DRAFT
VILLAGE OF FRANKFORT ECONOMIC DEVELOPMENT PLAN
March 1, 2007
BACKGROUND
The objective of this document is to introduce a draft near-term (3 to 6 months) economic development plan for the Village of Frankfort (VOF). The plan will (1) present and detail the VOF assets (to be marketed) and liabilities (to be mitigated) (2) outline near-term action items necessary to launch a full-fledged, long-term economic development initiative.
INTRODUCTION
The Village of Frankfort, with a population of approximately 2500, lies within a one square mile footprint in Central New York State. Economic Development means that we match industries to our community. One of our greatest strengths is the overall low cost of doing business and the availability of relatively cheap housing for prospective employers and their employees.. We will use our strengths to create high wage, value added jobs and trade investment opportunities that provide a good "fit" to our community.
Economic development includes promotion of the area, education and networking opportunities for business and the general population of Frankfort. Economic development means attracting industries with low environmental impact where possible and providing a growing number of desirable jobs. Funding assistance and fast-track permitting will be used where possible to help companies decide to locate in our community.
THE PLAN
The economic development plan provides a comprehensive overview of the economy, sets policy direction for economic growth, and identifies strategies, programs and projects to improve the economy. The objectives of the Plan are:
To promote a positive identity that positions the VOF as a business friendly community with a superior quality of life
¼ To create employment opportunities suited to the local labor group
¼ To expand and diversify the tax base
¼ To support small business development, expansion and retention
¼ To attract new investment that meets social, environmental and economic objectives
KEYS TO A SUCCESSFUL ECONOMIC DEVELOPMENT PLAN:
. The VOF must take advantage of local resources such as location, physical setting, financial resources and citizens. This includes the readiness on the part of local banks, businesses, and private citizens to donate their time and money.
. A strong comprehensive planning effort must be implemented to guide growth and to improve the community. Local responsibility and problem solving are the foundations of long-term success.
. Leadership is essential. Economic development cannot be willed. Only through a consensus can the VOF form a coordinated economic development effort. Not much will happen unless influential leaders and the public are willing to work for community economic development.
. Economic development takes time, patience and commitment. Village leaders must be held to keeping economic development efforts alive and on track in both the short and long term.
. We will seek key individuals, such as local bankers, utility executives, accountants, real estate brokers, attorneys and small business owners to serve on the economic development committee.
. We must be persistent in pursuit of state and federal grants (some assistance can be found at the following site http://www.nal.usda.gov/ric/ruralres/economic.htm.)
We must be creative in our economic development plans.
INITIAL STEPS IN DEVISING AN ECONOMIC DEVELOPMENT PLAN:
¼ Identify the community's economic performance over the past 20 years.
Research unemployment trends, retail sales, community income and property taxes.
¼ Determine the community's competitive advantage; in the form of a survey or questionnaire (for suggestions see http://www.emich.edu/public/geo/557book/e112.survey.html)
ß What goods and services does the community produces better than others in the region or the state?
ß How much does it cost to produce a certain good or service?
STRATEGIES:
An economic development plan should try to include certain strategies:
¼ A strategy to stop the economic losses by establishing a public information program, work with merchants and services providers, and develop a public relations campaign.
¼ A strategy to encourage new and appropriate local endeavors and businesses, such as business incubators.
¼ A strategy to invest in the revitalization and infrastructure of the village's central business district, such as historic building facade improvements and renewing public facilities.
Ultimately, the community should be educated and informed of how trends are affecting the economic performance and how these trends could influence current and future economic development efforts. The community should be involved in the decisions of what economic goals and strategies are realistic. It is important to provide a schedule for implementation and completion of projects. Finally, there is the need to show visual accomplishment of efforts of economic revitalization.
Proposed Services
The Village of Frankfort Economic Development Department is happy to assist existing and new targeted industries in a variety of different ways. Below is a brief list of the ways in which we can assist.
Provide assistance in site selection.
Existing Industry Assistance.
Identify and provide assistance with state, federal, and local incentives.
Assistance with identifying employee training and employee recruitment.
Demographics and statistics assistance.
Any other type of assistance a targeted business or industry may require.
ASSETS
The VOF has a strong list of assets which should be exploited in order to attract business and industry. These include:
· Cheap electricity and plentiful water supply
· Operational Industrial park/Available buildings
· Marina
· Cheap housing stock
· Village-wide wireless Internet access
· Incubator facility for Business Start Ups
· School District/Locate Colleges
· High quality of life in a small community setting
Electricity
The Village of Frankfort Electric Department consists of over 1700 customers. Over a period of over 100 years, it has grown from $150,000 yearly revenue to $1.5 million today. On June 17, 1901 the Village of Frankfort purchased existing customers and developed territory in which to operate from. By the end of 1902, a new electrical substation was built. This was the power source for it's operation. By the end of 1903, electric rates were established and meters were in place. In May of 1904, the new electrical municipality was in full operation. Today, we have upgraded the same substation to handle four (4) times the capacity. A second substation was built to keep up with the future local growth.
(Add rate structure here)
Water
The Village of Frankfort has operated it's own water company for over 100 years. We currently service over 1400
residential and commercial customers. In the past 10 years, we have invested over $4 million to insure safe, portable water and sufficient pressure for fire protection.
Some of these improvements include 2- 500,000 gallon water tanks, 2 new wells and pumping facilities. We also performed a distribution upgrade with new, larger water mains and customer services.
The Village currently supplies its customers with water from wells not a reservoir. Unlike surface water, our water is
algae free with no fishy taste or smell. The Village of Frankfort's water system is top notch and state of the art.
Operational Industrial Park/Available Buildings
Frankfort 5s North Business Park
(NYS Empire Zone)
Located in the Village of Frankfort, this 36-acre, fully-serviced park offers some of lowest cost electrical service available in the country: $.03 per kwh! In addition, it is located immediately adjacent to an interchange of NYS Route 5S, which is a limited access, four-lane highway, less than five minutes from the NYS Thruway.
Frankfort 5s South Business Park
The Frankfort 5s South Business Park has already received "Build Now NY" designation and is currently under further development. This site, commonly referred to as the "Pumpkin Patch", is Herkimer County's newest industrial park. Nearly 200-acres, extremely level and HCIDA-owned, this site is ideally located alongside NYS Route 5S in the Town of Frankfort. Within five minutes from the NYS Thruway via limited-access highway, it is ideal for either large "big-box" warehouse and distribution purposes or small-to-medium sized, light industrial projects. Wrap it all up in a NYS Empire Zone, and you've got the perfect site in the perfect location!
NEGATIVES (TO BE MITIGATED)
a) Limited stock of existing homes.
b) New home development opportunities very limited.
c) Main Street appearance improving but still unsightly.
d) Quality of local schools unknown.
e) Lack of cultural events
f) Add others as appropriate.
g)
h)
i)
NOTES
Recruit interns from SUNY and HCCC to aid in data collection, web-design, demographics, etc.
Some resource links for economic development:
http://www.downtowndevelopment.com/. Downtown Research & Development Center. December 1, 2002.
http://www.plannersweb.com/sprawl/solutions_sub_downtown.html. Strengthening Downtowns and Town & Village Centers, SPRAWL GUIDE. December 1, 2002.
http://www.nal.usda.gov/ric/ruralres/economic.htm. Economic and Rural Development Resources. December 1, 2002.
