Even though some economic indicators are showing positive signs, many businesses are not feeling the impact. However, the Industrial Development Authority (IDA) is making plans to be ready when the economy does turn and industry starts implementing long term expansion plans.
In December, the IDA shared their new Economic Development Plan with Wayne County Commissioners. While all of the specific objectives are not fully developed, the plan attempts to take a comprehensive approach to readying our community to attract new businesses, while working with existing business to grow and expand.
The plan lays out a six-prong approach with goals and strategies for each area: business retention and expansion, recruitment, site development and expansion, marketing and increased funding for the IDA.
On the recruitment front, one of the most important aspects of the plan is to pursue the development of a G.R.A.D. site (Guaranteed Ready for Accelerated Development). "The G.R.A.D. program is the equivalent to a establishing a ‘shovel ready' site," said Mickey Whittington, Chair of the IDA Board. The process usually takes months to complete due to the extensive site preparation involved. The site must be a minimum of 50 acres, have road and rail accessibility, wetlands and stream delineation and utilities service plans. "There are only 5 G.R.A.D. designated sites in the state currently - that's how new this program is," he added.
Business retention and expansion is a major part of this plan. One of the first objectives is to organize an "Existing Industry Council" made up of local industry and manufacturers. While that is not a large group, it represents a significant portion of the jobs in our community. "Increased understanding of these companies and the issues they're facing is crucial to knowing what our community can do to entice them to expand and create more jobs," stated John Riddle, IDA President. Another aspect of the plan is an annual survey of major employers to determine two things: potential expansion plans and what other companies they do business with that may have interest in expanding or relocating to our area.
The IDA's partnership with the Chamber is a vital part of implementing the plan. Utilizing their committee structure and involving existing volunteers to help implement certain aspects is critical. One example of this partnership is that fact that Bill Freeman, Manager of Great Southern Wood and incoming Board Chair for the Chamber, is also the Chairman of the Existing Industry Council. "Our partnership with the Chamber is crucial to maintaining a vibrant and growing business community. That will help us attract and retain new businesses. Part of our efforts in the past several months has been to strengthen the Chamber to support our retention and expansion efforts," said Joe Ierardi, IDA board member.
This plan is a road map for our community to follow over the next few years in order to create an environment in which economic development can thrive. It's not enough anymore just to be reactive, we must be proactive! Competition is tough, especially in this economy. This plan will enhance our chance of retaining and expanding our current businesses and recruiting new jobs in the future," concluded Mickey Whittington.