HomeMy WebLinkAboutStudy Session Agenda 05-13-13STUDY SESSION AGENDA
CITY COUNCIL MEETING
CITY OF WHEAT RIDGE, COLORADO
7500 W. 29th Ave.
Wheat Ridge CO
May 13,2013
Upon adjournment from City Council Meeting
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PUBLIC COMMENT ON AGENDA ITEMS
APPROVALOFAGENDA
1. Improvement of City Hall Entry Plaza
2 . City Gateway Monument Signs
3. Forward Jeffco Initiative
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Memorandum
TO: Patrick Goff, City Manager s;j).,
FROM: Tim Paranto, Director of Public Works
DATE: May 13 ,2013
SUBJECT: Improvement of City Hall Entry Plaza
At the December 17 , 2012 Study Session, the City Council authorized the further development of
the concept for the City Hall entry plaza improvement project, with the option of including a new
City sign on the building in lieu of the proposed monument sign on Wadsworth Boulevard . Oz
Architects, a City on-call consulting firm , was employed to review the 2008 concept plan and
offer appropriate modifications, including a new "City of Wheat Ridge" sign mounted on the
building. A committee of City staffhas worked with Oz Architects to develop an improved
concept plan for this project. The attached Oz drawings show replacing some of the concrete
pavement, pergola and tables with more landscaping and replacing the existing "City of Wheat
Ridge" wall sign. The canopy has been extended further into the plaza and includes a parapet,
which would identify the building as "City Hall." Bike racks have also been added near the flag
poles.
Two hundred thousand dollars is included in the 2013 CIP Budget for this project. The
preliminary estimate for the Oz concept (including new signs) is $242 ,000 . The proposed new
"City of Wheat Ridge" wall sign , the parapet and "City Hall " sign would use approximately
$42 ,000 of the preliminary estimate.
If the City Council approves the concept plan for the plaza improvements , the project will be
scheduled for design and construction.
ATTACHMENTS:
1. Concept designs for City Hall Entry Plaza
]
Attach men
.. ~'~ .... "' City of .. ~WheatRi_dge ~PUBLIC WORKS
TO:
Memorandum
Patrick Goff, City Manag ~
FROM: Tim Paranto , Director of Public Works
DATE: May 13 ,2013
SUBJECT: City Gateway Monument Signs
The 2013 Budget includes $100 ,000 for construction of new gateway signs. Staffhas identified
12 locations for consideration at this time. The attached spreadsheet shows the sites listed
according to the traffic volume ofthe entry street, along with the preliminary cost of the
proposed sign. The spreadsheet also includes two gateway signs that are estimated to cost more
than what is available in this year 's budget, as well as the existing entry signs. The gateway sign
locations are also shown on the attached map.
The proposed signs are suggested to be similar to the newer gateway sign on Kipling Street at I-
70 . A drawing of the proposed sign is attached. Three standard sizes have been used for the
various locations:
30-foot long sign
20-foot long sign
1 0-foot long sign
$240 ,000
$70 ,000
$35 ,000
Once the City Council has selected the sign(s) to be constructed this year, Staff will schedule the
design , with sign placement this fall.
ATTACHMENTS:
1. List of sites for signs
2. Sign location map
3. Sign design diagram
4. Photos of all individual proposed locations
City of Wheat Ridge Entry Signs
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Attachment 3
Gateway Entry Sign # 1 -20'
Wadsworth Blvd.
West ide of City Hall
)
Attachment 4
Gateway Entry Sign # 2a -20'
27th Ave. & Kipling St.
Gateway Entry Sign # 2b -20'
26th Ave. & Kipling St.
Gateway Enty Sign # 2b -20'
Gateway Entry Sign # 3 - 1 0'
52nct & Ward Road
)
Gateway Entry Sign # 4 -20'
1-70 & Ward Road
Gateway Entry Sign # 5 -20'
1-70 & 44th Ave.
I
Gateway Entry Sign # 6 - 1 0'
44th Ave. & Harlan St.
)
Gateway Entry Sign# 7-10'
44th Ave. & Eldridge St.
