2019-2024 Economic Development Strategic Plan

RIVERFRONT PARCEL ANALYSIS As mentioned in Consultant’s memo on planning, zoning and land use one of the major challenges to development along the Riverfront will be the assemblage of parcels to form an area(s) large enough to accommodate potential development. We did a parcel and valuation analysis of an area on the northeast (area A) and northwest (area B).

Riverfront Analysis Area A

Area A consists of 83 parcels (see map) representing 17.6 acres and approximately $7.12 million in total existing valuation (buildings and land). By contrast, Area B consists (see map) consists of 45 parcels representing approximately 12.8 acres and $4.94 million in total existing valuation. Given the size of investment required to purchase land, the cost of the physical infrastructure and the potential for flood protection and/or mitigation within the project, the City’s best next step may be an attempt to find an interested developer with riverfront/waterfront development experience. Consultant recommends the City consider developing a request for proposal (RFP) seeking out development firms with riverfront/waterfront experience to evaluate the City’s vision (Riverfront Plan) and propose projects for the City’s consideration against a set of minimum project outcomes/criteria (such as number of housing units, commercial development space, public amenities, etc.).

Riverfront Analysis Area B

TARGET INDUSTRIES: MARKETING RECOMMENDATIONS Of the targeted industries identified by the Consultant’s analysis, the city leadership, including the Mayor and Council, have indicated a preference or priority for targeting younger companies in industry segments such as technology, research and innovation. Given this preference, the City should consider developing an initial economic development marketing program aimed at reaching these types of companies. The City’s program should: 1. Explore opportunities to join, meet and partner with accelerators and venture capital networks, including but not limited to the Iowa Agritech Accelerator (Des Moines), ISU Startup Factory (Ames), the Iowa Startup Accelerator (Cedar Rapids), Plains Angels (Des Moines), and Forward Sioux Falls (Sioux Falls). 2. Establish relationships with co-working spaces outside Spencer to identifying companies that are growing and need larger space that the co-work locations can provide. 3. Develop a list of targeted businesses for marketing purposes and utilize targeted marketing such as an e- newsletter, direct email, direct mail, phone calls and company visits to generate leads. 4. Create of local events, conferences, or like programs that would attract target companies to visit Spencer and become familiar with Spencer’s assets, incentives, etc. 5. Partner with the local community college, high school and nearby four-year institutions to identify additional opportunities to interact with targeted businesses and prepare training programs that support a local pipeline of workers in related career fields

6. Support the Okoboji Entrepreneurial Institute (OEI) and a regional strategy for developing entrepreneurial clusters

Page | 28