Introduction | Economic Development Insight | Business Survey
Economic Development InsightIntroduction | Financial Considerations | History of Economic Development | Master Plan | Commercial Districts | Mixed-Use Development | Market AnalysisHistory and Overview of Economic Development in Upper Arlington- Economic Development History- Economic Development Goals Mirror Community's Wishes - Economic Development Incentives - Recent Highlights/Achievements - 2003 Highlights - 2004 Highlights - Testimonials Economic Development Goals Mirror Community’s WishesThe City’s current priorities are very much on target with community sentiments, as highlighted by the 2003 Community Survey results. In particular, a majority of survey respondents recognize the importance of economic development activities to strengthen the community’s commercial tax base, an area of focus that has been a high priority to the City for many years.When asked to consider a variety of current issues in the community, two economic development items rose to the top as primary concerns: - Attracting new businesses to UA. - Redeveloping Kingsdale Shopping Center. When probed further: - A great majority of residents agree the City needs to expand its commercial tax base. - They believe Kingsdale should be redeveloped as a town center with a variety of uses, and that the City should take an aggressive role in facilitating this redevelopment. - Residents agree the City should use various economic development tools such as Tax Increment Financing to lure businesses to UA in a manner similar to other communities. It is well known that Upper Arlington has a very small percentage of land dedicated to commercial use, which limits real property tax revenues. In addition, the City does not receive any sales tax income. The factor that makes commercial development truly valuable to our community, is the revenue generated from income taxes paid by those who work here. A Balanced Business Portfolio A challenge is finding the right balance of commercial development that can serve our community’s day-to-day needs while maximizing the tax base potential. Residents’ and the City’s goals for the community’s commercial districts would do much to enhance our quality of life and boost income tax revenues. For example, retail, restaurant and service businesses typically provide lower paying jobs, which translates to lower income tax revenues. Yet these businesses are desirable because they contribute greatly to the fabric of our community, providing convenient shopping, service and entertainment options. Professional and medical businesses typically have much higher paying jobs with a higher ratio of employees for the size of a facility, resulting in more lucrative income tax revenues. For a variety of reasons however, the City is limited in the amount of office space the community can successfully absorb. This includes regional competition and market demand, availability of space, and price. Combined with residential units, a mixture of both commercial uses is key to the vibrancy and success of these districts and the City’s long-term fiscal success. The presence of convenient shops, living quarters and services would enhance attractiveness to professional businesses as a convenient place to be. In return, as the number of professional businesses grows, a district’s attractiveness as a good location for retail and dining operations would be enhanced. It’s a win-win situation that could actually serve as a magnet for greater economic growth and prosperity. Matt Shad Deputy City Manager-Economic Development City Manager's Office City of Upper Arlington 3600 Tremont Road Upper Arlington, Ohio 43221 Phone: 614-583-5046 www.ua-ohio.net |
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