Gateway Entry Sign # 8 - 1 0'
32"d Ave. & Sheridan Blvd.
I
Gateway Entry Sign # 9 - 1 0'
26th Ave. & Pierce St.
)
Gateway Entry Sign # 1 0 - 1 0'
Garrison St. North of 1-70
)
Gateway Entry Sign # 11 - 1 0'
29th Ave. & Sheridan Blvd.
0 ......... _
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Gateway Entry Sign # 12 - 1 0'
32nd Ave. & Simms St.
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Gateway Entry Sign # 13 -30'
1-70 & Youngfield St.
Gateway Entry Sign# 13-30'
)
Gateway Entry Sign # 14 -20'
Wadsworth Blv •
.Johnson Park Entrance
Gateway Entry Sign #15 -30'
I· 70 & Kipling St.
Sign# 15-30'
)
Gateway Entry Signs # 16 & 17 -11'
NW Comer
SWComer
38th Ave. & Sheridan Blvd.
Gateway Entry Sign # 18 -16'
38th Ave. & Youngfield St.
Gateway Entry Sign # 19 -15'
32"d Ave. & Zinnia St.
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J?'PARKS AND RECREATION
Memorandum
TO: Mayor and City Council
Patrick Goff, City Manager W THROUGH:
FROM: Steve Art, Economic Development Manager
DATE: May 13 ,2013
SUBJECT: Forward Jeffco Initiative
ISSUE:
Forward Jeffco Initiative (the "Initiative") is an aggressive five-year program , by the Jefferson
County Economic Development Corporation (Jeffco EDC), to attract new primary jobs and
investment in Jefferson County. Wheat Ridge has been requested to raise its annual participation
amount in Jeffco EDC from $6 ,600 to $10,000 over the next five years.
PRIOR ACTION:
The 2013 budget for Economic Development includes a line item for an annual membership of
$6 ,600 for the Jeffco EDC.
FINANCIAL IMPACT:
The request for an additional $3 ,400 per year may decrease the amount of funding available for
City-based economic development efforts by $17 ,000 over the five-year period.
BACKGROUND:
The Initiative is an aggressive five-year, $4 million program designed to create up to 7,500 new
primary jobs, $900 million of disposable income, $826 million in consumer spending and more
than $61 million in sales and property tax revenues.
The Initiative is developed to create jobs through increased efforts to attract new business, retain
and expand current business, stimulate capital investment, enhance entrepreneurship, ensure
readiness of the County 's workforce, and provide advocacy and public policy leadership to
maintain a positive business climate.
Over the past 18-months Jeffco EDC has developed a strategic plan to restructure andre-
energize the organization. The strategic plan, developed by Angelou Economics , strongly
recommended a more cohesive operating structure within the economic development
community, more collaboration, transparency and accountability, along with a more sustained
capital development strategy and providing the resources to implement the plan.
Forward Jeffco Initiative
May 15 ,2013
Page2
At its August 2012 planning session, the Jeffco EDC Board of Directors developed the
framework for an aggressive five-year strategic initiative designed to attract new business , retain
and expand business and industry, stimulate capital investments and entrepreneurship, ensure a
ready workforce, provide advocacy, and ensure adequate real estate opportunities.
Jeffco EDC then commissioned the National Community Development Services (NCDS), a
nationally acclaimed development firm , to conduct a feasibility analysis for a capital investment
campaign , and ultimately to conduct the Initiative.
The Initiative's goal is to raise new revenues of almost $4 million over the next five years with
approximately 70 % of the funding from the private sector and 30 % from the public sector.
As of the writing of this memo , the only municipality that has agreed upon additional funding is
the City of Arvada. They have pledged an additional $50 ,000 , per year, toward the initiative for a
total investment of $250 ,000 . To date , $1.5 million has been pledged to the Initiative. The
cities of Lakewood , Westminster, Golden, and Jefferson County have not yet acted upon a
funding request from the Initiative.
