TO: Mayor and Members of City Council
THRU: Doug Hewett, City Manager
FROM: Walter Davis & Ronnie Bryant - The Alliance
Robert Van Geons, President & CEO, FCEDC
DATE: January 14, 2020
RE:
Title
Opportunity Zone Recruitment & Development Strategy
end
COUNCIL DISTRICT(S):
Council District(s)
All
b
Relationship To Strategic Plan:
This work directly supports “GOAL II: Diverse and Viable Economy”, of the City’s Strategic Plan, specifically “Objective B: To implement strategies that diversify the city’s tax base and increase the industrial and commercial tax bases” and “Objective C: To leverage partnerships for job creation and retention, with focus on local and regional workforce and increasing per capita income”
Executive Summary:
After extensive review of Fayetteville’s Opportunity Zones, it has been determined that an interim step was needed prior to producing a marketing prospectus. Developing a strategy that focuses on near term projects with a longer-term vision for transformation of distressed communities. This encompasses a business and residential approach to achieving a community where all citizens want to live, work and play. Leadership from The Alliance will introduce this potential strategy to Council Members for information ONLY at this time.
Background:
In August 2019 the FCEDC engaged The Alliance to determine, review and validate potential Opportunity Zone projects that would be attractive to investors. The Alliance was also asked to identify potential investors in Opportunity Zone projects. Additionally, an Investment Prospectus will be produced to market the City of Fayetteville. The Prospectus will include a narrative about Fayetteville’s present condition and its future outlook with Opportunity Zone investments.
Issues/Analysis:
N/A
Budget Impact:
N/A
Options:
N/A
Recommended Action:
Receive the presentation as information only.
Attachments: