The URL can be used to link to this page

Home My WebLink AboutCOUNCIL - AGENDA ITEM - 06/12/2007 - PRESENTATION AND UPDATE REGARDING THE CITYS ECONOM DATE: June 12, 2007 WORK SESSION ITEM STAFF: Mike Freeman Darin Atteberry FORT COLLINS CITY COUNCIL SUBJECT FOR DISCUSSION Presentation and Update Regarding the City's Economic Action Plan. GENERAL DIRECTION SOUGHT AND SPECIFIC QUESTIONS TO BE ANSWERED This work session item will focus on providing the City Council with an overall update on the Economic Action Plan focusing on activities and achievement since January 2007. The City Council requested that it be provided regular updates on economic health issues throughout the year. This is the second of three updates planned for 2007. BACKGROUND City staffpresented a conceptual economic action to the City Council in July 2006 and subsequently, the City Council approved the Economic Action Plan in August 2006. Since August,staff has been working to implement the Plan and has also been identifying tactics and strategies to address in 2007 and beyond. This presentation will focus on achievements since January 2007. It is hoped that the regular updates on economic issues will provide the City Council with the framework within which staff are working and provide the opportunity to more thoroughly understand the work plan. Finally, this is an opportunity for the City Council to provide ongoing input to staff on economic health issues. ATTACHMENTS 1. I-25 Corridor. 2. Downtown Area. 3. South College Corridor and Mason Corridor. 4. North College Corridor. 5. PowerPoint presentation. ATTACHMENT 1 FORT COLLINS Corridor P HA Y The 1-25 corridor is a 10+ mile area stretching along the eastern side of Fort Collins. This corridor is largely undeveloped and covers key open lands being preserved through public purchases/conservation easements. . . See map on reverse side. Anheuser-Busch Brewery anchors the north end • of this corridor, and existing businesses are mainly highway-oriented commercial/retail: hotels, restaurants, gas stations, furniture, recreation vehicle sales, manufactured housing sales. portunities Fort Collins Facts New development, particularly at the interstate interchanges. rai tr annual population Acres! Acres! 4wt rate 3.1 percent. Exit 269 (Hwy 14/E Mulberry Rd) 50 Median age is 28.2 years old Exit 268 (Prospect Road) - NE quadrant 130 ,,; - SE quadrant 80 - SW quadrant 25 Media a n - NW quadrant 35 $68_ (2006 HUD Exit 265 (Harmony Rd) 320 in the total trade area. Exit 262 (Carpenter Rd/CO Hwy 392) 225 Total acres of undeveloped commercial zoning 865 Various studies underway to identify interchange improvement funding " options including the 1-25/CO 392 Interchange Improvement Plan and ' the Colorado Department of Highways Northern Colorado 1-25 Environmental Impact Study. City and several landowners are joined to resolve infrastructure problems. quare miles of area. I-25 Corridor has been referred to as the "Northern Colorado Main ' Fort Collins : Street. ,35% overall. " ex anditures in the City. Total inf ows of retail sales average Vision Obstacles Well designed mixed-use corridor - Interchange upgrades needed to correct remain low at $268,697 (Marc - Commercial/retail concentrated in deficiencies,with developer participation 2006). activity centers at interstate interchanges - Employment districts located between - Boxelder Creek floodplain and needed commercial/retail activity centers storm water drainage upgrades - Preservation of open space,the Poudre River corridor, view corridors - Competition from commercial areas www.fcgov.corn/busin -Well integrated residential uses located further to the south • "'' -Well balanced and safe transportation network MAP�- Interstate 25 Interchanges Harmony Road regional shopping /mixed-use III activity center ° a Peaky e, Mix use regional' �evelopmenC shopping dJ center '>r �.1 TA 25 region Shop mixed- 'e activty 7 Pr spect Road 0 Fossil Creek Reservoir (7) i u, it it , r e ii .. o - ADT }D;656 3 Highway 392 1 3 � v regionallcommunity shopping center 25 .' VVi4 1 ATTACHMENT FORT COLLINS ° ` Downtown r. Nr PRdWC i s . HA Y The attractive Downtown area is uniquely Fort Collins. Historic buildings, pedestrian friendly streets, and a wonderful atmosphere merge with the • various types of businesses found in this area. This retail core is 54 acres with a population of 2,500 residents. Growing businesses include City, County & Federal government, professional and business services firms, banking, eating and drinking establishments, and specialty retail. Approximately 650 businesses employing 8,300 employees; 338 retailers (2003). Currently construction of new loft housing is the buzz downtown. The area is mostly small businesses, locally owned with excellent sales tax growth (March 2006 sales were 8.6% higher than March 2005). Strengths of the downtown include: high quality stock of historic buildings; unique . . . . and vital businesses; significant destination attraction; outstanding level of local customer penetration; and frequency of repeat visits. Opportunities A. Vibrant, mid-size Downtown which is a rare success story and significant destination attraction. B. Considered by City as a "targeted redevelopment area" C. Renewal of tenant space through turnover in existing retail, reuse and • redevelopment "' D. Retail types: specialty retail, boutique theater/cultural venues, income is hotel/conference center :•. 2 0 0. • •• estimate). E. River District has significant redevelopment opportunities, infrastructure • improvement project, Chautauqua "Beet Street" concept in the total trade area. 1, F. Tax Increment Financing available from DDA G. Old Town Historic District, financial incentives available H. CSU in close proximity, source of customer base o i I. Downtown events draw over 500,000 people annually from across the region J. Library and Lincoln Center Performing Arts combined have attendance ' over 800,000 annually K. Vibrant adjacent residential neighborhoods square miles of area. L. Active Downtown Development Authority and Downtown Business Association residentsFort Collins Mason Street Corridor Plan supports redevelopment spending ,. of their retaik—= - • Vision Obstacles inflows of retail sales average - Downtown Strategic Plan 35% overall. - Downtown -center for public - Parking - on-street shared and in services/governmental functions; structures, is strained. financial heart of community & region; focal point of culture; center for ' gaitcommunity activities and specialty retail - Generally, small parcels and Focus retail development into the building spaces downtown core Support core retail with housing, office, performing arts center and hotel • • • • development Increase the availability of existing parking through parking management programs ; s AMAMI N AT e r > f[ x O Q m J UJ y>r co m 3 O � OOa *, n c 2� � 'a m c1d, � 'ca ou c�ac a v �• m 1-.U 'a °1 �• 3 •- pQ •^- V N c; g fu Z O c N � N O = O N Q ¢ Z N G any a6ailoo � v ° o a1n4nj) iopijjoo uAeW N v - a v � t _r > v J O N . Q V r � 0 a m J r` ■!`5 • - • C � 'IW- 'o kILm.... Fort Collins Retail _-- Nestled against the foothills ' ... *;n of the Rocky Mountains, sue_54 �_' alongside the banks of the Cache La Poudre River, lies the City of Fort Collins. As home i to Colorado State University, y Fort Collins established itself as the retail, banking and healthcare center for northern • • '•' •• • - Colorado, southern Wyoming, • - • •• • - • •-• • • •• • • • . - and southwestern Nebreska. •• • • - •• . .•• • - - Fort Collins Fads Fort Collins has a population of 11,996 (2007 estimate) with an erage annual population growth rate 3.1 percent. Median age is 28.2 years old (2000 Census). •- _ - • _ ••• • _ _ Median household income is $68,600 (2006 HUD estimate). • • • -• • • Over $12.6 million total into in the total trade area. • - _• _ _ •• _ • -• • • • • - • •- • Fort Collins is the largest city' • _• • the Northern Colorado which has a regional population of 459,000 (2005 estimate)that is projected '• - •- - .. • - • -. • •. 2015. . - • •. - - to row to 535,004 Fort Collins encom`" _ see square miles of area. Fort Collins residents are spending 85-90% of their retail expenditures in the City. Total inflows of retail sales average 35%overall. .- . Average single family home prices remain low at $268,697 (March 5-006). .. -.- . . www.fcgov.com/business - Mike Fmenan � gem Advisor 'Tl f(t9efTla � 'Cj GV.� )I • • -• 970 2zl q .. - Laurel Street w Mason Corridor Colorado State Universitymixed-u:r. regional shopping center bnasr oncnlcri 1?velopmunf Foothills Mall F- Macys CO - AD F.htl 9S0 Sears m Talbots 6 rhu'.c.e. w O -O hl�trnun Dr.pol O .. . U c - Horsetooth Road N � r�asn wn;�rea lovrlopm��' Prospect Road °O 00 'th 9i nt„ N =R-i L 0 y a 7 y o U > a Q Q ax n Ixc,J I:0 a) - N i do, .y Y '�` '1tif4 541uG'BS/ ' 4V ,.Lr larch crintsi?�,r� .... 0 r b"' U) tier Pelco 7argr.l x I .+ f�. sooper� •..g5 H011li IniYU0 t'I SPI., •. t�ifl511U 1.1Ic'�1' - developrnenl q Soon, �� CSu Vetennery - lo'IL �y Hospital �nlxed usc- Harmony Road 'nslt our iifc0 Irivelnpmant mix d utic Ir ui91 JNGnfRd ,� IG.� py u� ✓eupmen( Drake Road develo/,nasil ATTACHMENT4 FORT COLLINS North College Corridor vision&etch frav the Ylarth M y Colley,COrrlG Man 95. C' The North College Corridor is a scenic route for travelers on their way to CollinsFort recreate and sightsee in the Poudre Canyon, northern Colorado, and southern Wyoming. The land prices are relatively low and the area abuts -rar annual population the historic downtown and Poudre River. This 510-acre corridor is an aging, growt rate 3.1 percent. outdated commercial highway into Fort Collins. Mediears old ,;," e is Opportunities A. Nearly 100 acres are vacant parcels and pads; significant redevelopment Median a n ;;Recent removal of floodplain plus a new Urban Renewal Authority (URA) ;' - (2006 HUD project to assist with Tax Increment Financing (TIF) should spur decades in the total trade area. of future improvement North College street improvement project (Vine to Conifer) is funded for 2009, approximately $4 million, with sidewalks, bike lanes, and streetscape Basic neighborhood commercial; hispanic specialty retail/grocery; a destination with its own draw, esp. related to outdoor gear and recreation A ft", retail/grocery geared to Hispanic population theatre potential; sports venues ctive and supportive business association NFCBN. Fort Collins residents are spending 85-90% of their retail FrIl exenditures in the City. Total Vision Obstacles sauare miles of area. ows of retail sales average Reinvest in public infrastructure to spur 35% overall. redevelopment Infrastructure deficiencies; drainage, Lk Enhance community appearance and streets remain low at $268,697 (Marclrr--� design e.g. streetscape Pattern of subdivision and ownership; -Complement Historic Downtown across mostly small parcels the river with unique character - Mostly smaller businesses anticipated with a few larger retailers - Add residential: Old Town North under ww fcgov.com/businessconstruction, Phase 1 completed - Capitalize on Poudre River as a theme • (recreation-related businesses, building materials, landscape, signage) MAP North College neighborhood commercial) - mixed-use '. r Willox lane �doescnu jht" hood C,11t;orcia; neighborhood/ community commercial neighborhood/ mixed-use community commercial m c m a v a Urban Renewal Plan Boundary 0nor:<.,qsu s zJar. O fdoor nor ar,�oo c,=e�c ;;utcza„e mixed-use, destination use ,nercial Cadre la F'o4cyre neighborimal Uj ,,,,�,.r f W community nm,c'al commercial b: mixed-use, -- destination use Vine Drive i Downtown City Council Worksession Economic Action Plan Update June 12 , 2007 Economic Vision A healthy economy reflecting the values of our unique community in a changing world . Economic Values o The primary keys to our unique identify and economic health are: *The natural environment *Old Town/Downtown *Colorado State University *Culture and the