Prepared by Garnet Consulting Services, Inc. And Wadley-Donovan GrowthTech, LLC

The Assignment Prepare an Action Plan that: Builds upon the County’s ECOS plan and Town’s Heritage Project Identifies trends, issues and conditions shaping Colchester’s economic development future Identifies strongest business sectors, clusters, or operational types with emphasis on value-added businesses Capitalizes on Colchester’s marketable strengths and identifiable opportunities Recommends actions to increase competitiveness

Town Goals Take care of existing businesses Support formation of new businesses Attract value-added businesses Develop physical infrastructure for economic development Manage growth to maintain desired quality of life Cultivate spirit of cooperation among government, businesses, schools, and community

Major Research Work Elements Review of background materials and websites “Prospect tour” and detailed briefing Three other community visits Statistical Profile Employer Survey (70 companies, 28 responses) Extensive interviewing (67) Community input session Build-out Analysis review

Some Important Numbers The Commercial portion of your Grand List Between 2001 – 2010: ranged from 23.58% % dropped to 20.88% Lower than some of your neighbors (Williston, South Burlington, Burlington, Winooski, Essex Junction) but Higher than others (Shelburne, Essex Town, Milton)

Some Important Numbers Data from the Commercial Build-out Analysis 2010 Gross Floor Area – 3,731,972 SF Projected 2030 Gross Floor Area – 4,322,720 SF Growth of 590,748 SF = 15.8% Projected Total Gross Floor Potential – 9,585,256 SF Growth from 2010 of 5,853,284 SF = 157% Under current evaluation and taxation policies: Projected 2012 – 2030 Commercial Assessed Value increases by $57.8 million Each $1 million generates $5,530 in new taxes $57.8 million of new Assessed Value = $319,634 in new taxes

Some Important Numbers Colchester typically ranks 5 th in VT in retail sales receipts (more than $214 million) Colchester typically ranks 10 th in Combined meals, rooms and alcohol receipts

Primary Colchester Strengths Accessibility/proximity to Burlington, Boston, NYC, Canada Two I-89 access points Planned improvements at Exit 16 Well educated population Improved development procedures (but lagging perception) Most support services here Strong Quality of Life – especially the Lake

Primary Colchester Weaknesses Road access but no reason to stop No public transportation Rail freight services and costs Exit 16 rush hour traffic Lack of sewers Spotty high speed Internet and cellular service Brain drain Difficulty finding technical and trades skills Town officials perceived as rule enforcers/regulators – not helpful to developers

Primary Colchester Weaknesses Lack of relationship between Town and its businesses Act 250 Lack of larger sites for development Lack of upscale restaurants Lack of places to stay Lack of widely shared unifying vision Lack of image/brand Fragmentation Need for more leadership by Selectboard Lack of progress in implementing Heritage Project

Potential Targets County-wide and Existing Colchester Nucleus Business & Administrative Services Clean Tech/Green Tech Digital Media E-Commerce Health-care and wellness Higher Education suppliers, services & spin-offs Information Technology Non-Profit Organizations Retail Tourism Value-added Manufacturing

Some Thoughts about Targeting Frequently used to focus limited marketing dollars on sectors with highest success potential Used to develop clusters of interrelated businesses in business attraction, creation, retention and expansion efforts Works best if you have characteristics distinguishing you from your neighbors Colchester may be better served in taking advantage of multiple sector targets of opportunity rather than concentrating on limited targets of intent

Potential Niche Targets Maritime Niche Housing Agri-tourism or similar induced niche

The Action Agenda Primary Concerns Expanding the tax base Product improvements - making Colchester more ready and competitive Resource realistic

The Action Agenda The Process 23 possible initiatives suggested by residents or identified by consultant team Brief descriptions prepared Prioritization exercise conducted - focus on Likelihood of positive impact Likelihood of support from public and allies Cost-effectiveness Opportunity to suggest additional items or combining

The Action Agenda 1. Colchester branding program and market niche development 2. Economic development communications plan 3. Economic development team-building program 4. Colchester Business Association 5. Business retention and expansion program 6. Available properties inventory 7. Annual business survey 8. Business prospect tour 9. Malletts Bay development plan 10. Package treatment plant study

The Action Agenda For each Initiative we have provided: Background information – why it is important Major Action Steps and suggested schedule Suggested primary and support responsibilities Resources needed Performance measures Overall timeframe Additional information

Important Caveats Economic development rarely happens for free You will need to invest in it to make it happen You should expect to get a return on that investment Development areas must by “shovel-ready” Must have full utilities, telecommunications and road access Adequate staff capacity will be necessary to make progress on implementation Restaff and adequately fund the Community and Economic Development Department