The Mayor, Councilmember Reinhart , and staff met with Jeffco EDC Board President Fred
Baker and NCDS representative Mel Kent to discuss the specifics and need for the additional
funding. They recognized that Wheat Ridge's participation in the Forward Jeffco Initiative will
demonstrate the City's support of Jeffco EDC's mission to work cooperatively with the local
municipality's economic development staff to drive primary employment opportunities to
Jefferson County.
ACTION:
Staff is requesting direction on whether City Council would like to move forward with increased
participation in Jeffco EDC through the Initiative and increase funding in the budget from the
current $6 ,600 to $10,000 annually for the budget years 2014 -2018.
ATTACHMENT:
1. Forward Jeffco Initiative
,....... ORWARD JEFFCO ~ INITIATIVE
Attachment 1
FORWARD JEFFCO
INITIATIVE
Needed: A New Model for Economic Development in Jefferson County
The Forward Jeffco Initiative is an a gressive new five year I $3.9 million
program designed to create 7,500 new primary jobs, $900,000,000 of
disposable income, $826,000,000 in consumer spending and over $61
million in sales and property tax revenues. The Forward Jeffco Initiative will
create jobs through increa_sed efforts attracting new business, retaining
and expanding current business and industries, stimulating capital
investment, enhancing entrepreneurship, ensuring readiness of Jefferson
County's workforce, and providing advocacy and public policy
leadership to maintain a positive business climate.
Previous economic results are not adequate to maintain the standard of
living Jefferson County requires. The time has come to raise the bar and
accelerate performance that will make Jefferson County the location of
choice for domestic and international companies looking to grow and
expand. It's time for Jefferson county to reach its true potential!
Jefferson County leaders have been setting a new course
Over the past 18 months the Jefferson County Economic Development
Corporation (Jeffco EDC) leadership team has been working to
restructure and re-energize the organization. The Jeffco EDC Board's aim
is to transform the EDC into a high performance job creation mechanism.
The EDC's mission is clear and direct:
··ro strengthen the economic vitality of Jefferson
creation, retention, and expansion of primary jobs "
The Jeffco EDC Board has committed to a proactive, result-oriented
operating style designed to produce measurable results during the next
five, ten, or even twenty years in Jefferson County. It is time for the Jeffco
EDC to serve as the conduit to bring all the major players, both private
and public, to the same table to deliver a cohesive vision for Jefferson
County.
The Angelou Economics report completed in 2012 strongly recommended
a more cohesive operating structure within the economic development
community, along with more collaboration, transparency and
accountability. Recommendations also included launching a sustained
capital development strategy and providing the resources to implement
it .
2
At the August 2012 planning session, the Jeffco EDC Board developed the
framework for an aggressive five-year strategic initiative (2013-2017}
designed to:
• Attract new business and jobs
• Retain and expand existing business and industry
• Stimulate capital investment and entrepreneurship
• Ensure a ready workforce
• Provide advocacy and public policy leadership to maintain a
positive business climate
• Ensure adequate real estate opportunities
The Jeffco EDC then commissioned National Community Development
Services (NCDS}, a nationally acclaimed development firm, to conduct a
Feasibility Analysis for a capital investment campaign, and ultimately to
conduct the $3.9 million Forward Jeffco Initiative.
A Focused Strategy, Clear Goals
This fresh, more aggressive and comprehensive approach to economic
development will lead to the creation of 7,500 new jobs over a five year
period. Following are the five strategies designed to reinvent economic
development in Jefferson County.
Strategic Initiative I.
More aggressive targeted contact and sales for new companies in
identified cluster markets including:
Jefferson County's Target Markets of Opportunity
• Aerospace
• Energy
• Bioscience
• Enabling Technologies
• Consumer Products and Creative Services
3
• Identify Jefferson County's primary assets and incentives for each
target market and create necessary recruitment packages. Make
direct contact with these targeted companies. The goal is to mG:lke
20 calls per month.
• Execute annual prospecting trips for the identified target sectors,
generating 50 leads per year.
• Recruit professional staff capable of generating leads and creating
a "deal flow" of 25-30 prospects per quar er (200% INCREASE).
• Identify site selectors, foreign trade consulates, engineering firms,
and other professionals in each target sector and target them for
development partnerships.
