Colchester, Vermont Economic Development Action Plan

1. Colchester, VermontEconomic Development Action Plan Prepared by Garnet Consulting Services, Inc. And Wadley-Donovan GrowthTech, LLC

2. 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

3. 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

4. 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

5. Some Important Numbers • The Commercial portion of your Grand List • Between 2001 – 2010: ranged from 23.58% - 27.19% • 2011 - 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)

6. 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

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

8. 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

9. 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

10. 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

11. 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

12. 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

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

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

15. 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

16. The Action Agenda • Colchester branding program and market niche development • Economic development communications plan • Economic development team-building program • Colchester Business Association • Business retention and expansion program • Available properties inventory • Annual business survey • Business prospect tour • Malletts Bay development plan • Package treatment plant study

17. 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

18. 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

19. What Would You Like to Discuss?