Recently in 08) Economic Development Category

Yesterday, Irving City Council unanimously approved the economic development incentive agreement.

The Greater Irving-Las Colinas Chamber, through the Irving Economic Development Partnership, have worked with the VHA team and their brokers reps, Jones Lang LaSalle, represented by Paul Whitman and Larry Toon, since fall 2011 on the need to relocate their corporate headquarters.

As a long-standing corporate citizen of Irving-Las Colinas, VHA initially considered a multitude of building locations within the DFW Metroplex, but came to a decision on 250/290 E John Carpenter Freeway which is currently owned by Behringer Harvard.  "We are please VHA has chosen to continue to grow its operations in our pro-business city," stated Chris Wallace, President and CEO of the Greater Irving-Las Colinas Chamber. 

The 250/290 E John Carpenter Freeway address was formerly the headquarters for The Associates and then later Citigroup.  Wallace indicated that the property had been challenging to re-tenant due to the fact it is under parked in today's office environment.

VHA is leasing a minimum of 280,000 square feet for 17 years minimum and through the agreement, they are required to maintain 850 existing jobs, create 34 new jobs and occupy 2,750 Irving hotel rooms nights annually during the 15-year incentive term.

Additionally, VHA and Behringer Harvard are both required to create and maintain established levels of increase in taxable assessed valuation in both real property and business personal property over the incentive term.  The maximum value of the combined incentive benefits over the 15-years is $3.2 million, providing all requirements are met each year.

"We listened to those in the community who are concerned that a $170 million bond issue is too large of a commitment for the City," said David S. Margulies, a spokesperson for LCG. "Research in the investment community shows that TDI can finance more of the transaction, which will make it easier for the City to fund its portion of the costs of the IEC."

"This is the most exciting project I have worked on in 30 years," said Bobby Page, TDI Managing Partner. "I went to work for Ben Carpenter more than 30 years ago and I have been in business here in Irving since 1980. The IEC is the best way to complete Mr. Carpenter's vision of making the Urban Center a place to live, work and play."

"The introduction of TDI, with its top notch executive team and decades of experience in Irving, has already led to great strides in moving the IEC forward," said Margulies. "TDI is actively involved in the IEC and has been a vital contributor on a number of important fronts including: restaurant leasing, naming rights, food and beverage concessions and on-site entertainment and promotion."

"TDI and LCG are working closely with the City Staff to continue progress on the IEC and address issues necessary to proceed in a businesslike manner," said Margulies. "TDI asked for meetings with the City Manager and Mayor, as well as key City Council Members, to explain the new financing plan and the progress that is being made on key elements of the IEC."

TDI opened an Entertainment Center Discovery Center at its offices at 600 East Las Colinas Blvd., Suite 1800 in Irving, Texas, to showcase the IEC to interested community leaders, residents and business partners. They also established a website forirvingsfuture.com to provide the community with additional information going forward.

IEC Called Vital to City's Economic Development

"This project remains vital to the city's economic development and commercial tax base," said Page. "Other cities are growing while Irving's commercial development is stagnant."

Irving is lagging in commercial development primarily because of a lack of amenities in the Urban Center, which caused reduced occupancy rates and lower commercial valuations for the buildings there. Without commercial development, the tax burden falls more heavily on homeowners.

"The Urban Center is a critical component of the future success of Las Colinas and the City of Irving," said Bernard L. Weinstein, who prepared an economic impact study of the IEC for LCG. "When fully developed, the vacant land in the Urban Center will support thousands of additional residents and daytime workers and billions of additional tax base dollars for the City," said Weinstein's report. The report goes on to caution that it is unlikely this development will materialize unless the Las Colinas Urban Center is perceived as a more vibrant locale.

The report also states that an improvement in the City's commercial property tax base would potentially reduce property tax rates by 10 to 15 percent.

