on a national basis few communities have vacant, modern buildings which have been <br />constructed in the last ten years that specifically meet the needs of most industrial users. <br />Communities which have constructed speculative buildings, however, have a competitive <br />advantage. <br />Paris Economic Development Corporation Page 18 <br />