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Targeting Growth

By MICHAEL D. BATES

Hernando Today

Published: March 18, 2009

BROOKSVILLE - To attract new business and industry to Hernando County, the first priority is determining where to put them and then move forward in getting the infrastructure in place, Engineer Nick Nicholson said Tuesday.
Once those areas are identified, the county must incur the upfront costs of putting in water, sewer and roads, said Nicholson, a member of the business and economic development committee.
Then it would be up to the county's Office of Business Development to start marketing those sites, he said.
The county could recoup its costs later from the developers, Nicholson said.
Nicholson's idea came up during a broad discussion of economic development incentives, and no formal vote was taken.
The idea is industry executives would be more enamored of moving to Hernando County if shovel-ready sites were available. In a down economy, businesses are looking for any kind of incentive and making them pay for infrastructure costs upfront is "cost prohibitive," he said.
Committee members Tuesday welcomed the idea and said there is precedent.
Deputy County Administrator Larry Jennings said the county designated the Kettering Road area in east Hernando as a future growth zone and invested money in building roads and utilities.
The Wal-Mart Distribution Center eventually chose that area to relocate.
Office of Business development Director Michael McHugh told the committee the tight credit market is making it harder for companies to get loans to expand.
Three years ago, a company could get 80 to 85 percent financing, McHugh said. Today, it's closer to 60 to 65 percent, so businesses have to put up more cash on the front end.
Also, businesses are reluctant to expand or relocate during these current insecure economic times, McHugh said.