TIP Strategies is a privately held Austin-based economic development consulting firm committed to providing quality solutions for public and private‑sector clients.
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Project Update: Woodward, Inc. HQ and Manufacturing Facility to Relocate to Downtown River District in Fort Collins, CO
by Caroline Alexander, Senior Consultant, TIP Strategies
After completing a strategic plan for the City of Fort Collins in 2012, TIP has continued to support the City’s Economic Health Office, providing research and analyses to help them refine their program and investment strategy. As such, we have been able support them in their continued efforts to put theory into practice.
Recently, the Fort Collins City Council voted to approve a $23.5 million business assistance package for Woodward, Inc. to develop a 101-acre property to house its corporate headquarters and a manufacturing facility. The company plans to invest $220 million in new buildings, relocate 600 jobs to the new facility, and create 400 new jobs. The economic impact analysis that TIP and Impact DataSource prepared estimated that the project will likely generate a net benefit for the local taxing districts of over $36 million in the first 10 years.
The significance of the project, however, moves far beyond its economic and fiscal impact: it has the potential to transform the city’s under-developed River District and spur additional investment in the area. The headquarters will anchor the southeastern edge of the River District with a major employer and will provide 29 acres of improved open space along the Poudre River. Demand for services such as hospitality and retail will grow to support the headquarters of a $2 billion global company and will generate a great deal of activity in the District. Recreational users will also be drawn to the expanded access to the river, generating even more social, retail, and dining activity. As a result of this catalytic project, the streets between the Woodward Campus and historic downtown will likely see a surge of interest and investment.
Kudos to the City of Fort Collins, the Economic Health Office, and the Downtown Development Authority for their work in making this project happen.