The if-you-build-it theory of economic development stands on the simple premise that shovel-ready sites will attract jobs. Certainly, they can draw the interest of investors and developers, but sustainable progress demands more than a plot of land. An ambitious infrastructure project undertaken by Allen County officials reinforces the need for other efforts in strengthening community assets.
Investors need sites to develop or redevelop. They also need:
•Schools and colleges willing and capable of producing graduates with the right skills.
•Local government responsive to residents, with efficient services and dependable public safety.
•Features that appeal to potential employers and their employees, including attractive neighborhoods, first-rate health care, a thriving arts community, parks and recreation, retail and entertainment options.
Allen County Council endorsed the if-you-build-it approach this week with approval of a $6.9 million allocation for development of Stonebridge Park, a 125-acre tract south of the General Motors truck assembly plant. A dozen parcels there are available for development, but Allen County Commissioner Nelson Peters said potential investors are looking for more.
“We’ve had some success with Vera Bradley, Source One and others,” Peters said. “They have built and thrived. Fast-forward and what we’re finding is you need streets, you need utilities – you need all those things to get a prospect excited. Shovel-ready today means something different than it meant 10 years ago or even five or six years ago.”
To that end, council allocated funds from County Economic Development Income Tax revenue to allow the commissioners to award contracts for infrastructure. Tax-increment financing revenue from the project will replace the initial investment and become available for future development, he said.
Peters said there have been at least two projects, each offering a significant number of jobs, that were lost in the last six months because the developers were wary of investing before infrastructure was in place.
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Allen County’s efforts serve as a challenge to all involved in other parts of that formula. Successful economic development hinges on progress made in all the ways that will entice employers to do business here and make employees want to live and work here. Without it, even a shovel-ready site will fail to attract attention.
