|
|
|
Through the joint efforts
of the Board of Selectmen, Board of Finance, Economic Development Commission,
Planning and Zoning Commission and the town staff, Cromwell has had made
significant progress in key economic development areas.
One, obtaining and implementing a Small Town Economic Assistance (STEAP)
grant to begin pre-planning on an industrial park.
Two, to fill specific vacancies in existing industrial/commercial
locations. Third, to promote the
development of a riverfront parcel owned by the town. Fourth, seeking out
targeted promotional opportunities for the town and its businesses.
Last, but certainly of significant importance, we have established key
elements in the planning for future grand list growth.
Despite current state
budgetary difficulties, the primary task at hand was successfully achieved.
Working with town staff and the Economic Development Commission we were
able to secure a $445,000 state grant to begin work on a 90-acre industrial
park. We are now well on the road in planning for this industrial
park development. Upon the
grant’s award we set out to recruit and select a firm to conduct a
marketability study, which will be completed by the beginning of October.
Filling vacant properties
was obviously an equally high priority. Understanding
that 80% of future growth comes from existing businesses, we immediately
implemented a business visitation and needs assessment program (as of this date
more than 30 Cromwell businesses have been visited).
To more aggressively stimulate activity, we also worked to create a
business incentive program that includes regulatory fee waivers and tax
abatements. We also worked to
develop a method for presenting requests for incentives to the Board of
Selectmen in an objective and quantifiable manner. Our efforts resulted in the filling of the last five
vacancies on Progress Drive, the major expansion of two existing businesses and
the recruitment of a major aerospace component manufacturer.
Closest to the EDC’s
heart was the prospect of developing the Town’s riverfront property.
We took a strategic approach to this task.
Working together as a group, we developed a comprehensive request for
qualified developers. To ensure a
good response we marketed the RFQ to a targeted audience.
The property was featured on CERC’s SiteFinder as property of the
month, paid advertisements appeared in regional real estate journals and press
releases were circulated to all the business and real estate periodicals in the
northeast. Three high quality
developers came forward and two were short-listed for the next phase of the
selection process. Both projects
represent development projects that would add between 25 and 35 million dollars
to the local grand list and provide significant economic stimulus.
Now the EDC will work with the Board of Selectmen to develop a request
for proposal that will identify the specific requirements of this project.
The single greatest
promotional opportunity for the town and its businesses is the Greater Hartford
Open. Each year hundreds of
thousands of people visit the town to attend this national sporting event.
The EDC worked with GHO officials to develop a program that allowed the
Town and its businesses to market to these visitors that attend the tournament.
The program is comprised of several facets from which businesses can
benefit.
To enhance the
opportunities made possible through our new partnership with the tournament, the
EDC arranged for Greater Hartford Magazine, an eight-year-old publication
serving the region with a focus on special events and event facilities, to
produce a Welcome Guide to be distributed at the GHO and other events such as
the Riverport Festival and the Middlesex Chamber of Commerce Business Expo.
This four-color promotional guide contains a map directing visitors to
our commercial areas and advertisements from local businesses.
It is attached to this report.
In
addition to the advertising opportunities available through the Welcome Guide,
the town and its businesses may now make use of a new web page devoted
exclusively to economic development and community business promotion.
Mycromwell.com will be directly connected to the town’s web page and be
promoted through a targeted mailer. Like
the Welcome Guide the web site will feature information promoting our local
businesses and the Town itself.
The EDC is continuing to
work with the Planning and Zoning Commission to develop a process that will
update our Plan of Conservation and Development. This process needs to ensure the development of a plan that
accurately reflects the community’s vision for the future provides a clear
implementation strategy and maximizes the use of existing town resources.
Further, the EDC has worked
on two proposed zoning regulation amendments to promote high quality economic
growth. The first involves the
creation of a neighborhood businesses district for central Main Street.
Such a change will provide for high quality mixed uses there.
Second, acting on input from existing businesses the EDC seeks to
encourage the development of destination oriented retail and entertainment along
Route 372. Because commercial land
is not limitless we are recommending a special permitting process to allow
special oversight of the largest retail development.
We are proud of the work we
have done during the past twelve months. The
arrangement of an economic development consultant working along side town staff
and the Economic Development Commission is working very well and has resulted in
measurable success. This Success is
the result of partnership and cooperation among various Cromwell boards and
commissions. No success could have
been achieved without first the leadership and support of the Boards of
Selectmen and Finance.