EDWC serves the Village of Jackson as an economic development advisor through our subscription program for Washington County municipalities. In 2019, Jackson established TID District #7, which encompasses 20-acres of residentially zoned land, 28-acres of commercially zoned land, and a 9-acre Municipal Complex. The Village of Jackson is in the unique position of being the owner of the commercial property within TID #7.
Jackson, as the owner, wishes to develop this prime commercial property as the eastern gateway and a destination point for the community. Jackson’s goal is to leverage the new Next Generation Housing residential development to the south, positioning the site as a desired location for high-touch businesses offering “experiences” and a more premium aesthetic. The overall plan is to establish a destination anchor with one or two smaller, compatible developments.
EDWC Creates Strategic Framework for Commercial Development of TID #7
Realizing that reaching their vision would require commercial development expertise and connections, early in 2022, the Village used their subscription credits to engage EDWC to create the strategic framework for the commercial development of TID #7. Our staff began by analyzing site-specific economic data such as commuter trends, market potential, demographic and workforce analytics. In July of 2022, we facilitated a workshop with the Village leadership to share the findings of the data, reached consensus on what mattered to the Village Board, and developed a timeline to meet the end goals.
In September of 2022, we presented the proposed development strategy to the Village Board. This effort included analyzing strategic priorities for the community, as well as target markets for the district. Our team laid out a clear path to success, including:
- a site action plan with specific deliverables and dates
- proforma analysis of developer assumptions and TIF cash flows
- retail market comparison with surrounding communities
Turnkey Development Plan Simplifies Investment Opportunity for
Developers and End-Users
Momentum had built behind the project and by April of 2023, EDWC had created a comprehensive outline of the development plan in furtherance of the Village’s goals for the commercial property. This information provides the Village of Jackson, developers and interested end-users with an important understanding surrounding proposed commercial development opportunities for the Village-owned property within TID #7. The proposal included information on:
- the subject real estate
- the development vision
- the proposed project(s)
- market feasibility
- financial analysis, risks
- economic / fiscal impacts
This turnkey development plan that EDWC produced streamlines the Village’s goal of converting this public-owned land to private ownership use for economic benefit. The market case has been made and incentive packaging established, leaving developers and end-users with nothing more to do than choose to invest.