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Frankfort Needs to Think Regionally to Grow

Is Frankfort Special?

We would certainly like to think so. Maybe if we just sit and wait, the “right” economic development project will come along. Maybe we are so special we can out compete thousands of other small communities for those better than average wage jobs. Are we set?

The answer is NO. Over the last decade, Frankfort/Franklin County has ranked below the national average in growth, in gross domestic product (products we produce), and personal income growth. We cannot just sit and wait. We are in competition… with everyone, and every place. Let’s face the fact that Frankfort is not likely to attract more than our fair share of investment beyond communities located in the northeast, south, or mid-west that have similar attributes like historic buildings, natural beauty, and land. We need to be ready with more advantages.

We must be willing to do the work and we must think regionally. Our participation with the Bluegrass Alliance in a Regional Economic Development Strategy, is a step toward success. The Bluegrass Alliance is an organization of economic development professionals and key stakeholders who look at economic progress on a 9-county regional scale. The Development Strategy will be fueled and funded by regional businesses and the strategies are based on locally centered analytics performed by professionals.

Economic Impact studies show that jobs created in nearby counties provide direct and indirect benefits to their neighbors. So, while losing a potential economic development project to Scott or Woodford County is not our hope, it is worse if the project lands outside of the region or even out of state. An employee in Georgetown or Versailles may choose to live in Frankfort, generating local taxes and building our tax base.

As a community, Frankfort is special. This community is unique because it’s the seat of state government and home to the General Assembly. There are only 50 communities (out of thousands) across the nation with that claim. Additionally, we are the home of a university, beautiful outdoor vistas with the Kentucky River flowing through our quaint downtown and the charm of a small historic town.

But as a region we are exceptional! We are centrally located and within a day’s drive of 2/3 of the US population and home of both regional and international airports, four interstates, numerous AAA rated highways, direct rail service and some of the largest automated package handling facilities in the world. We enjoy numerous internationally renowned recreational landmarks including Keeneland and Churchill Downs. We offer a low cost of living; the lowest industrial sector electric rates among states east of the Mississippi River; extensive broadband availability; and are located in the middle of Bourbon Country, anchored by our own Buffalo Trace. We have more than 40 universities and colleges within 60 miles; a labor force of more than 1M workers with opportunities to live in a large city, small town, or rural area.

We need to progress beyond arguments over infill, conversion of land, and lack of funding and begin to promote collaboration and innovation in policies and practices that provide the most benefit to the most people. Good land use plans are imperative. Preparation is key. The funding of regional projects needs coordination, cooperation, and a lot of creativity from multiple sources. It will require everyone from bankers and developers to local governments to take a risk. But by recognizing mutual interdependencies with our neighbors and coordinating economic transactions, we will all stand out in a crowd and attain more. That is the goal of the Development Interest Group (DIG) Frankfort.

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