investment studies

Supporting Information from the 2006 UNC Charlotte Urban Institute Study

Actual and Projected North Mecklenburg
Town Population (2000-2030)

	2000  (Actual)	2010	2020	2030
Cornelius	14,439	22,990	30,748	37,529
Davidson	7,424	11,775	17,082	21,775
Huntersville	27,801	52,756	78,519	100,796
North Mecklenburg Total	49,664	87,521	126,349	160,100

Source: RLUTA, 2005

Jurisdiction	Tax Revenuue Split Residental %	Tax Revenuue Split Business %
Cornelius	83	17
Mint Hill	83	17
Davidson	82	18
Chapel Hill	80	20
Huntersville	76	24
Cary	73	27
Fort Mill (SC)	70	30
Gastonia	66	34
Matthews	66	34
Mecklenburg Country	66	34
Charlotte	64	36
Concord	58	42
Moorseville	57	43
Statesville	52	48

Source: City and County Tax Offices, 2006

Land needs (based on market projections):

• Approximately 250,000 square feet per year for industrial space
• Approximately 225,000 square feet per year for office space

Marketing Focus Suggested:

• Corporate Offices
• Light Industry
• University Research Park Overflow
• NASCAR
• Lowes Corp. suppliers/service firms interested in being closer to the Mooresville headquarters

The Leak-Goforth team also suggested the formation of a nonprofit economic development corporation to promote, facilitate and coordinate economic development activities. According to the study, “economic development is a comprehensive and ongoing process requiring diligent attention to and expertise in dealing with a variety of internal and external factors, all of which combine to enable a community to achieve economic growth and vitality.”

Conclusions from UNC Charlotte Urban Institute Study: 

1. Success depends on the continued collaboration of the three towns.
2. Aggressive action is needed to reserve space for commercial development because of the escalating demand for residential.
3. Many of the potential sites for commercial development are in the N.C. 115 / proposed rail line corridor. The towns should collaborate on a joint development plan for the N.C. 115 / railroad corridor as an adjunct to the CATS-generated corridor plan.
4. Each town council should review the list of possible sites for its jurisdiction and prioritize. These priorities should be shared and discussed among the three towns.
5. A concerted effort needs to be made to position North Mecklenburg as an alternative office location for the region.
6. Towns may want to persuade their municipal and county colleagues to undertake a long-term infrastructure needs study using the Wake County model.
7. Each individual town and the three towns collectively should set goals for an appropriate mix of residential and commercial components of the tax base.
8. Goals regarding the mix of commercial uses in components of the tax base should also be included:  office, light industry, retail, business park, distribution, flex space, etc.

  Major Achievements Since the Leak-Goforth Study: 

• Establishment of Lake Norman Regional Economic Development Corporation (LNREDC)
• Collaboration among the three towns on the Prairie Packaging project
• The Exit 30 Office Park (Harbour Place)
• Sites identified in Leak-Goforth study have not been compromised and some sites have been protected.

Solution:  
Be proactive. Invest in industrial park development to increase the industrial tax base and diversify the region’s economy beyond residential/commercial development.

Mission Statement

To develop and implement an economic development strategy for the towns of Cornelius, Davidson, Huntersville and the Lake Norman region that results in:

• An expanded tax base
• Improved quality of life for the region’s residents through the creation of new, highly skilled jobs  

Goals

• Expansion of existing business and industry
• Opportunities for and encouragement of investment by new business and industry
• A spirit of cooperation between business, government, schools and the community

Board of Directors
Craig Norfolk, Chairman		ElectriCities
John Woods, Vice Chairman		Town of Davidson
Bob Terry, Secretary-Treasurer		Tinsley & Terry, CPAs, PA
Vacant		Town of Cornelius
Leamon Brice		Town of Davidson
Mike Dawson		Ingersoll-Rand
Jeff Edge		Charlotte Chamber of Commerce
Greg Ferguson		Town of Huntersville
Mike Griffin		Griffin Brothers
Tim Holder		EnergyUnited
Todd Lanham		AT&T
Sarah McAulay		Town of Huntersville
Michael Phillips		PSI Control Solutions
Bill Powell		Windstream
Anthony Roberts		Town of Cornelius
Ex-Officio Members
Sally Ashworth		Visit Lake Norman
Bill Russell		Lake Norman Chamber of Commerce
LNREDC Staff
Jerry Broadway		Executive Director
Charity Pitman		Assistant to the Director