• Aggregate and maintain a comprehensive Jefferson County sites
and facilities inventory. Create a redevelopment strategy by
January 2014 .
• Develop a clearly identifiable, marketable and communicable
brand for Jefferson County.
• Develop high quality and persuasive promotional materials for all
recruiting) efforts.
Proposed Budget 2013-2017: $ 1,500,000
4
Strategic Initiative II.
Create new jobs by helping existing businesses grow and expand.
• Develop a comprehensive and professionally staffed business
retention and expansion outreach program. Identify one major
expansion opportunity per year and bring that expansion to
fruition.
• Identify and recruit suppliers of existing companies that would
create new operations and additional jobs in Jefferson County.
Work with the Federal Center, Ball Aerospace and Technologies,
Lockheed Martin, Miller Coors and others to identify opportunities .
• Support and cultivate the development of transportation, utilities,
land use, and other infrastructure that will assist local companies
operations and expansion needs.
• Collaborate with local communities to identify existing companies
with the greatest growth potential as well as those companies
that may be at risk of relocating or reducing employment.
Proposed Budget 2013-2017: $650,000
5
Strategic Initiative Ill.
Stimulate entrepreneurial ventures and "home grow" small businesses by
pulling together the numerous resources available for entrepreneurs.
• Explore the development of an innovation center in Jefferson
County. This will be done in partnership with NREL, Chambers,
Community Colleges, Colorado School of Mines, and existing
incubators.
• Develop spin-off operations from area universities, research
institutions, and employers.
• Improve existing outreach efforts and collaborate with local
organizations to develop new growth stimulation programs.
• Enhance supportive infrastructure for small business and
entrepreneurs in the identified cluster markets and beyond.
• Facilitate and staff an initiative to pull together all of the programs
and services currently provided in Jefferson County.
Proposed Budget 2013-2017: $525,000
6
Strategic Initiative IV.
Identify and satisfy the workforce development needs of new and existing
business. Focus on developing, retaining, and recruiting talent that
supports the competitiveness of the identified cluster markets.
• Collaborate with employers to execute useful labor studies; create a
response strategy to meet their workforce needs.
• Engage the workforce center, community colleges, K-12, and other
community partners to create a so lution to the current shortage of
skilled workers.
• Support and pursue specific employment opportunities for the 48 ,000
veterans in Jefferson County.
Proposed Budget 2013-2017: $450,000
Aggressively advocate at all levels of government on behalf of existing
business and new business.
• Retain expert counsel and lobbyists to advocate for business friendly
policies at the local, state, and federal levels.
• Professionally staff a concierge position to directly assist
development projects in dealings with local government.
7
• Lead the effort to create a turn-key, expedited approval process for
business expansion/development at the local level.
• Create a Jefferson County business incentive package including the
creation of a gap financing fund, infrastructure fund, and other yet
to be identified incentives to assist in closing deals.
Proposed Budget 2013-2017: $500,000
Five-Year Budget Summary
I. Business attraction, marketing, and branding
II. Existing business growth and expansion
Ill. Entrepreneurial and small business development
IV. Workforce development
V. Advocate for existing ana new business
Ongoing investor relations, community outreach, and resource
$1,500,000
650,000
525,000
450,000
500,000
development 300,000
Total Proposed Five-Year Budget: $3,925,000
8
ECONOMIC IMPACT ANALYSIS
This economic impact analysis quantifies the extent to which the Forward
Jeffco Initiative will stimulate employment, income and local business
activity. It shows the total economic impact, direct, indirect, and induced
impacts, as measured in terms of jobs, income, value added, and total
output.
This analysis also computes "return on investment" (ROI) using net profits
from new jobs and the amount of investment in the Forward Jeffco
Initiative campaign. Investors in the Forward Jeffco Initiative will see an
average of $51 in new net profits spread throughout the community for
every S J invested. These are annual impacts by 20 J 7, so new net profits
will continue to flow each year.
A. Jefferson County, Colorado
Economic impacts are calculated through a customized Input/Output
economic model of the Jefferson County, Colorado economy.
