Strategy

(This page is in the process of being updated. Thank you for your patience.)

 Five Year Strategy, June 2010 - July 2015

This plan focuses on what TFURA may accomplish by July 2015 – given that the vision has a 20-year horizon (especially downtown development) – what can be accomplished within five years.

 

Business Opportunities

Target: Help businesses with information, assistance, and referrals that lead to job retention/expansion & increased property values.  

·      Develop return on investment (ROI) model to guide the Agency in providing resources to business retention/expansion and attraction.  Possible criteria for an ROI are: number of jobs, sustainable wages/benefits, increased property tax base, multiplier effect. 

·      It is vital to identify target industrial markets based on the following strengths review assessment:  Infrastructure, location strength, workforce, transportation, business costs, and shovel-ready sites/buildings inventory. 

·      In addition develop a market strategy that focuses our efforts on those sectors that enlarges & diversifies Twin Falls’ economy and identifies those sectors that are growing and creating new jobs.  

·      To accomplish that, we recommend that the URA & City hire an expert consultant to assist us in our assessment and confirm/identify market sectors for us to focus on.  We can build on the 2007 Strategic Growth Institute target market analysis by confirming those recommended sectors are valid and drilling down into specific businesses that we can then build a marketing strategy.

 

Objectives

Year 1 –

1.    Agency assesses Twin Falls’ strengths and develops market analysis from which to build a prioritized marketing strategy.   Builds and implements marketing strategy based on the analysis.  Marketing strategy should have measurable goals on which to judge its success.

2.    Increase water capacity for Jayco Business Park in order to improve its building and marketing capacity.

3.    Agency refines the ROI model to base investment decisions on.

4.    Agency continues to visit with local businesses with BRE Teams to assist with any concerns or development interests.

5.    Introduce and educate URA Board and other agencies including the City of Twin Falls, SIEDO, Twin Falls Chamber of Commerce, Business Plus, etc. on the concept of Economic Gardening (EG) which could take the place of BRE.  Upon completion begin planning for EG implementation.

6.    Agency acts on opportunities that arise.

7.    Agency determines partners and human & financial resources required to accomplish numbers 1-6. (could include new staff, expert consultants, government agency assistance)

 

Year 2 –

1.    Agency builds and prioritizes the marketing strategy based on its assessment and market analysis from Year 1.  Marketing strategy should have measurable goals on which to judge its progress and success.

2.    Agency acts on opportunities that arise.

3.    Agency determines partners and human & financial resources required to accomplish numbers 1-2.

 

Year 3 –

1.    Agency reviews measurable goals from marketing strategy and, if necessary, adjusts the strategy to take advantage of new opportunities or economic/environmental changes.

2.    Agency reviews site/building inventory & infrastructure to determine what, if any, help it needs to provide to continue implementing its strategy.

3.    Agency creates new UR district or RAA to assist with infrastructure (if needed).

4.    Engage local agencies in the EG program.

5.    Agency acts on opportunities that arise.

6.    Agency determines partners and human & financial resources required to accomplish numbers 1-5. 

Objectives for Years 4 and 5 are dependent on the outcomes from Years 1 – 3. 

 

Downtown Revitalization

Target: Attract people through new housing and employment space. Market employment space opportunities and remain open to housing and other development opportunities that arise. 

·      With the demise of the BID and unclear as to what its successor may be, the Agency has determined it’s best course of action is to focus on Old Town and especially the properties it owns or acquires. 

·      Our challenges currently are: environmental cleanup required (known and unknown), still recovering economic conditions, poor credit markets (& inability to form own loan pool), inadequate water/sewer lines, streets, and zoning/building ordinances that inhibit new development. 


Objectives

Year 1 –

1.    Build on 2007 development Old Town vision by identifying:

a.    Environmental challenges

b.    Inadequate or failing infrastructure (streets, water/sewer lines, parking, etc.)

c.    Potential development projects

d.    Developers, builders, end-users

e.    Development organization that can guide us through a-d.

2.    Review design standards and zoning & building ordinances and suggest changes.

3.    Agency acts on opportunities that arise.

4.    Agency determines partners and human & financial resources required to accomplish numbers 1-5 (could include new staff, expert consultants, government agency assistance).

 

Year 2 –

1.    Develop market strategy for our vision.

2.    Implement market strategy.

3.    Agency acts on opportunities that arise.

4.    Agency determines partners and human & financial resources required to accomplish numbers 1-3.

 

Objectives for Years 3 – 5 are dependent on the outcomes from Years 1 and 2. 

 

Proactive Communication

Target:  help community understand the URA mission, its accomplishments, its operations, and its strategic plan. 

Objectives

Year 1 –

1.    Proactive activities including news releases, media events, reader comments, website material, project signs, and community presentations

2.    Provide annual audit to local taxing agencies and Idaho State Tax Commission

3.    Develop and provide annual report to the community (printed and available in electronic media).

 

Objectives for Years 2-5 – continue with Year 1 activities while reviewing effectiveness and make any needed changes.