Project Update: Woodward, Inc. HQ and Manufacturing Facility to Relocate to Downtown River District in Fort Collins, CO

April 17, 2013

by Caroline Alexander, Senior Consultant, TIP Strategies

Fort CollinsAfter 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.

San Marcos (TX) Airport Market Study

February 24, 2013

by Caroline Alexander, Senior Consultant, TIP Strategies

TIP, in partnership with Bob Wernersbach, recently completed a market study for the San Marcos Regional Airport (HYI). Communities often face the challenge of how to leverage an airport as an economic development asset. San Marcos provides a useful example of how to approach this challenge for general aviation airports, in particular.
The San Marcos Regional Airport is owned by the city of San Marcos and managed by Texas Aviation Partners. It is situated between Austin and San Antonio between IH-35 and the new SH-130 with access to rail and a workforce of over 1.9 million people within a 50-mile radius of the airport. It is also a short drive away from one of Texas’ most popular tourist destinations – the San Marcos Outlet Malls.
The San Marcos Regional Airport competes not only with the general aviation facilities of Austin-Bergstrom and San Antonio International Airports but also with the airports located in New Braunfels and Georgetown. To understand how the San Marcos airport fits into the regional competitive landscape, we conducted a detailed analysis to score the competing facilities based on 27 criteria across 4 topic areas. The 4 topic areas were value, location, growth potential, and airport facilities.
With the understanding of how San Marcos fits into the competitive landscape, we identified market opportunities and niches for the San Marcos Regional Airport. We proposed a vision for the airport and the surrounding land that will guide investments and development at the airport. Finally, we made specific recommendations on site preparation and infrastructure development that should made and devised a marketing strategy. These recommendations outline the steps the City of San Marcos, Texas Aviation Partners, and the Greater San Marcos Partnership must take to realize the ambitious vision for the airport.
The result of the study is a more coordinated effort to promote the airport as a growth center in the region. Through the planning process, San Marcos was able to engage its stakeholders and build support for the airport vision. Texas Aviation Partners has embraced the study and is building its business plan around it. The Greater San Marcos Partnership, too, will incorporate this study into its over-all economic development strategy. Through this coordinated effort, the community is likely to see strongly positive results.