Sunday, June 03, 2007

5 goals set toward making Memphis 'choice' city

Commercial Appeal [link]
By Amos Maki

In local economic development efforts, "green" refers to more than just money.

According to a draft version of the economic development portion of Memphis Fast Forward -- an economic growth strategy spearheaded by the City of Memphis, Shelby County, Memphis Regional Chamber and Memphis Tomorrow -- Shelby Farms would act as the eastern anchor of a countywide "greenprint" strategy that could help attract and retain highly coveted "knowledge workers."

Making Memphis a place of choice for knowledge workers -- young, highly educated, upwardly mobile -- is one of the five goals of the economic development plan and the "greenprint" is one of 15 strategies designed to reach the goals.
"This is a comprehensive economic development plan that will help grow the economic pie for all the citizens of Memphis and Shelby County," said John Moore, president and CEO of the chamber.

Goal 1: Develop a culture of innovation and entrepreneurialism

From Kemmons Wilson, who forever changed the hotel industry, to Frederick W. Smith, who revolutionized the package delivery business, the Bluff City has produced a long list of entrepreneurs and forward thinkers in business.

The economic development plan seeks to capitalize on those past successes and drive the creation of new high-value ventures and jobs.

To do that, the plan calls for the creation of a national entrepreneurship "center of excellence."

The Memphis Entrepreneurial Institute would license intellectual property from local and national universities and company research departments. It would also create business plans and secure management teams to start new companies based on the intellectual property.

The plan also calls for growing the share of minority firms in existing markets like roofing or food services that are underrepresented by minority vendors.

The program would include the Center for Emerging Entrepreneurial Development, the business incubator launched recently by the Mid-South Minority Business Council.

Goal 2: Market Memphis and Shelby County

"Sometimes, we can be our own worst enemy," Ken Glass, co-chair of Memphis Fast Forward and former president, CEO and chairman of First Horizon National Corp., parent of First Tennessee Bank, recently told members of the County Commission.

Instead of harping on the negative, Glass and other officials want residents to accentuate the positive locally and abroad.

One strategy includes crafting a marketing campaign designed to convince Mid-Southerners that Memphis and Shelby County are great places to live, work and play -- a potentially tough trick in a city with violent crime and public corruption issues.

The campaign also would urge Memphians to "talk up" the city when they travel.

"We have a lot of great stories and we need to tell them," Moore said.

Goal 3: Pursue target industries

The city and county would target four key industries: logistics, music/film, biosciences and tourism.

The plan calls for revising local payment-in-lieu-of-tax incentives so they are more aligned with the targeted industries.

Much of that has already been done. The City Council and County Commission recently enacted sweeping changes to the PILOT program of the Memphis and Shelby County Industrial Development Board. Part of those changes centered on awarding extra points to companies in targeted industries.

The plan also calls for developing a comprehensive logistics and aerotropolis strategy. Again, much of that is already in the works.

Tom Schmitt, president and chief executive of FedEx Supply Chain Solutions, is heading a 15-member aerotropolis committee.

The group has hired John Kasarda, who coined the term aerotropolis, which refers to powerful centers of commerce growing up around airports. They are in the process of raising funds from the private sector for an estimated $200,000 yearly budget.

The plan also calls for executing the Memphis Music Industry Strategic Plan, which includes bringing national and international music events to Memphis, recruiting new artists and labels, and establishing the Sam Phillips Center for Independent Music, a planned resource center for local musicians and others in the industry.

The five-year plan calls for $4.4 million to make the Sam Phillips Center a reality, including almost $1 million in the first year.

Goal Four: Grow existing firms

The chamber and a host of other local groups would attempt to recruit and create additional venture capital firms, which "seed" start-up companies and help growing firms expand.

The plan also calls on the MMBC, headed by Luke Yancy III, to deploy its Joint Venture Initiative to pair small Memphis firms with large minority firms outside of Memphis for execution of local contracts.

Goal Five: Make Memphis a place of choice for knowledge workers

All across the country, cities are increasingly competing for people, particularly the young, upwardly mobile knowledge-based workers of the future.

Because these workers are in such high demand, it is often the intangibles -- parks, recreational activities, nightlife, museums and institutions of higher learning -- that can "close the deal."

The plan places high priority on two controversial Downtown issues.

One is the construction of Beale Street Landing, a planned $29 million improvement to Tom Lee Park that includes a boat dock.

Recently, the Memphis City Council's budget committee for capital improvements reversed a previous vote by other members of the committee that deleted the project from the city's plans entirely. To stay afloat, Beale Street Landing needs the support of the full council when it meets Tuesday.

The plan also calls for resolving the legal issues surrounding the Promenade, a four-block area of Front Street between Union and Adams set aside by Memphis founders for public use.

The Riverfront Development Corp. wants private development on the Promenade to pay for public improvements, a plan that has been met with resistance by some citizens, particularly a grass-roots organization called Friends For Our Riverfront.

The plan also calls on establishing Shelby County's park system as one of the country's best by creating a "seamless system" linking Shelby Farms with Downtown parks and other green spaces via the Wolf River Greenway, Memphis Greenline and other green corridors.

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