· On February 3, 2022, D.I.G. Frankfort invited Mr. Jeff Bischoff, Sr. Vice President of Business Development at Gray Construction to speak to the group about what businesses are looking for in their site selection process and what Frankfort needs to do to recruit potential developers. Jeff serves as a site selection consultant in his role as Chief Sales Officer with Gray Construction. He provided D.I.G. a good understanding on how Frankfort can be more competitive in attracting businesses interested in investing in Central KY.
· The key takeaways from Jeff’s presentation included the following:
1. After Covid-19 peaked, land developers have wasted no time to search for land that is ready to be developed inside industrial parks to meet the pent-up demand.
2. Communities that have large scale land in inventory already zoned for industrial development have the best chance to capitalize on the robust growth that our region is now experiencing.
3. Developers are looking for communities that are market-ready: Land that has easy access to interstate entrances and exits, water, utilities, sewer capacity, and infrastructure.
4. Developers do not want to invest in properties that are not zoned for their ultimate use because the rezoning process can be lengthy and costly. The longer the wait, the longer their money is tied up and not put to optimal use.
5. Bowling Green was noted as a city where the community leaders and elected officials pulled together to make their community market ready for development. As a result of their collaboration, Bowling Green ranks second in the U.S. for the best manufacturing city.
· During the Q & A session of the meeting, attendees learned that there are approximately two 30-acre parcels and another 9 acres of land designated as Industrial Growth (IG zone) for a total of 69 acres in Franklin County. Industrial real estate can be broadly defined as land and buildings which accommodate production, manufacturing, assembly, warehousing, storage, research, and distribution.
· The need for large-scale land for industrial growth in Franklin County has been identified as between 1700 and 2000 acres over the next 10 years. With approximately 78% of the land designated as Agricultural, 2000 acres of land to be identified for Industrial growth should be attainable to keep our community competitive to get our fair share of the investment dollars being spent on manufacturing projects.
· It is vital for planning commissioners and elected officials to understand the need to continue designating property as industrial through the comprehensive plan process and be willing to invest the infrastructure necessary to develop and market the properties that lend themselves to future growth.
· Franklin County must continue to look for opportunities to attract industry to create high paying jobs and increase our population base to help support our existing businesses with a healthy customer base and to keep the tax revenue stream growing without raising taxes on our residents year after year. The ripple effect of strategic business growth will enhance the competitiveness of Frankfort/Franklin County in attracting and retaining business and industry and ultimately encourage quality of life improvements in the community for years to come. Having the reputation as a vibrant place to do business that welcomes growth opportunities is the best marketing tool a community can have.
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