Minutes 04/21/1992 - Laserfiche WebLink

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April 21, 1992 I have instructed Economid Deg~lopmen~'staff to establish as the highest priority the retention of existing businesses. We must, at all times, build and strengthen our economic foundation. Existing businesses are carrying the load, and an effective business retention program will ensure that they will continue to grow and be part of our economic future. This business retention focus Will involve the full-time assignment of staff resources with an equal emphasis on small and large businesses. Efforts will involve active, personal contacts and business category forums to provide direct Opportunities for Economic Development staff to listen, hear and respond to the concerns and desires of our community business partners. Significant community and staff effort must also be directed to the development of River Pointe Commerce Park, the Cox property, and the former site of Churchland High School -- all in the western part of our City. Equal effort, however, must be placed on renovation of the Frank Lawrence Stadium site, development of PortCentre, the old Coast Guard Station, our waterfront, Downtown Central Business District, and the vacant commercial parcels on Effingham Street. Currently, there is a flurry of business development activity taking place and I expect that, in the near future, major public announcements will be made concerning new business developments in Portsmouth. While I am non at liberty to disclose these new developments, I can reveal that there is active interest in PortCentre, River Pointe, the Cox property, and the former site of Churchland High School. Many of these development opportunities will involve the public financial participation necessary to stimulate and further private investment. Please know, however, that I do not intend to mortgage the financial soul of our city and thereby deny our taxpayers an opportunity to realize a return on public investment. We must not be so anxious on our path to economic progress that we allow ourselves to be persuaded into unsound solutions tO complex challenges. As we embark on economic development initiatives, our participation must be based on reasonable partnerships with the private sector. If we are not able to realize a timely profitable return on our investment, I will not recommend a project requiring a public financial commitment. Of mapor economic significance is the Children's Museum. We must go forward with this pro3ect as its completion is central to revitalization of our Downtown. Its opening will bring over 160,000 residents, visitors and tourists into our Downtown each year, creating an unlimited opportunity to fill the vacant storefronts in our beautiful Olde Towne Business District. The importance of this project to our City cannot be overstated. We must go forward, for the Children's Museum will do more than entertain children and their parents -- it will create real and potential business opportunities. The museum will also bring people to our City so they will see and know that Portsmouth, Virginia is a magnificent City with kind and caring citizens. In Portsmouth we must maintain our determination to create and identify our "niche opportunities." We must never be satisfied to simply be like everyone else. Portsmouth is a special place and our offerings must reflect our unique nature. By doing so, visitors and tourists will always have good reason to come here and return.