March 10, 2009

   A Publication of the Economic Development Corporation of Utah
CEO Jeff Edwards

President's Message

Downtown Roundtable to Highlight Massive Construction Investments in Salt Lake City


The downtown Salt Lake City skyline is changing -- evident by the massive construction projects taking place there -- and the commercial investment in downtown Salt Lake City will have positive impacts for the entire state. To highlight the many construction activities taking place and their resulting economic impact, the Downtown Alliance is hosting a media event on March 17, in the form of a roundtable discussion, for media representatives and special guests.

The roundtable discussion will be moderated by Jason Mathis, Executive Director of the Downtown Alliance, and will include representatives from the following organizations:

  • Salt Lake City Mayor's Office
  • Salt Lake City Council
  • Economic Development Corporation of Utah
  • Salt Lake Chamber
  • Salt Lake Convention & Visitors Bureau
  • Utah Governor's Office
  • Hamilton Partners (Developer; 222 South Main)
  • Property Reserve, Inc. (Developer; City Creek Center)

At the conclusion of the panel discussion, the media representatives attending will be given 10-15 minutes to ask questions of panel members. Media representatives that are interested in attending should RSVP to Craig Rasmussen at The Summit Group (801) 990-1163, by March 12, 2009.

Also, remember our Quarterly Investor Update, which will be held this Thurs., March 12 from 4 to 6 p.m. at Juan Diego Catholic High School. We are pleased to have Dan Purjes, with S Group International, as our guest speaker. The S Group recently located its corporate headquarters at the International Center near the Salt Lake City International Airport.

S Group International is composed of two divisions, SA International and S3 Entertainment. SA International has 100,000 customers in 50 countries and provides software technology for the large format printing industry. The company was previously headquartered in Philadelphia, Pennsylvania. S3 Entertainment, currently headquartered in Park City, Utah is a leading provider of digital home automation and entertainment systems.

Come hear why the two divisions of S Group International chose Utah for their headquarters. Please RSVP to Amber Deibert, (801) 328-8824, or e-mail adeibert@edcutah.org. See the invitation here.

Today's Economic Review also includes links to many of the ED-related news stories from the past week. As always, if you have comments, suggestions or topics you'd like to see in the Economic Review, please contact us by clicking the "Comments" link on the bottom of this page. Enjoy!

Jeff Edwards

Jeff Edwards
President and CEO

Feature

EDCUtah and GOED Will Lead Utah Delegation to ICSC RECON Spring 2009 Retail Development Show


This May a delegation of officials representing 20 Utah cities, one county, the Downtown Alliance and the Utah Transit Authority will join EDCUtah and the Governor's Office of Economic Development (GOED) for the largest retail development trade show in the world -- ICSC RECON Spring 2009 -- which will be held at the Las Vegas Convention Center and is put on by the International Council of Shopping Centers.

The convention draws approximately 50,000 attendees, which include some of the world's largest retailers, mall and shopping center developers, real estate brokers and economic developers.

"ICSC RECON is such a huge event it can't be ignored," says Michael Flynn, vice president of public development for EDCUtah. "As one of the largest conventions in the U.S., it has significant implications for our member cities and counties."

EDCUtah got involved in the RECON show six years ago, recognizing the need to support its municipal investors in their retail development efforts.

"Many of our member cities fund significant portions of their budgets from sales taxes, so we asked ourselves the question, ‘What can we do to help?'" Flynn says. The answer was to establish a presence at the RECON show. That first year of participation the Utah delegation consisted of EDCUtah and five cities. The delegation grew to eight cities the following year and now boasts 20 participating cities, with room for a few more -- if they sign up soon. Utah's booth space has grown as well. The first booth was in an obscure spot with limited traffic, but the Utah booth now occupies prime real estate in the leasing mall, right next to the big retailers and developers and just off of the main hallway in the convention center.

Matchmaking Opportunity

Tony Reynolds, community and economic development director for Roy City, says RECON is a great matchmaking opportunity and the central, unified concept of the Utah booth lends credibility to what the participating cities are trying to do in retail development. What's more, he says, the Utah booth provides the cities with greater exposure to retailers and developers new to the Utah market and provides a great place to conduct private meetings with developers, commercial real estate brokers and retailers.

Keith Snarr, economic development director for the City of Taylorsville, also serves as a state co-chair for the ICSC Alliance. He says attending the RECON convention gives his city a chance to meet the people who make things happen in retail development, nurture relationships and enhance partnerships.

