By 1808Delaware
The City of Powell’s Economic Development team is set to deliver a report to Powell City Council at Tuesday evening’s meeting, showcasing substantial achievements in business growth, retention, and investment for October 2024. Here’s a breakdown of the month’s highlights and progress toward the city’s long-term goals.
The Numbers Behind October’s Economic Success
309 Projects Managed:
The Economic Development team has overseen 309 projects, reflecting its proactive approach to fostering economic activity.
New Business Growth:
- 9 new businesses or startups were added to Powell’s landscape.
- This has resulted in approximately 146 new full-time equivalent (FTE) jobs, with an economic impact of:
- $4.9 million in payroll
- $4.1 million in capital investments
Business Retention and Expansion:
- 32 businesses retained or expanded
- These expansions generated:
- 21 new FTEs
- $651,932 in new payroll
- $5.55 million in total new payroll, creating an estimated $111,039 annually in income taxes for Powell.
- $14.8 million in capital investments, with $115,785.20 in grants committed and a remarkable 60.4% return on investment (ROI) through new investments.
Business Engagement Efforts:
The city conducted 96 business retention and expansion visits, ensuring ongoing dialogue and support for the local business community.
Key Initiatives and Development Highlights
Village Green and Downtown Planning:
A citizen-led committee provided recommendations for selecting a planning firm to enhance Powell’s Village Green and downtown areas.
4630 Powell Road Development:
The city advanced preparations to annex and zone this site, positioning it as a “pad-ready” location for future investment.
Enhanced Property Marketing:
- A publicly viewable interface on Zoom Prospector now showcases available buildings and sites, making it easier for developers and businesses to explore opportunities.
- Properties are actively marketed weekly through LinkedIn, Facebook, and direct outreach to realtors, developers, and business leaders.
Regional Collaboration and Workforce Development:
- Powell partners with Jobs and Family Services, Olentangy Local Schools, and the Delaware Area Career Center to address workforce needs.
- Several local businesses are tapping into training programs like TechCred, bolstering employee skills.
Progress Toward Strategic Goals
Goal 1: Align Land Use to Achieve Economic Development Goals
Efforts include monitoring housing development trends and collaborating with organizations like OneColumbus and the Building Industry Association to align growth with economic objectives.
Goal 2: Support Growing Industries and Related Opportunities
Powell is marketing itself to target industries and continues to build partnerships with regional economic players to attract high-value employers.
Goal 3: Enhance Powell’s Vibrancy and Sense of Place
- Visit Powell, a collaborative initiative with downtown businesses, serves as a hub for marketing and promotions.
- The city has distributed $115,785.20 in commercial facade grants, improving the aesthetic and functional appeal of commercial properties.
Goal 4: Expand City Capacity and Capability
- Initiatives like the Powell Business Gathering foster collaboration between government and local businesses.
- The city also introduced performance-based business attraction grants, incentivizing economic growth.
Goal 5: Enhance PDC Capacity
The Powell Development Corporation (PDC) has launched programs to bolster business retention and attraction, with ongoing improvements to expand its capabilities.
Tax Increment Financing (TIF) and Future Gains
A significant highlight of the report is the estimated $2.5 million in TIF revenue expected over 30 years from non-school-related projects. This funding will help the city sustain its momentum in fostering a business-friendly environment while preserving resources for community projects.
Looking Ahead
Powell’s October 2024 Economic Development Report underscores the city’s commitment to fostering a thriving, vibrant community. With a comprehensive approach to growth, retention, and infrastructure, Powell is poised to continue its trajectory of economic excellence.