Under the new proposal the City would retire its bond debt based on income from the 2 percent Hotel Occupancy Tax plus City and State sales tax rebates and a rebate of the City's portion of the IEC mixed beverage tax, which are already dedicated to the IEC. TDI's investment will be repaid from operating revenues from the IEC. The City will be requested to repeal the Parking Tax and Admissions Tax it previously passed, which would have been pledged to pay taxable bonds the City will no longer issue under the new proposal. LCG and TDI would have a maximum of six months to fund and close the transaction after the City receives its investment grade bond rating.

"TDI executives have decades of experience raising funds for projects throughout the United States, and after meeting with investment bankers and potential investors, are confident they can raise the necessary financing for this proposal," said Margulies.

"The biggest risk for Irving is letting this opportunity fall by the wayside and having the Irving Convention Center operate on a stand-alone basis," said Margulies. "This new proposal takes into account many concerns that have been expressed about the IEC while providing an opportunity to get the dirt moving on the IEC sooner."

SOURCE: Las Colinas Group

The Chamber hosted a Homebuilders Roundtable on May 8^th to discuss Irving's market for new homes and how to better communicate about available homes.  Many of Irving's leading home builders were in attendance representing new home construction in Las Colinas, South Irving and Valley Ranch.   

Chris Wallace, President and CEO of the Greater Irving-Las Colinas Chamber updated the home-builders that since January, there have been 147 new home permits issued in Irving with a value of $59.5 million.  103 were for single family homes and 44 for townhomes.   The Chamber staff also presented an update on the commercial market including recent recruitment and retention successes.

The homebuilders and the Chamber agreed to begin a coordinated effort to on educate the public about new home choices in Irving that range from the $100s to more than $1 million. 

Allstate Insurance Company plans to open 30 new agencies in Dallas-Fort Worth area this year, creating an estimated 90 new jobs across the area. The company plans on opening 100 agencies total statewide in 2012.

Allstate is looking for sales-driven, customer-service oriented professionals with management experience to own and operate the agencies. These new agency owners could generate 60-plus additional jobs in their communities in North Texas as they will need to hire licensed sales staff to help them run their small businesses.

Growth in North Texas

Allstate's recruiting goals for 2012 are segmented by area across the state:

City Approx. Recruiting Goal
Dallas-Fort Worth Metroplex:     30     
Houston/Valley:  20     
Central Texas (San Antonio-Austin):      25     
East Texas:      10     
West Texas:      10     

Allstate's recruiting goals for North Texas make up almost a third of its statewide goals because the D-FW area is one of the fastest growing areas in the state and country.

"Building our agency force is influenced by the strength of the marketplace," Caunitz said. "We target cities and areas that show growth and increasing demand as a part of Allstate's broader strategy to expand our presence in North Texas." 

$1,000 Referral Award

Allstate is now offering a $1,000 award to people who refer a candidate who is successfully appointed as an agency owner in Texas this year.

"We're looking for your coworkers and acquaintances that have an entrepreneurial spirit, are solution oriented and have a drive to succeed," Caunitz said.

Interested candidates need a minimum of $50,000 of liquid capital to invest in their agency. This money does not go to Allstate; it's to help ensure the agency can successfully fund the normal day to day costs associated with opening and running a business.

"The advantage of investing in Allstate is agency owners are able to leverage one of Texas' most recognized brands without ever having to pay a franchise or licensing fee," said Tom Caunitz, Allstate's Texas Strategic Deployment Leader. "The capital invested in the business will go directly toward the success of that agency."

How to Apply

Interested candidates can learn more about becoming an Allstate agency owner by logging on to www.allstate.com or by calling 1-877-711-1006.

Irving has been selected to host the Internation Triathlon Union Pan American Cup Race the first weekend of June.  The event organizer has hosted the PlayTri Triathlon in Irving for several years, and is expanding this year to include this new international event.

The event oganizer - Ali Zaher Enterprises LLC dba PlayTri Racing - is a professional triathlon event management company.  They are anticipating 2,000 attendees from outsite of Texas, as well as an additional 1,500 attendees from within the state.