"This convention is a deal-making event where deals are cut. However, the success of making deals depends upon pre-show preparations, quality contacts and appointments, as well as post-show follow-up activities," Snarr adds. "Overall, we want to paint a picture that Taylorsville is open for business and the convention gives us a lot of mileage for the investment."

Taylorsville Mayor Russ Wall and two city council members will accompany Snarr to the RECON convention. The Utah Transit Authority will also join this year's Utah delegation, to promote the commercial real estate developments that are available near its TRAX stations.

Retail Property Book

Flynn says one of the biggest attractions at the convention is the Utah Retail Property Book, which EDCUtah publishes in advance and distributes to retailers interested in Utah markets, along with the companion aerial map book published by the commercial real estate community. The aerial map book provides visual details for all of the locations in the retail property book. Many convention-goers stop by the Utah booth specifically to pick up their copy of the book and aerial maps.

Reynolds says the Retail Property Book provides the participating cities with greater exposure than they could obtain on their own. Each participating city has the opportunity to showcase five sites in the book. Consequently, retailers and developers interested in the Utah market receive tangible information on over 100 Utah retail properties.

"The Retail Property Book has proven to be extremely popular," says Flynn. "Many people have said it is one of the most valuable thing they take away from the show."

GOED Reception

A networking and deal-making reception hosted by the Governor's Office of Economic Development (GOED) is also a popular part of the convention for Utah participants and their clients. The reception is held near the convention center and provides an opportunity for the Utah delegation to meet, share best practices and host potential clients. Last year, reception attendees were addressed by Jason Perry, GOED's executive director, who stressed the state's support and interest in community retail economic development efforts.

"The reception is a fantastic networking opportunity," Flynn says, "and takes the whole convention experience to the next level. It and the reception provide an important venue for Utah's cities, as they promote their pro-business environments, quality locations, incentives and resources."

Flynn notes that additional cities are welcome to join this year's Utah delegation; however, time is running out to get information in the Retail Property Book, which will soon go to press. Consequently, cities interested in participating must contact Flynn right way. He can be reached at (801) 328-8824.

The Utah Delegation

Utah's delegation currently consists of officials from the following entities:

- Brigham City
- Downtown Alliance
- Draper
- Eagle Mountain
- GOED
- Herriman
- Layton City
- Lehi City
- Murray
- North Salt Lake
- Orem City
- Pleasant Grove
- Roy City
- Salt Lake City
- Salt Lake County
- Sandy
- South Jordan
- Spanish Fork City
- Taylorsville
- Tooele City
- UTA
- West Jordan
- West Valley City
 

In The News

Economic Development Headlines from the Past Week

Movie execs eye Park City for studio

- Heber movie producer Todd Bay said he wants to make Park City Utah's film industry hub by possibly building a production studio complete with sound stages, a recording studio and post-production facilities at Quinn's Junction. (Park Record) (Utah Business Magazine)

Quirky liquor laws hurt economic development

- Commercial real-estate professionals are making a last-minute appeal to state lawmakers to ease quirky liquor laws they say are hampering economic development in Utah. (Salt Lake Tribune) (KCPW)  (Park Record)
(Salt Lake Tribune)

Some companies still growing in Utah

- While some companies are struggling, others say they've diversified enough to see significant growth. But for people who are looking for jobs, is there any good news on the horizon? (KSL)

Dessault, Smith capture Xterra winter world titles

- Rebecca Dessault has spent a year thinking about how different skis might have meant a win in the 2008 Xterra Winter World Championships. The 28-year-old mother of two wasn't going to let this championships be decided by equipment. So she contacted Dave Goode, of Goode Skis, and got super light Randonee skis that allowed her to hang onto the more than three minute lead she held over the rest of the field in Sunday's race. (Deseret News)  (XTERRA)

Governor Huntsman to Lead Israel Trade Mission

- The Governor's Office of Economic Development (GOED) announced that Governor Jon Huntsman will lead a Utah trade mission to Israel May 11-14, with stops in Jerusalem and Tel Aviv. (World Trade Center Utah newsletter)

Utah Economic Summit set for end of March

- The Utah Economic Summit, featuring Gov. Jon Huntsman and Wells Fargo bank economist Kelly Matthews, is scheduled for March 30. (Salt Lake Tribune)

Pixar president to speak at summit

- Ed Catmull, president of Pixar and Disney Animation Studios, will be the morning keynote speaker at the 2009 Governor's Utah Economic Summit, set for March 30 at the Grand America Hotel. (Deseret News)

South Weber gets national notice

- When you're small, it's nice to have people take notice of you. Like if you're South Weber, some people forget you are actually part of Davis County. But then someone like BusinessWeek takes notice that you're one of the top 10 affordable suburbs in the United States, and you beam with the pride of the biggest cities out there. (Deseret News)

Envision Utah unfurls 'pioneering' Cache Valley plan

- Cache Valley residents took a step back in time last week, collectively preparing to leap 30 years into the future. Gathered to participate in an Envision Cache Valley Growth Summit, business and civic leaders met with hundreds of Bridgerland residents to discuss Envision Utah's top issues -- growth, transportation, air quality, education and quality of life.

