County opens discussions on growing business

By Editor | December 11, 2019 |

Bellwether LLC
County Administrative Consultant
Fayette County is enjoying near full employment with a current unemployment rate of 3.8 percent and has most of the key elements necessary for economic growth, yet the county continues to lag in attracting new business and jobs.
The Fayette County Board has committed to bringing information forward each month to try to understand our challenges and to see where the county, city, schools, and local and regional business can play a role in growth.
Top elements for economic growth read like a checklist describing Fayette County: access through interstate and rail; available work force; and favorable tax rates and tax incentives.
So, why aren’t we growing? The answer may lie in a few areas.
“Opportunity and Availability” – Fayette County and its cities and towns have business locations of all types available; however, the ability to seek out new business opportunities is limited.
Opportunities for growth from companies outside of Fayette County are unknown, and the county and city have limited ability to market to the desired industries.
“Growth Within the Core” – Most business growth in rural counties has some relationship to the core business already present.
Larger employers attract smaller businesses that support them.
An easy example is business related to farming. However, that same example works with most major employers in the county.
“Favorable Incentives” – Many new businesses seek out local incentives to offset some of the startup costs.
The favorable business tax rate (when compared to neighboring counties) makes this a good starting point; however, additional incentives may be available in some locations.
“Place Making” – This term simply means “making Fayette County a place people want to be.” We have some challenges to overcome.
Companies search for new locations using sophisticated online resources and formulas that predict success.
According to “County Health Rankings.Org” and other online sources, Fayette County has an overall high school dropout rate of 22 percent and ranks higher than many counties in crime rates per capita.
We need to address these issues and take action to improve our online image and outreach.
The Fayette County Board has added “Economic Development Discussion” as a standing item on each agenda.
December’s board meeting on Tuesday included a presentation by the supervisor of assessment, Cindi Lotz, on Tax Increment Financing districts and how they provide new business incentives, and on the Enterprise Zone program.
Throughout the year, the County Board will invite speakers from business and local government, and will welcome public input to explore ways to grow business.
Members of the public and local business may request an opportunity to present their ideas by contacting the Fayette County clerk at 283-5000.