2005 Annual Report Executive Summary
Griggs-Steele County Empowerment Zone
The Griggs-Steele Empowerment Zone (Zone) has accelerated its efforts to achieve sustainability by the close of the designation period (December 31, 2009). The Zone carefully developed a comprehensive two-year work plan, which focuses all available resources and relationships on six strategic areas of economic and community development. In order to achieve results in the limited time remaining, an experienced and well-connected Chief Executive Officer (CEO) was hired and other expert assistance has been applied. Past accomplishments and investments were thoroughly assessed, with attention to methods and means for improvement. Policies and practices have been developed and/or modified to facilitate achievement of sustainability goals while improving community participation in planning and Zone Board governance.
The Zone provided business development, retention and expansion support for 17 companies in 2005, investing over $1.3 million in local companies. Zone Staff provided 1,393 hours of service, supplemented by over 620 hours of outside professional assistance. This diligently managed action has resulted in improved company operations, as well as the retention of 56 full-time and 12 part-time jobs and six new jobs created. Indirect economic impacts, which can be attributed to the Zone and participating community efforts, include increased revenue earned by Zone companies, as evidenced by a gain in taxable sales.
Grants provided by the Zone to participating communities for capacity building purposes, amounted to $462,112, leveraging an additional $668,586, for a total of $1,130,698. This investment in community development included support of Community Coordinators, grants for non-profit organizations, business sector workforce development, demonstration pilot projects, community promotion and marketing, etc.
Unfortunately, a good deal of dependency on the Zone’s limited resources has developed throughout the region, resulting in unrealistic expectations with regard to future grants and interest rates. This attitude threatens the achievement of sustainability, requiring thoughtful planning, strong leadership, public education, focus, and determination on the part of the Zone Board and stakeholders. The Board is convinced that good economic progress will result from prudent business decisions on the part of the Board and other stakeholders.
In 2005, the Zone completed over 74% of the two-year work plan, leaving room for enhancements and/or changes to accommodate unforeseen circumstances and emerging opportunities in 2006. Plans for 2006 include concentrated and aggressive efforts designed to help ensure the success of existing businesses; outreach and investment in businesses that are strategic to the Zone’s investment policies; capitalizing on the economic opportunity and needs of the aging population; and accelerating efforts to develop youth leadership within the Zone.