Jefferson County is part of the Denver Metropolitan Statistical Area (MSA).
All 10 counties in the Denver MSA are shown in Table 1 on the next page.
9
County
Denver
Arapahoe
Jefferson
Adams
Douglas
Broomfield
Elbert
Park
Clear Creek
Gilpin
Total2
Table 1. Denver MSAl Counties (10)
Population and Employment
Ranked by Population
Population Percent% Private Non
Estimate Of Total Farm
2011 MSA Employment
Population 2010
619,968 23.8 368,327
: ~ . ~: 235,955
539,884 20.8 183,719
451,443 17.4 129,834
292,167 11.2 77,902
57,352 2.2 32,234
23,174 2,009
16,069 1,216
9,012 2,535
5,467 .2 4,415
100.0 1,038,146
Source: US Census Bureau, State and County Quick Facts
Notes: 1. Metropolitan Statistical Area.
2. To als may not add to 100% due to rounding.
Percent%
Of Non
Farm
Employment
;; 35.5
22.7
17.7
12.5
7.5
3.1
.2
. 1
.2
.4
100.0
Table 1 shows how t ese counties rank
among each other in terms of
population and employment.
Jefferson County has about 20.8 % of
the population and 17.7% of non-farm
employment, which means that there
are relatively more jobs out of the
county. Denver County has 35.5% of
the jobs and 23.8% of the population,
Denver MSA
10
so many people commute into Denver to work. Broomfield and Gilpin also
have higher percentages of employment than population, but have
relatively small numbers of employees.
More jobs for Jefferson County will help balance population and
employment. Table 2, located below, shows the latest available
commuting pattern data.
Table 2. County-to-County Worker Flows -2000 Census
County
Denver
Arapahoe
Jefferson
Adams
Douglas
Broomfield
Elbert
Park
Clear Creek
Gilpin
Boulder1
Jefferson County
Work Flows
To Other
Counties
73 ,727
30A82
137,126
19,496
5,438
0
10
305
448
2,032
12,867
4,373
286,304
Percent
Of Total Workers
Living in
Jefferson County
~" "~ / 25.8%
10.6%
47.9%
6.8%
1.9%
*
*
*
*
*
4.5%
1.5%
100.0
Source: US Census Bureau, County-to-County Worker Flow Files, released March, 2003.
Notes: 1. Boulder County is not in the Denver MSA
2. Other= other counties in Colorado, other states and countries.
*=less than 1%
11
While Jefferson County has 20.8% of the MSA population and 17.7% of
non-farm employment, this disparity does not begin to describe the extent
that Jefferson County workers commute out of the county. Table 2 shows
that in the year 2000 census there were 286,304 workers counted in the
county-to-county worker flow files. While almost half (47.9%) live and work
in Jefferson County, the other half must commute to other counties in the
metro area, including Boulder County (4.5%), not in the Denver MSA.
About one quarter (25.8%) of Jefferson County workers commute to
Denver County. Chart 1, below, illustrates the top five counties where
Jefferson County residents actually work.
Other
Douglas
Boulder
Adams
Arapahoe
Denver
Jefferson
Chart 1
0/o Living in Jefferson
0 10 20 30 40 50
Source : Table 2.
%Living in
Jefferson
Due to the fact that Denver is an MSA, we can assume that some of the
new jobs created in Jefferson will have impacts on nearby counties.
The multiplied effects from new direct jobs, between Jefferson County
and the region as a whole are in essence, the same; it is a question of
12
how they will be distributed. This partially depends on where companies
affected by indirect and induced impacts are located today.
Jefferson County has all the sectors needed to build a sub-model of the
Forward Jeffco Initiative target industries. The results impacted 275 business
sectors. The Forward Jeffco Initiative program is targeting industries based
on a strategic planning report that identified new economic opportunities
for Jefferson County. These target industries are: aerospace, energy, bio-
science, enabling technology*, consumer products and creative services.
8. Summary Impacts of New Jobs
The Forward Jeffco Initiative is a new five-year economic development
plan focusing on local economic growth and prosperity. The new
program is targeting the creation of 7,500 new jobs in target sectors by
2017. These 7,500 new direct jobs will have "indirect" and "induced"
impacts that will create a toto of 13,362 new jobs.
