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When a company is looking to locate in. a community, it typically does not have the time <br />to wait for a community to construct the infrastructure to the real estate or pass local <br />legislation regarding land use and zoning. This process could consume one to two years <br />(even longer in some states and counties). <br />As a result, site seekers will summarily dismiss communities which do not have a <br />building -ready site upon which it can construct a facility, regardless of all the other <br />geographic economic assets in the area. This is a major problem for many communities. <br />Private'- industrial developers will invest in private industrial or office- parks: Tliey will <br />oftentimes construct speculative buildings, both office and industrial. However, the <br />principal clients or users for this property are "consumptive" businesses. <br />Every community needs space for doctors and lawyers, engineers and accountants. <br />Industrial areas are used by auto body shops, plumbing and electrical wholesalers, or dry <br />cleaning plants. The growth of these businesses can be predicted. <br />However, no one knows when a new primary employer will come to town. As a result, <br />the private developer will not wait. Land and buildings are sold or leased to the first <br />business who wants to pay. The land for future primary employers is absorbed. <br />Many communities in the United States fully understand this <br />issue. This is why hundreds of counties and cities have invested in <br />community owned industrial parks or employment centers. <br />The property is reserved for primary employers and is not available <br />for consumptive businesses.. The land is looked upon by the <br />community as a long term investment in their economic future. It <br />might take ten to twenty years for the land to be fully absorbed. Of <br />course, once it is absorbed, the community is right back in the <br />position of not having any land available. <br />This is why community leaders should look far out on the time <br />horizon. For their long -term planning, they should identify today a <br />40 -year supply of potential real estate to provide for long -term <br />economic growth. <br />How oe bough - Page 34 - Version August 20, 20,07 <br />