The 3,500 attendees expected for this event are apart of the 2.66 million Irving visitors expected this year.  Combined, these visitors spend approximately $1.24 billion dollars, which support 12,142 jobs, and generate $38.1 million in tax revenues.  Those revenues generate $461 in tax base for every Irving household.

We are proud to welcome the International Triathlon Union Pan American Cup Race along side our partners at the Irving Convention and Visitors Bureau.

The Greater Irving-Las Colinas Chamber of Commerce is pleased to announce that eight small businesses have received national recognition from the US Chamber of Commerce.  The Chamber congratulates the 2012 Blue Ribbon Small Business Award^® winners! These successful small businesses have contributed to the vibrancy of American free enterprise and have been leaders in job creation and economic growth. 

Irving's Blue Ribbon winners are:  Big State Drug Store, Car Concepts (Rick's Independent Car Kare), FastSigns, Glory House Catering, and Larsen Dye Associates Architects.   Additionally three other nominees from the Chamber received national recognition as Free Enterprise Honorees for their strong business practices and contributions to the economy. Those businesses were:  FigDesign, Firemans Contractors, and Kerri Miene State Farm Insurance.

"Today, the U. S. Chamber celebrates the positive impact made by these companies and is proud to recognize them for their outstanding achievements," said Thomas J. Donohue, U.S. Chamber president and CEO.  Chris Wallace, president and CEO of the Greater Irving-Las Colinas Chamber stated that he was proud that the Chamber's nominees have been recognized as 8 of the 100 best small businesses in America and is tribute to the quality of businesses in Irving.

The Blue Ribbon winners will compete next for the Regional Small Business of the Year, which will be announced on March 15^th. 

Pictured below are representatives from 5 of the 8 nationally recognized businesses.
From left to right: Larsen Dye Associates Architects, FigDesign, Firemans Contractors Inc., Car Concepts (Rick's Independent Car Kare), Glory House Catering.

- North Texas has been selected as the venue for the 2012 Japan-America Grassroots Summit, an annual gathering of Japanese and American citizens which aims to strengthen the peaceful relationships between the two countries by fostering friendships at the grassroots level. The Summit, held alternately in Japan and the U.S., honors one of the first friendships between a Japanese and an American, a unique bond begun in 1841 and continuing through their descendants to the present day. This announcement was made today at a press conference hosted by the organizers of the 22nd Grassroots Summit, the Japan-America Society of Dallas/Fort Worth (JASDFW) and the John Manjiro Whitfield Commemorative Center for International Exchange (CIE) in Japan and the U.S.

The 2012 Japan-America Grassroots Summit will take place in North Texas from Tuesday, August 28, to Monday, September 3. Opening in Fort Worth and closing in Dallas, the week-long Summit will span the scope of the Texas cowboy heritage as well as the region's cultural and sports achievements. Residents of fifteen North Texas cities will open their homes and hearts to the Japanese visitors for a three-night local homestay program. The 15 North Texas host cities are:

 

Arlington                McKinney

Dallas                    Muenster & Lindsay

Denton                  Parker

Fort Worth             Plano

Gainesville             Richardson

Glen Rose              Southlake

Irving                    Waxahachie

The Summit honors the life-long friendship between Captain William H. Whitfield, an American whaler, and John Manjiro Nakahama, a Japanese fisherman and the first Japanese citizen to be educated in America. Manjiro's knowledge of America faciliated the opening of Japan to trade with the western world following the arrival of Commodore Matthew C. Perry in 1853. Manjiro taught English, navigation, ship-building and American ideas, such as democracy, to young Japanese samurais who led Japan to modernize and join the developed world.

"The friendship between these two men is unique in that it has continued for more than 170 years between their descendants," said Hiroko Todoroki, CIE Secretary General. "The purpose of the annual Grassroots Summit is to encourage new friendships between Japanese and Americans that will last a lifetme and beyond. Members of the Whitfield and Nakahama families play a pivotal role in each Summit, and serve as a reminder of the enormous potential of grassroots exchange."

