What in the World is Going on Down There?

What in the World is Going on Down There?

It’s always fun to try and guess what’s under all the Christmas wrapping or hidden in an Easter egg.  Usually, we are wrong but by nature, we are curious beings, so it comes as no surprise that residents of Abilene have been buzzing about what is going on at 3^rd and Broadway.

Traditionally, in Kansas, economic growth incentives have been up to communities to develop and evaluate on their own.  Now, that can be a tough row to hoe with all the other things facing them.  More and more they are relying on “cost benefit analysis” reports to decide on what businesses they offer these incentives and what businesses don’t qualify for any incentives. While that is certainly prudent, “cba” reports can take a long time and sometimes opportunity is missed but, along with that, “cbas” simply look at the “black and white”, if you will.  By the numbers, what benefits does this business bring in dollars and at what cost?  What if we began to look at economic development and incentives differently? As the legislators and other folks that are the “powers that be” ponder on what to do with the State’s budget, one of the topics that comes up frequently is diminishing economic development opportunities for cities and counties.  This can be really detrimental to our future growth. 

The Dickinson County Economic Development Corporation’s Executive Board has given the okay to consider what is called a “pilot project”.  This project will look at other data, evaluate and quantitate it then analyze the results to determine if there are other things we can do to attract, promote and support business that may not show up immediately in black and white numbers but that can “boost” new and existing businesses.  DKEDC requested a small amount of funding from the City of Abilene and Dickinson County to be able to conduct this pilot project and report back to them.  One of our goals is to hope that, by looking at other factors, we can attract business that may not reflect an immediate “cba” but that can also not have the long term financial commitment that is often used now, for example, a ten-year tax abatement.  Could a different approach bring different results?  Well, frankly, we don’t know.  We certainly have a good idea but that is what pilot projects are all about so the contributions from the City and County are, in essence, buying the resulting data and can use it to plan incentives, development and recruitment of future business.

Now, let’s get down to business!  The Dickinson County Economic Development Corporation is conducting this pilot project to identify and quantify the impact on commerce of a new “anchor” business in downtown Abilene.  An “anchor” business is one that is strategically selected and placed in a location that is dead, dying or struggling for the purpose of pushing consumer traffic back into that area and reviving the energy and (yes, of course) consumer spending.  That anchor business will occupy the property at 301 N. Broadway Street, a location “smack-dab” in the middle of downtown. The business will need to be selected as one with the potential for high traffic and volume and must be attractive to both local consumers and tourist traffic.   We will begin measuring the increase in consumer traffic and retail sales in the neighboring commercial blocks.  A baseline of current retail traffic and sales will be established for comparison.  There will be much more data collected and compiled that will be used to report and analyze.   In my opinion, the best part of our project?  DKEDC is not providing any financial support for the ongoing renovations of the building or to its owner, but we appreciate that, while standing the cost of renovation from his own pocket, he is willing to work with DKEDC to allow us to potentially place a business in his building.  It is an attention-getter and located in a perfect place for an anchor.   As to any more specifics on a future tenant, that information is not currently available but we anticipate it will be soon!

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