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. The Village of Jackson is in the unique position of being the owner of commercial property within TID #7. Jackson, as owner, wishes to develop this prime commercial property as the eastern gateway and a destination point for the community. In so doing they wish to leverage the new 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 additional developments.
The Village engaged EDWC to create the strategic framework for the commercial development of TID #7. In 2022, we presented the proposed framework 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
In April 2023, EDWC 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 important understanding surrounding proposed commercial development opportunities for property currently owned by the Village 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, incentive packaging established, leaving developers and end-users with nothing more to do than choose to invest.