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Time to Flip Economic Development - Business First
An influential commercial real estate group has taken a snapshot of the region’s development landscape and called for a more aggressive stance.
The report, commissioned by the Commercial Real Estate Development Association — NAIOP Upstate New York, pinpoints areas that need to be addressed.
“It is the belief of the Commercial Real Estate Development Association, supported by hard data, that our region is at that juncture where it needs to advance beyond the traditional approach to economic development, proactively recognize emerging economic trends and development, and implement a series of new policies to position our economy to maximize the benefits of those new trends,” said Bob Richardson, NAIOP Upstate New York president.
The 15-page white paper has been reviewed by area economic development agencies, and, on Wednesday morning will be presented to area elected officials.
Richardson said he hopes the report is used as a guideline.
“We have to think about what happens next,” Richardson said.
The study suggests current IDA policies regarding incentivizing housing and spec buildings are not in line with market forces for ready-to-go industrial space, the relationship of business following millennials, and the need to have an proactive housing policy.
Among its recommendations:
- Develop and execute a single regional comprehensive plan for retention, attraction and support for millennial residents.
- Allow Payment-in-Lieu-of-Taxes agreements and tax abatements for multifamily housing developments within high density zoning.
- End single-use zoning and allow buildings which formerly had single use to be adapted to mixed use that includes housing styles attractive to millennials.
- Industrial development agencies and other government entities should immediately complete the infrastructure and entitlements for industrial properties which they own and commence RFPs to encourage the private sector to begin construction on industrial property.
- Immediately allow PILOT and other tax incentives for speculative industrial developments without tenants.
- Take steps to correct the inverted housing market including removing housing stock, expanding the boundaries of thriving neighborhoods and encouraging investment in single family houses.
