Council asks economic development staff for metrics-driven strategy after overview of recent projects and site inventory

Economic development staff presented an overview of recent project activity, revenue trends and site inventory to the Finance and Economic Development Standing Committee and were asked by councilmembers to provide a more strategic, metrics-driven report tailored to council priorities.

Acting Economic Development Director Matt Welch summarized recent private and public projects — including CoStar, the amphitheater, Halion, the Diamond District work, and the city’s purchase of the former Altria site — and presented high-level metrics: private-sector employment recovery since the pandemic, increases in private-sector wages, and growth in taxable commercial real estate value and multifamily completions. Welch also summarized the department’s use of performance grants and enterprise-zone and commercial rebate programs and provided examples of how incentives have generated incremental real estate tax revenues.

Council reaction and requested follow up: Multiple councilmembers said they appreciated the overview but asked for a more strategic document that sets measurable short- and medium-term goals, clarifies target nodes for development and shows how economic-development investment will increase non-residential revenue (reducing dependence on residential real-estate taxes). Councilmember Perkins (and others) requested a report that ties department staffing, budgets and specific targets to expected revenue outcomes. The council asked staff to provide a more detailed analysis of city-owned parcels, potential revenue from targeted redevelopment (including downtown blocks and the Marshall Street Plaza site) and analyses of the Altria site’s market potential. Several councilmembers also asked for clear benchmarks and five-year revenue and job targets tied to the already-adopted city economic plan.

Staff commitments: Staff said they will prepare more detailed analyses and working materials, including a longer-term inventory/analysis of active projects going back further than the three-year snapshot presented, and a market study request for the Altria site. Staff also described ongoing corridor work, small-business supports and enterprise-zone boundary work intended to spur commercial corridor revitalization.

Why it matters: Council requested clearer goals, measurable benchmarks and a fiscally oriented plan so it can consider targeted investments (including staffing and budget increases) that would shift the city’s revenue mix over time and help address poverty and affordability through job growth and commercial tax-base expansion.

What the record does not show: Staff said more detailed reports will be developed and returned to the committee; the transcript does not include the future report’s final metrics or precise revenue projections.