Economic Development, One Step Forward, Two Steps Back!

Recently I wrote an article about the Charlotte County’s attempt to purchase the former Impac University building that has lay dormant the past several years after the passing of founder Jim Irwin, and turn it into a business incubator. Proponents see it as a great opportunity to develop businesses that not only would provide jobs within the Port Charlotte and Punta Gorda, but would birth a diversity of new businesses that ultimately would enable the county to weather economic storms with greater stability. With the prolonged downturn in the economy, Charlotte County showed its vulnerability being heavily driven by the real estate and construction industries however, the visionaries behind the Impac purchase see this as an opportunity to create an environment that can develop a variety of new businesses and perhaps fill many of the commercial vacancies that exist throughout the county. Personally I see this as a tremendous opportunity to get the community to think outside the box and look at the potential of businesses that have never been afforded a foothold, as the general public seems more interested in creating more retail and food service businesses. As a former Vice President of Main Street, Punta Gorda who chaired the Economic Development committee, I have always supported the idea of business incubators and even explored the possibility of tax incentives given to those who were willing to allow temporary structures be built on their vacant land throughout the city to give new business, from technology to tele-medicine, a high level of visibility or exposure. Those opposed see just one more example of the county overspending valuable tax dollars on another “great idea” that will never materialize. They see the $2.5 million the county is offering for the Impac building, (along with another projected $500,000 for repair and retrofitting), as just another example of a series of failed investments authorized by the Charlotte County Commissioners to stimulate economic development in Charlotte County. One such opponent went on to list the Murdock Village purchase of $118 million that consisted of 870 acres and costs the taxpayers thousands of dollars of interest per day, and still lays dormant while developers come and go after they can’t generate the support and financial momentum to turn their plans to reality. Another $27 million was spent for the Ryal’s property which was to be turned into a massive development, but with much of this 1,000 acre property being on “sensitive wetlands” future development plans are now on hold. Eight million more was spent on Thornton Key and then several hundred thousand more were spent trying to lure an Australian yacht builder to the area to set up their manufacturing facilities. While the proponents see the purchase of Impac as a prime location that can attract those who want to develop a business in a “real life” setting, or those who find a “virtual” setting to be more beneficial, the naysayers don’t want to see the county earmark almost $3 million for another “great idea.” They would rather see the outstanding balance on Murdock Village paid down. The question becomes, can the county afford to pay down past expenditures for failed development ventures and essentially take themselves out of the running for potential opportunities for economic development, or do we “roll the dice” once more and enroll the wisdom of business visionaries and entrepreneurs who are well versed in creating business opportunities that can result in a better balance of diverse businesses? It seems the tax revenue generated could potentially be used to pay down the current debt while helping defray some of the taxes we as individuals now face. In today’s economy $3 million is not a number to toss around with reckless abandon, but the potential benefits I still feel far outweigh the risks. The common trait each of the aforementioned “great ideas” shared was that they did little to create more businesses. Like so many ideas we keep hearing the same mantra, “let’s create more developments, or more tourism venues.” Why not go out on a limb and try to develop a diversity of more businesses, and in time not only will we have created a more economically stable environment, but the vacancies of existing commercial buildings will also be reduced adding to the vibrancy of the county in which we live. Let us not fall victim to the failed attempts of the past to dictate our economic future, putting us in a “one step forward, two steps back” mindset that forces us to accept our present circumstances as the norm we have to live with.