arts o We value the Poudre R-1 Schools, Front Range Community College, and our other educational institutions and the quality education they provide. o Sustainability and economic health are strengthened through community partnerships and collaborations. o We value the next generation of citizens and their quality of life as much as our own. o We value businesses that contribute to the economic, environmental, social and cultural health of our community. o Supporting innovation and growing businesses from within are important to economic health. o We value our existing businesses and the prospect of welcoming new businesses. o We value a City organization that is: *Proactive about our economy *Responsive to business concerns o Municipal services contribute to making Fort Collins a great and visionary city and depend on a healthy economy that fuels a reliable revenue stream. 1 Economic Action Plan Strategies • The Action Plan is build around four key strategies : — Balance business expansion and attraction — Be proactive on economic issues — Build partnerships — Diversity the economy • Following presentation provides more detail on the four strategies Balance Business Expansion and Attraction • Business expansion — Working with local property owners to market sites to existing companies in Fort Collins — Ongoing business outreach efforts • Business attraction — Development Opportunity Areas ( see ex . ) — ICSC Conference ( materials attached ) • Incentives policy and approach — Evaluation of Mason Corridor — Implementation of Transit Oriented Development Overlay Zone 2 F "'*'" Fort Collins F, r wntgwn . . . . • E MWberry Sr Hwy 1E U E McOnry $ U 4Yq a ,. Hwy 14 vegL _ Ntchll uAW '. ARd 0,Allrm Lake It lit c lyrT ;=�_j��l \ Rsurvolr nl k0WERLDs Got k o _' su p4rrya=Hl lrl / Terms Of Use The 1-25 highway corridor is a 10« mile long area that stretches from along the eastem side of the city. This area is largely undeveloped and covers key open lands that are being preserver) through public purchases/conservation easements. Details Interstate highway corridor'. 10+ miles long starting at the Anheuser-Busch Brewery (County Road 52) on the north and extending to % mile south of the Carpenter Road1CD Highway 392 interchange. Largely undeveloped, except for the East Mulberry Corridor and areas surrounding the East Mulberry interchange. Water Provider East Later County Water District Sewer Provider Boxelder Saturation District e Electric Provider City of Fort Collins Traffic Counts -25: 58,500 AADT Prospect west of 1-25: 18,900 Prospect east of k25'. 2,600 ,. .- Physical The area has generally flat topography. Boxelder Creek flows from the north Characteristics Mrough the site on the west site of the interstate. The Lake Canal and Dry Creek Canal flow from the northwest to Me southeast on the north side of the - interchange. A 0oodplam is located along Boxelder Creek and along the - _I eastside of the interstate. ,y Be Proactive on Economic Issues • Infrastructure investments that support economic health . Boxelder stormwater improvements . 1 -25/392 Interchange project . 1 -25/ Prospect & 1 -25/ Harmony evaluations 3 Be Proactive on Economic Issues • Business Communications . Tracking new businesses , contacting industry cluster companies . — Developing Economic News e - newsletter , will outreach to existing and new businesses for subscriptions . — Coordinating marketing pieces for each cluster , quality of life , and site selectors . — Working with local partners on implementing new brand . Build Partnerships • Technology incubator strategic plan — Board agreed to take on software cluster activities • UniverCity Connections — Initial study completed 4 Diversify the Economy • Community branding effort — Implementation Fall 2007 • Develop industry clusters — Four of five clusters formed — working on Chip Design / R & D — summer of 2007 — Be Local program launched • Foothills mall redevelopment — Council approval of Urban Renewal Authority Closing 5