The Leader - July/August 2008 - (Page 50)

tva ’s sh or tcu t to su c ce s s : a catalo g o f s I te s fo r larg e -scale I Ndus try Toyota announced in February 2007 that it would build a $1.3 billion SUV plant at the Wellspring site near Tupelo, Mississippi n Steel manufacturer SeverCorr began building an $880 million steel mill at the Golden Triangle Megasite near Columbus, Mississippi, in October 2005. The size of these projects and their local and regional impact demonstrate the Megasites Program’s capacity to alter the economic landscape of the Tennessee Valley. Toyota will create 2,000 direct jobs and thousands more indirect ones when it starts producing 150,000 SUVs annually in Tupelo. SeverCorr will create 450 high-paying direct jobs and over 1,000 indirect jobs at the Columbus plant. n n n other BeNefIts making sizable investments in land and infrastructure in order to help large industries save time in making location decisions. Estimates are that corporations can save six months to a year when a site is already certified. Regional economic developers have seen the value of partnership efforts in aiming for the “big fish” in corporate expansions. Both Megasites sold were developed by regional alliances that provided leverage and resources not attainable by a single community acting on its own. In devising a logo, press releases, mailers, and other marketing materials, TVA created a recognizable brand for the project that has generated much positive recognition for the agency as well as garnering invaluable interest in our prospective sites. The program’s success was also enthusiastically confirmed by Eddie Lehner, Chief Financial Officer of SeverCorr, when he said: “TVA’s Megasites Certification Program should now be considered the gold standard for large economic development projects.” aBout the authors John Bradley is Senior Vice President of TVA Economic Development. TVA’s staff and partners focus their efforts toward recruiting, and expanding companies in its seven-state service territory. Even those communities that did not earn certification benefited enormously from the evaluation process. When MSC staff members went to a community, they structured the visit exactly as they would in representing a real client. That allowed community leaders to develop a better understanding of the expectations of prospective clients and the process of conducting a site visit. MSC also suggested the types of industries that would be the most promising targets for local economic development efforts. Communities gained expert advice in recognizing their strengths and learning how to market themselves. lessoNs learNed the future Creating the Megasites Program has provided many lessons learned for the communities involved, regional and local economic developers, and TVA: n Communities have seen the value of The Megasites Program has helped foster a brighter future for the Tennessee Valley and the Southeast. Thanks to this innovative approach, the communities we serve are better prepared for economic growth and have a competitive edge as they are considered by prospective clients. The program’s lucrative sale of two Megasites in the Valley region, with a third announcement pending, has created a critical mass that will attract more companies to the area. “I’ve led Toyota’s site selection over the past decade,” said Dennis Cuneo, former Senior Vice President of Toyota Motor North America, “and the TVA, Megasites Program is the biggest advance in site selection since I began looking for sites. In fact, three of the finalist sites that we considered for our newest assembly plant were TVA-certified sites.” Bill Adams is TVA’s Target Market SpecialistEconomic Development. Adams assists automotive companies in locating and growing in the seven-state region. Creating a “catalog of sites” certified ready for automotive development was Adams’ successful brainchild. For more information about this topic, go to CoreNet Global’s Knowledge Center Online. SeverCorr: Partnerships Make the Deal http://www2.corenetglobal.org/dotCMS/ kcoAsset?assetInode=1993698 TVA Strategic Facilities Plan http://www2.corenetglobal.org/dotCMS/ kcoAsset?assetInode=69923 the le ade r 50 J u ly / a u g u s t http://www2.corenetglobal.org/dotCMS/kcoAsset?assetInode=1993698 http://www2.corenetglobal.org/dotCMS/kcoAsset?assetInode=69923

Table of Contents Feed for the Digital Edition of The Leader - July/August 2008

The Leader - July/August 2008 Leadership Contents Message from the CEO Real Estate in the News Organizational Design Accommodating Growth Responding to the Challenge EMEA's Building Energy Rating TVA's Shortcut to Success ANZ Banking Group’s Jane Hamilton Tractus Asia’s Dennis Messeroll Arizona’s Greg Weiner Workplace Design Workplace Directory The Texas Report Industry Tracker Discovery Forum Findings Career Development Congratulations to 2008 Corenet Global Award Winners! Young Leader Economic Development in the News Connect with Corenet Global A Look Ahead

The Leader - July/August 2008

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