Goal #2 Economic Development Plan
Create an economic development plan for Hampton Road, Beltline Road at Cockrell Hill Road, and general commercial nodes.
1. Complete the Hampton Road Redevelopment Corridor Study | Development Services | Currently Underway | Complete FY 2022 Q3
2. Identify potential development partners and assess interest | Economic Development | Start FY 2022 Q2 | Complete FY 2022 Q4
3. Create and approve economic development incentives for Hampton Road and other commercial nodes | Economic Development | Start FY 2022 Q3 | Complete FY 2023 Q1
4. Conduct a public outreach and engagement campaign | Economic Development | Start FY 2022 Q3 | Complete FY 2023 Q1
5. Distribute an RFQ outlining City economic development plans and incentives | Economic Development | Start FY 2023 Q1 | Complete FY 2023 Q2
6. Select development partner(s), complete negotiations, and finalize development agreements | Economic Development | Start FY 2023 Q2 | Complete FY 2023
4th Quarter Update
The Hampton Road Redevelopment Phase I Study continues to guide potential development on Hampton Road. During Q4, the City initiated the Character-based Code project that provides a different regulatory and development environment for propertied within the redevelopment zone. This project is moving forward with completion anticipated by the summer of 2023. The City is also moving forward with the development of a Tax Increment Reinvestment Zone (TIRZ) on Hampton Road that will serve as a financing tool for special projects that will spur additional development in that corridor. The required public hearing was conducted in October with all approvals necessary to establish the Hampton Road TIRZ area to be completed by December 2022. The City continues to work with development opportunities on Hampton Road to serve as catalyst projects for additional development.
3rd Quarter Update
The Hampton Road Redevelopment Phase I Study was completed and accepted by the City Council in Q2. The City's Economic Development Office continues to engage interested partners and property owners in redeveloping portions of Hampton Road between Pleasant Run and Belt Line. The City is actively working on Memorandums of Understanding (MOU's) that provide a general framework for public discussion and consideration of redevelopment opportunities. This project is running parallel with the Character-based Code project that provides a different regulatory and development environment for properties within the redevelopment zone. At the completion of the Character-based Code project, the City will release an RFP for development partners on Hampton Road. The Economic Development Office is also working on the development of a Tax Increment Reinvestment Zone (TIRZ) for the Hampton Road redevelopment area to serve as a catalyst for developers. In addition to the work on Hampton Road, the City will be reviewing the results of the commercial node study being conducted by a third party for the intersections at Belt Line & Westmoreland, Belt Line & Polk, Belt Line & Cockrell Hill, Danieldale & Westmoreland, and Parkerville & I-35. That study is anticipated to be reviewed and considered by the City Council in Q4.