The ripple effect of new jobs is computed based on multipliers. These
multipliers show the effect of the creation of jobs or income in any given
industry to the employment and earnings of all industries. Job creation
activities mean more earnings and more spending. Table 3, located on
the next page, is a summary of the annual impacts of the Forward Jeffco
Initiative program.
13
Table 3.
Forward Jeffco
Summary of Annual Impacts -by 2017
Jobs
Output
Payroll
Consumer Expenditures
Savings Deposit Potential
Sales Taxes
Property Taxes
13,672
$2,504,224,484
s 996,564,134
$826,105,825
$32,846,256
$31,032,289
$30,127,343
Source: National Community Development Services Input/Output model f0r Jefferson
County, Colorado. Base data for model, MIG Inc., IMPLAN.
*Enabling technology is an invention or innovation that drixes rapid development, usually in a number of
business sectors .
The summary of impacts from 7,500 new jobs in Table 3 comes from the
Jefferson County 1/0 model. Table 4, Economic Impact of Jobs by 2017,
located on the next page, ~etails the direct, indirect, and induced
economic impacts. The direct impact is the result of the Forward Jeffco
Initiative. The indir ct impacts come from the purchases of goods and
services, business to business. As all those impacted by the new jobs
spend their earnings, there are "induced" impacts.
14
Table 4. Annual Economic Impact of Jobs by 2017
METRICS DIRECT IMPACTl
JOBS 7,5004
EARNINGS (INCOME) $695 ,627,487
VALUE ADDEDS $906,4 19,468
OUTPUT6 $1 ,680 ,923,070
New payroll is projected to generate:
D ISPOSABLE PERSONAL INCOME7
CONSUMER EXPENDITURES8
SAVINGS DEPOSIT POTENTIAL 9
INDIRECT2
IMPACT
2,254
$135 ,879,477
$208,9 12,560
$341,442,8 10
INDUCE03
IMPACT
3,74 7
$165 ,057 ,1 70
$327 ,8 18,648
$899 ,897,413
$826 ,105 ,825
$32 ,846 ,256
Source: National Community Development Services Input/Output model for Jefferson County.
Colorado. Model data from MIG Inc .• IMPLAN. DPI. PCE and savings deposits% of income from Bureau
of Economic Analysis.
Notes:
1. Direct Impact: Impact generated dire ctly from the jobs created with the assistance of the new initiative.
2. Indirect Impact: Changes in employment, income. and output (business sales) in various industry sectors of the
local economy supplying goods a nd services to the companies that expanded .
3 . Induced Impact: The ripple effect of increased income as employees spend is called "i nduced ".
4. 7,500jobs In 2013 = 7,671 in 2017 (the 1/0 model adjusts all inputs and outputs to 2017). 13,672 includes 7.671 direct
jobs by 20 1 7.
5. Value Added: Labor income + indirect business taxes +other property type income.
6. Output: Value A d ded+ intermediate inputs (goods used in production)
7. Disposable Personal Income: Personal income less taxes . USA average annual% from Bureau of Economic
Analysis.
8 . Consumer Expenditures : Disposable personal income less interest . personal transfer payments. and personal
savings . USA average a nnual% from Bureau of Economic Analysis .
9. Savings Deposit Potential : Personal savings rate computed from 1 0 year average of both National Income and
Product Accounts NIP As and Flow of Funds Accounts FFAs = 3.65% of disposable personal income. Source is Bureau of
Economic Ana lysis.
15
Table 4 shows that, through the multiplier effect,
investments in the Forward Jeffco Initiative to
create 7,500 jobs will actually create 13,672 total
jobs. That is a total job multiplier of 1 .8.
It also shows how initial "direct" earnings of
$695,627,487 multiply 1.4 times through indirect
and induced effects.
C. Average Return on Investment
7,500 direct new jobs will multiply
through the economy by 1.8 and create
a total of 13 ,672 new jobs.
