January 27, 2005 (Worcester, MA) --
David Begelfer, CEO of the Massachusetts chapter of the National Association of Industrial and Office Properties (NAIOP), presented five key deal breakers that prevent older industrial cities from attracting private investment and strategies to overcome them. Among the recommendations (which are included in the powerpoint presentation which can be downloaded here), are the following:
Deal breaker in Bold. Solution follows
1. City leaders do not understand the advantages and disadvantages of their own city
Self-assessment must be a priority
2. Preconceptions about older industrial cities can eliminate interest before the facts are known
A City must market itself in order to dispel misperceptions. This must include a well maintained website which clearly presents essential information to those interested in development. Developable areas, zoning details, permitting processes, and time lines should all be accessible to a casual website visitor. Also, companies that are already located in the city should be enlisted as ambassadors who can eliminate misperceptions.
3. Costs of doing business in cities are higher
Cities must provide for expedited permitting, development friendly zoning overlay districts, and other amenities in order to compete.
4. Local review processes can add excessive time and cost to projects.
Cities should identify desired development sites and have them pre-permitted for development and market these aggressively. Allow for a single presentation before all regulatory boards and establish a time frame for decisions.
5. Tax incentives are not enough.
Cities should use District Improvement Financing to improve infrastructure and site state and city buildings downtown to spur related development.
The full presentation is available here. For more information about NAIOP, clik their logo below. |
From Left: Research Bureau Executive Director Roberta Schaefer, NAIOP Massachusetts CEO David Begelfer, Research Bureau President Eric Schultz |