The 2012 Japan-America Grassroots Summit is being presented by the JASDFW and the CIE in cooperation with the Consulate-General of Japan in Houston, the host cities, and community organizations. Sponsors are  7-Eleven, Inc.; Fujitsu Network Communications, Inc.; and Gulf States Toyota, Inc. Additional support is provided by The Trammell & Margaret Crow Collection of Asian Art, Dallas GiveCamp, and Suzuki Graphic Design Studio.

"North Texas is honored to be chosen as the host for the 22nd Grassroots Summit," said John M. Stich, Honorary Consul General of Japan at Dallas and Vice-Chairman of the Steering Committee of the 2012 Japan-America Grassroots Summit in North Texas. "We anticipate there will be approximately 150-200 Japanese visitors coming to North Texas. We look forward to introducing our Japanese guests to real Texas hospitality and to the many attractions in North Texas."

For more information, visit: www.NorthTexasGrassrootsSummit.org or call:

Martha Brounoff, Brounoff Communications
214-785-7517
broucomm@tx.rr.com

Amy Chae, Japan-America Society of Dallas/Fort Worth
214-342-2022
amy@jasdfw.org  

Regal Plastic Supply Company, the Midwest's leader since the mid-1950's of plastic sheet, rod, tube, film and fabricated parts, has purchased and closed on the 50,000+ SF facility at 9200 Royal Lane in Irving.  They closed on the facility in Irving on Tuesday January 31.  

The company plans to relocate and occupy the facility at 9200 Royal Lane no later than November 1, 2012, following the completion of tenant improvements. 

Currently, Regal Plastic has 30 full-time employees and by more than doubling their physical space in Irving, they estimate creating upwards of 70 full-time jobs within the next 10 years. The company will add approximately $3 million in new, taxable real and business personal property value to Irving's tax roll, and also generate an additional $20.4 million in taxable sales, thus helping to to sustain Irving's low residential tax base.

This news comes in response to another great team effort put forth by the Irving Economic Development Partnership to formulate a small, yet attractive incentive offer to Regal Plastic.

Regal Plastic is relocating from Dallas and their current location at 2356 Merrell Road.

Two new businesses have opened in Heritage Crossing:  Encanto Cake Shop and Chubby's Gym. 
Baking fresh good daily, Encanto Cake Shop, located at 118 E. Irving Blvd beside Big State Drug, provides gourmet cakes, cupcakes, cookies and brownies.  Specialties include red velvet, death by chocolate, lemocello, and fresh strawberry.  Stop by for a free sample. They feature sugar-free baking for diabetics. 
To get in shape for the new year, women are invited to try Chubby's Gym at 124 E. Irving Blvd.  They have a full-line of exercise equipment and provide personal training to help you meet your goals. 

With several new recruitment and retention projects in the works for 2012--more than 31 coming to the table since October 1--the entire North Texas area and local businesses will all benefit from economic activity in Irving. With a strong commitment to grow our local business and retail base in 2012 as in 2011, Irving is fortunate to have several new projects already in the pipeline before the New Year begins.

Our challenge, although a good one, is to prioritize these projects based on community needs, as well as what the market will bear in a recovering economy with tighter financial lending. Several Irving submarkets, such as Las Colinas, are always the first to turn around in tough economic times, and that is what we are seeing signs of today.

The city is working closely with DART to ensure light rail service to Irving in July 2012 and directly into terminal A and B in Dallas/Fort Worth International Airport in 2014. The Orange Line will generate a whole host of new opportunities for our transit-oriented developments and, in fact, become a recruitment tool for us as we win more economic development deals and grow jobs.

We recently welcomed several large corporations, including Ecolab and Celanese, as well as small to midsized businesses event retail locations like Sfuzzi, The Cellar, and Jos A. Bank. And now we've begun to see more planned projects from outdoor sports entertainment companies and upscale single-family and multifamily homes, which will increase density around rail stations.

The projects slated for the upcoming year will certainly benefit the residents and corporate citizens of Irving, but they also stretch across North Texas, as the Orange Line will be the first light rail to connect D/FW Airport and downtown Dallas.