Officials call for local investment to spur economic development
Posted on Wednesday, July 2, 2008
Fayetteville needs to step up to the major leagues when it comes to competing for economic development opportunities, said Tommy Deweese, chairman of the Fayetteville Chamber of Commerce board of directors.
The chamber, along with the Fayetteville Economic Development Council, hosted a breakfast at the Clarion Inn on Tuesday to update the public on economic development activity in the area.
Deweese said attracting large companies to the area is extremely competitive, expensive and takes a lot of preparation.
"We want to be there," he said," but we've got a way to go in Fayetteville. Investments have got to be made."
Steve Rust, president and CEO of the economic development council, agreed that investments are necessary for Fayetteville to be competitive in the future.
There needs to be $ 3 million in private funds ready to go, Rust said, with matching funds at the city level.
"We need to have a game plan on where, when and how to use those funds," he said. "We need to be able to react fast. "
There are some good things happening in Fayetteville, Rust said, including the addition of a satellite campus of the University of Arkansas School for Medical Sciences.
Bill Bradley, CEO of Washington Regional Medical Center, said the hospital is in the process of vacating its former facility on North College Avenue to make room for the medical school.
The facility will need to be renovated before the school moves in, Bradley said.
Funding for the facility's renovation is not being appropriated by the state, he said, so officials are raising money locally. Funding for the ongoing operations of the school is expected to be appropriated by the state next spring, Bradley said.
"It's not a done deal yet, but things look very good," he said. "We think this is a great thing for Northwest Arkansas."
Rust reported on some recent business recruits to the area, including Bio-Based, which develops soybean-based products to replace petroleum-based ones, and CaseStack, a logistics company specializing in packaged goods.
Four Swedish companies have also announced their intentions to move their companies here, he said.
Phil Stafford, president of the University of Arkansas Technology Development Foundation, gave an update on activity at the Arkansas Research and Technology Park.
The foundation is currently looking at the financing and design of a new building in the park, he said, which will be fully lab-enabled.
"We're hoping to break ground in mid- to late July," he said.
Chamber President Bill Ramsey said he's encouraged to see how many people attended the breakfast Tuesday.
"We've got to be a team in Fayetteville," he said. "We've got to work together, and what I see this morning is a good indication that's going to happen."
The chamber and development council will hold another breakfast and economic development update at the Clarion Inn on Aug. 5.
FEEDBACK:
Something to say about this topic? Submit a Letter to the Editor online