Lake Norman Regional Economic Development Corporation Investors

AT&T		Market Force
BB&T		McLeod Corporation
Boatsman, Gilmore & Associates		Mooresville Bank
Developers Diversified Realty		Newell Rubbermaid
Duke Energy		Peoples Bank
ElectriCities		Piedmont Natural Gas
EnergyUnited		Prairie Packaging
First Charter Bank		PSI Control Solutions
Siegling America, Inc.		The Knox Group
Gary T. Knox, Realtor		Time Warner Cable
Griffin Brothers		Tinsley & Terry, CPAs, PA
Huntersville Herald		Windstream Communications
Ingersoll-Rand Company
Lake Norman Chamber of Commerce

LNREDC Team Players

LNREDC Board of Directors
LNREDC Investors (26)
Town of Cornelius
Town of Davidson
Town of Huntersville
Charlotte Chamber of Commerce
Charlotte Regional Partnership
NC Department of Commerce
Mecklenburg County government
Central Piedmont Community College
Davidson College
Utility companies
Norfolk-Southern Railroad
Financial institutions
Real estate consultants
Department of transportation
Local economic development organizations
Lake Norman Chamber of Commerce
Visit Lake Norman

Product Development

• Maintain database on available buildings & sites.
• Serve as consultant for Lake Norman region industrial park(s),
• Assist landowners with State Certified Industrial Site Program.
• Coordinate management group for North Mecklenburg Industrial Park & assess other business park opportunities.

Lake Norman Region Industrial & Office Parks

• North Mecklenburg Industrial Park (jointly owned by Town of Cornelius, Town of Davidson & Town of Huntersville)
• Bailey Commerce Park – Cornelius
• Harbour Place – Davidson
• The Park – Huntersville
• Bryton – 2009 sites
• Village at Lake Norman - Cornelius

Retention & Expansion

• LNREDC is developing an existing industry program to ensure that industry needs are understood and being addressed starting with creation of an industry listing and contact program.
• The focus of a new existing industry program is to encourage existing industry to stay in the Lake Norman region and to expand.

LAKE NORMAN REGIONAL ECONOMIC DEVELOPMENT CORPORATION

Investor Relations Collaborate in the community to foster public and private support for Lake Norman Region economic development by raising local awareness of the need for and fiscal and economic benefits of economic development.

Communication & Networking/Community Involvement

Work with industry, government, schools, community leaders and the public to advocate for industry, expand existing industry, encourage new industry, and enhance the standard of living in the Lake Norman Region.

Recruiting & Marketing

• Globally market Lake Norman Region to potential investors.
• Provide the latest information to companies and consultants.
• Participate in regional & state trade & marketing economic development events.
• Serve as single point of contact for state & regional industrial prospects.
• Provide customized information to potential new companies.
• Assist in providing industry incentives.
• Conduct visits with national

LNREDC Accomplishments

Lake Norman Region Industrial Parks

• North Mecklenburg Industrial Park
• Bailey Commerce Park – Cornelius
• Harbour Place – Davidson
• The Park – Huntersville
• Bryton – 2009 sites
• Village at Lake Norman - Cornelius

Investor Participation

25 private investors to date

New & Existing Industry Growth

Microban – Global headquarters for leader in built-in antimicrobial products

• $8 million expansion
• 45 new jobs

Prairie Packaging – Manufacturing facility for plastic cups, plates, straws & cutlery

• New industry at North Mecklenburg Industrial Park – 240 new jobs
• $48 million total industry/equipment investment expected

Rubbermaid Food Service Products – Headquarters facility

• $7.55 million project – new division headquarters building
• 320 new jobs over five years (in addition to the 387 existing positions)

Rubbermaid Home Products – Headquarters facility

• $5.85 million project - new division headquarters building
• 80 new jobs

Marketing

• New LNREDC website underway
• New brochure developed
• Advertising placed in local and regional publications

Existing Industry

• Assisted local industry with legislative contacts and introduction of new bill to maintain manufacturing tax status.
• Developing new program to establish regular communication with existing industry.