Every dollar earned from the new jobs,
will multiply by 1.4 and generate total
earnings of $996 ,564, 134 .
•
Tables 3 and 4 above detail the direct, indirect, and induced impacts, but what about
ROI? The Forward Jeffco Initiative investors will provide $3,925,000 to create these
impacts, and ROI can be computed from new output.
Overall, the Jefferson County 1/0 model shows that there will be about $826 million in
new annual consumer expenditures by 2017. New spending in the economy means
new profits. To get a true measure of ROI, we need to look at net return, specifically
profits on investment.
ROI varies from one business sector to another, so a good way to summarize ROI for
the Forward Jeffco Initiative investors is to use the average net profit among all firms in
the USA securities arkets today. In the January 2012 Value Line database this
average was 8.32%. So in Jefferson County's case:
Forward Jeffco -Average ROI
1) Total new output= $2,504,224,484 x average USA net profit of 8%= $200,337,959
2) Average ROI = $200,337,959/$3,925,000 =$51 : $1
16
Investors in the Forward Jeffco Initiative will see an average of $51 in new
net profits spread throughout the community, for every $1 invested. These
are annual impacts by 2017, so new net profits will continue to flow each
year from new jobs.
Aggressive Economic Development Approach
The measurable goals and strategies for the Forward Jeffco Initiative
have been crafted through a process involving many investors, both
public and private. This strategy was also built on the Angelou Economics
report's strong recommendation for a more cohesive operating structure
within the economic development community, including:
Improved operating partnerships with the State of Colorado, Metro
Denver Economic Development Corporation, other local economic
development partners, local chambers of commerce, and all other
partners to drive higher levels of economic performance for the region.
Additional staff, financial resources, and focus have the potential to
double economic development performance in Jefferson County.
Implementation of this initiative is the key. To ensure that desired results are
achieved, investors will oversee the operation.
17
Investor Oversight and Governance
Once the fundraising is complete, Jeffco EDC will develop the Forward
Jeffco Initiative Investors Council, designed to ensure that the program is
being implemented as presented and that the investments are being
spent as outlined. Tapping into the expertise of its investors will be an
integral part of the Forward Jeffco Initiative. With investor input, Jeffco
EDC will develop reporting mechanisms to relay the program's successes
and challenges to its investors. Full disclosure and dccountability will
continue throughout the five-year Forward Jeffco Initiative. Additionally,
Jeffco EDC will continually create opportunities for investor involvement in
the program's execution and implementation.
The Jeffco EDC 's Board of Directors believes Jefferson County can do
more to create a prosperous, sustainable economic future. Proposing a
more aggressive growth and development plan that is strategic (not
reactive} is a transition away from "maintenance" of an economic
development organization. The intent is to focus on achieving
quantifiable results and measurable performance.
New resources and a fresh infusion of capital will be required to
implement this high performance strategy. In proposing a proactive
strategy based on careful professional analysis and thoughtful stakeholder
input, the Jeffco EDC's Board challenges both the private and public
sectors to come together to help shape an economy that will provide
exceptional jobs, higher payrolls, and a broader tax base .
18
Jefferson County's Time Has Come
Opportunity knocks! As the nation gains economic strength and the
recession loosens its grip, now .is the time for a more aggressive and
cohesive approach to improving Jefferson County's economy. Jefferson
County possesses an enviable quality of life and impressive assets to fuel
job creation and prosperity. With a united effort that includes a strong
private and public sector, and a supportive education community,
Jefferson County can further cement Jefferson County's position as one of
the most desirable locations in the Metro Region and the world.
A Well Organized Funding Campaign is Underway
We invite you to join the Forward Jeffco Initiative-a five-year economic
development plan that will redefine what Jefferson County will look like in
five, ten, or even twenty years.
We invite your participation as an Investor and look forward to your active
involvement as we strive to create 7,500 new primary jobs and generate
the $3.9 million necessary to fuel this program. By investing in the Forward
Jeffco Initiative, businesses and local governments will see a measurable
return on their invested dollars, while helping improve the economic
outlook and quality of life in Jefferson County for decades to come.
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