TIP Strategies is a privately held Austin-based economic development consulting firm committed to providing quality solutions for public and private‑sector clients.
This blog is dedicated to exploring new data and trends in economic development.
By: Caroline Alexander & Siobhan Dilly, TIP Strategies
Via: TIP Strategies
In early May, the White House announced the Investing in Manufacturing Communities Partnership (IMCP) in an effort to grow the US manufacturing sector. The Economic Development Administration has allocated $4 million to support the development of 20 to 25 regional strategies. The EDA provides the following description of these projects:
“Successful projects will be regional in scope and focus on manufacturing sectors that demonstrate comparative advantages in the marketplace. Competitive applications should emphasize public-private and higher education collaboration. In addition, they will target investments that help stakeholders within a region to collaborate and build on existing regional assets to create a supportive regional economic ecosystem for business investment and innovation, increased international trade and exports, the creation of good jobs, and improved quality of life.”
The recipients of this round of funding will be eligible to compete in Phase Two of the IMCP, which will award six “challenge” grants of up to $25 million each. These Phase Two grants are intended to be supplemented by coordinated investments from several other federal departments and agencies.
Example projects include specialized research centers at local universities; business incubators focused on targeted technology sectors; community college programs to train workers in targeted industries; public works projects to upgrade infrastructure or enhance energy efficiency; viable export promotion plans; and well-integrated supply chains.
Phase One will be funded through the EDA’s Economic Adjustment Assistance program and can be up to $200,000. Grant applications are due June 13. For more information on how to apply, download the EDA’s PDF here.
This is an exciting opportunity. Please contact us now if you need any help pursuing it.
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.