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THE BEST PLACE PROJECT – Missoula, Montana’s Five-Year Economic Development Strategy

THE BEST PLACE PROJECT

A proposed five-year economic development strategy intended to enhance Missoula’s http://www.ci.missoula.mt.us/ economic vitality, quality of place, and future prosperity

DISCUSSION DRAFT

Endorsed and approved by:

Ellen Buchanan, Director, Missoula Redevelopment Agency http://www.ci.missoula.mt.us/index.aspx?nid=86

Scott Burke, President, First Security Bank https://www.fsbmsla.com/default.cfm

John Engen, Mayor, City of Missoula http://www.ci.missoula.mt.us

Jeff Fee, President, St. Patrick Hospital & Health Sciences Center http://www.saintpatrick.org/

Bob Rowe, Chief Executive Officer, NorthWestern Energy Corporation http://www.northwesternenergy.com/

Larry Simkins, President, The Washington Companies http://www.washcorp.com/

Whitney Williams, Principal, williamsworks http://williamsworks.com

March 2010

A New Approach to Economic Development

Missoula’s peerless natural beauty, its vibrant downtown, its first-class public teaching and research university, its world-class medical centers, and active, intelligent, engaged citizenry all combine to make this the best place in the Western United States to do business. But despite our many attributes and advantages, our local economy is not as vibrant and dynamic as it can and should be. Moreover, other communities in the region and across the country are outperforming us in the competition for jobs, companies, and workers that will fuel future economic growth and prosperity. It’s time to change that. The Best Place Project is a proposed new approach to economic development that will stimulate desirable growth that complements our unique assets and livability, increase community wealth and ensure good job and career opportunities for current and future generations. The hallmarks of this initiative will be strong cooperation between public and private stakeholders; performance measurement and accountability; focused, aggressive efforts rooted in proven best practices; and emphasis on “best fit” industries, companies, and jobs that enhance our community and add value without jeopardizing all that we love about this place. This document is intended to provide a general overview of this initiative to community leaders and economic stakeholders so that we can gather feedback and input for further refinement and improvement, and gauge the level of enthusiasm and support for its implementation.

The Best Place Program Overview

The Best Place Project is conceived as a public-private partnership, funded and governed by key stakeholders and beneficiaries of economic development and wealth creation. We envision a stand-alone organization with dedicated staff and resources that will work collaboratively with organizations and agencies that have separate, but interconnected missions, such as MAEDC, Chamber of Commerce, Missoula Downtown Association, Convention and Visitors Bureau, and others. The Best Place Project will be laser focused on attracting, retaining, and growing jobs and companies through three core strategies.

1. New Business Attraction

Objectives:

• To aggressively market Missoula as a prime location for new business investment to specific “good fit” industries and companies.

• To place Missoula more frequently on the “short list” of site selection consultants and decision makers.
Action Items:

• Retain expert consultant to conduct an economic assessment to determine our competitive strengths, weaknesses, opportunities, and threats (SWOT).

• Identify business and industry targets utilizing the economic assessment and matching opportunities with targets that are most desirable for enhancing our economy while maintaining our unique quality of life.

• Developing aggressive marketing strategies customized to target industries, including brand / image development, advertising in select media / industry publications, out of region recruiting trips, trade show attendance, etc.

• Develop and maintain a robust website with accurate, up to date, and interactive data and community information.

• Create and maintain an updated library of marketing materials (brochures, direct mail, advertising, multi-media).

• Develop relationships with site selectors / industry decision makers through e-mail, electronic newsletters, direct mail campaigns, and “red carpet” visits and familiarization tours.

• Maintain a database of available sites and buildings

• Respond to prospect inquiries with speed, efficiency, and comprehensiveness

• Advocate for State and Federal grants and appropriations to support business recruitment.

• Aggressively promote existing loan funds, tax credits, and other financing tools.

• Maintain an “opportunity fund” to respond to unforeseen opportunities.

2. Existing Business Retention & Expansion
Objective:

• Develop and execute programs to retain and expand existing high-wage, primary businesses and others with greatest future potential.

Action Items:

• Establish a visitation program for existing industry. A team of volunteer business leaders, local officials, and staff will work with employers to identify and resolve barriers to growth, including legislative and regulatory solutions to ensure a positive business climate and infrastructure for expansion.

• Create a SWAT team of government officials, bankers, lawyers and other resources to respond quickly and provide assistance to key firms at risk of closing or relocating.

• Work with local plant managers and executives to stay informed of headquarters activities and capitalize on corporate expansion plans.

• Provide assistance through workshops, access to state and federal programs, industry networks, technical assistance, etc.

• Support expanding businesses with site selection, financing, workforce training, permitting, zoning, advocacy, and other needs.

• Promote networking, partnerships, strategic alliances, and local supply chains through industry councils.

3. Community and Asset Development

Objective:

• Ensure necessary sites, facilities, and infrastructure needed by existing and new businesses.

Action Items:

• Through direct contact with existing business, create inventory of assets and needs.

• Engage real estate development community, utilities, local and state governments, and others to provide adequate sites, necessary infrastructure, and appropriate land use plans.

Projected Five-Year Cost of Best Place Project: $3.5 million
Program Goals and Outcomes – to be achieved by 2015

• 2,300 new jobs (direct, indirect, and induced)

• 10% increase in per-capita income

• $150 million in new capital investment

• $90 million in new annual payroll earnings

Our Future: It’s up to us!

The Best Place Project is not about rapid, unchecked, unplanned, or undesirable growth. It will not jeopardize or diminish the unique assets and unequaled livability of Missoula. It is about attracting, retaining, and growing companies and jobs that will ensure economic vitality and prosperity that are necessary to maintain and enhance all that we love about our community. Without targeted growth and strategic economic development, we risk losing many of the assets we cherish, including our quality of life. We also risk losing our best and brightest youth to other places that offer more opportunities. The initial sponsors of this proposed initiative have decided that alternative is not acceptable and we have chosen to do something about it.
This approach has proven successful in hundreds of other communities that decided to exert greater control over their own economic fortunes and destinies. We can – and should – do the same. In fact, many of these communities are our competition for jobs, companies, talent, and investment. We may have assets that they don’t, but without a sound, focused plan – and the resources to execute it – we aren’t even in the game.

We are committed to further refining this plan and establishing the organization that can effectively and efficiently implement it. But we must have the broader community’s stakeholders join us in our efforts. Every individual, company, and institution with a vested interest in Missoula’s future vibrancy and prosperity will share in this program’s success and outcomes. Accordingly, we intend to launch a fundraising campaign to secure the resources needed for implementation. This document and the goal assessment for which it was created will help us gather input and feedback regarding the proposed strategies, and assist us in determining the potential funding available for its execution. Once we achieve those objectives, we intend to move swiftly and purposefully to the critical next steps. Thank you in advance for your thoughtful reaction to this proposed initiative and your participation in this important exercise.

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