Economy Update June 2016
The Fayette County Development Authority (FCDA) has rolled out its new marketing plan. The plan follows basic Marketing 101 focusing on three of the four marketing Ps: product, price and promotion.
Product, in the world of economic development, means available buildings, usually 25,000 sq. ft. or larger, or available property that could accommodate buildings of that size. The property is typically zoned industrial or office/commercial. FCDA’s team has identified more than 700 acres of available land to market and is working with property owners to show the property when the right prospect is interested.
The second P, price, includes, but is not limited to, the price of the available property, property tax, local and state fees and the cost of labor. FCDA is currently negotiating with land owners the asking prices of available property so that Fayette County is in a better position at the negotiation table. For an expanding or relocating industry, land price isn’t the only cost considered. When appropriate, FCDA uses incentives to reduce costs for potential businesses in targeted industries. Labor costs is another key component companies consider. Southern Crescent is part of the statewide QuickStart program offering training programs to help businesses adding jobs.
The third P is promotion and is the most visible part of marketing. FCDA’s marketing plans include rebuilding instate partner relationships with one-on-one meetings with state and utility project managers, increased participation in industry associations and hosting a developers day. The plan also includes media campaigns and direct sales in target industries.
The Fayette County Development Authority has proposed an increase in its budget in a range comparable to its 2013 budget. This year’s funding request includes funding from all of the municipalities on a per capita funding formula. Tyrone, Brooks, and Woolsey have agreed to their portion of the funding. Fayette County, Fayetteville and Peachtree City have not yet approved their budgets for the next fiscal year and will consider the funding at that time.