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IDB agrees to contribute up to $70,000 for site-selection study with Chamber
Summary
The Industrial Development Board approved up to $70,000 to help fund a site-selection consultant study to assess the city's traded industry competitiveness; the study would be led by the Chattanooga Chamber Foundation and is expected to take six to eight months with county participation pending.
The Industrial Development Board on June 2 approved an authorization to provide up to $70,000 to match City and Hamilton County funding for a site-selection consultant-led study assessing Chattanooga’s competitiveness in targeted traded industry clusters.
Staff said the study aligns with the 1 Chattanooga plan and the Chamber’s Climb Higher strategic plan and would examine workforce, infrastructure and other competitive factors peer markets use during site selection. "This type of study would be able to review our overall competitive advantages with regards to our target industry sectors," Adam Myers, vice president of the Chattanooga Chamber, told the board.
Staff described a funding plan using $25,000 from an existing IDB business development account and an additional transfer of up to $50,000 from IDB economic development fee accounts to reach the requested amount; Hamilton County’s participation was described as likely but not yet committed. Staff estimated the study could cost around $140,000 to $200,000 and take six to eight months; the Chamber Foundation would be the contracting recipient if the board approves funding.
Board members asked how the study differs from previous pilot policy target lists; staff said the consultant would go beyond incentive lists to score and market Chattanooga’s competitive position peer-to-peer and identify program and marketing gaps. The board approved the up-to-$70,000 authorization by voice vote.