(Deseret News)

Salt Lake County eyes solar for homes

- After announcing an expansive plan to install solar panels on the roofs of Salt Lake County-owned buildings a couple of months ago, Mayor Peter Corroon is pushing forward with new measures aimed at making it easy -- and affordable -- for county residents to tap the power of the sun. (Deseret News)

Road work to provide Utahns jobs

- Thanks to large injections of government funds aimed at creating jobs and stemming the tide of the faltering economy, Southern Utah will see several large projects soon get under way, including pavement work, bridges and the construction of the full length of a proposed $475 million highway between St. George and Hurricane. (Spectrum)

Editorial: Bill may help attract renewable energy

- An effort to attract more alternative energy-related companies to Utah gained the unanimous approval of the Utah House on Friday. (Standard-Examiner)

Recycle Utah to promote "green" jobs

- If youth are our future, then the success of the sustainable living movement rests in their hands. Recycle Utah would like to do more to get teenagers thinking what role they could play in a sustainable future. (Park Record)

Could Utah uranium save climate?

- An executive for a Utah mineral exploration company told Congress Tuesday that the best way to fight global warming (from carbon fuels like oil and coal) and protect federal lands at the same time is to promote nuclear energy -- and allow more uranium mining in places such as Utah. (Deseret News)

North Temple's 'grand' vision debated

- It's the $6 million question. And the implications are grand. Salt Lake City leaders are wrestling with whether to embed the airport TRAX line in concrete -- a $6 million venture -- or use a cheaper design that would save money for trees, art, park strips, benches and bicycle lanes. (Salt Lake Tribune)

2 bills expand power of development body

- Park City and Summit County have worked hard to keep a rural, country feel to their areas, say local leaders. But now, they believe the Legislature is sidestepping their efforts to tame growth. The issue: Hill Air Force Base wants to team with an Ogden developer to create a 600-to-800-room hotel with an adjoining movie studio lot at Quinn's Junction east of Park City. (Salt Lake Tribune)

Draper Land Swap Approved by Lawmakers

- The House of Representatives approved a bill yesterday to allow land that includes an archeological site in Draper to be used for transit-oriented development. (KCPW)

Op-ed: Higher education funding really investment in future

- Hardly a day passes that I don't hear someone offering the opinion that the Dixie area economy needs to be more diverse, with less dependence on the businesses that provide products and services supporting residential growth. The Washington County Economic Development Council identified that need 12 years ago while modeling its first strategic plan. It continues to be the driving force behind the work of the council. (Spectrum) 

Midvale to bond for $6 million in road improvements

- The City Council is pursuing a revenue bond of up to $6 million for construction of intersections and citywide road improvements. (Deseret News)

Governor Huntsman and Utah Legislature Sign Bonding Agreement, Estimated to Provide 60,000 Jobs

- Governor Jon Huntsman, Jr. and the Utah Legislature scored big for jobs, consumer spending and our future by investing $3.3 billion now in roads and state buildings, said the Salt Lake Chamber yesterday. (Utah Business Magazine)

Hyatt enters Utah market

- Absent from Utah's hotel scene until now, the Hyatt brand is establishing a presence in three diverse areas of the Salt Lake Valley. (Salt Lake Tribune)

Dew Tour to return to Salt Lake City

- The Dew Tour will return to Salt Lake City this September as the fourth stop of the 2009 season. (Salt Lake Tribune)

Junior Freeskiing Nationals set for Snowbird

- Snowbird Ski & Summer Resort will play host March 8-10 to the inaugural Junior Freeskiing Nationals. (Salt Lake Tribune)

Utah business conditions better but still weak, report says

- A business-conditions gauge for Utah had an upswing in February -- the first monthly rise since September. (Deseret News)

CALENDAR


Mar. 12:  EDCUtah Quarterly Investor Update (Juan Diego Catholic School) from 4 p.m. – 6 p.m. Invitation here.

Mar. 24-26:  JEC Composites Show (Paris, France)

Mar. 30:  Governor's 3rd Annual Utah Economic Summit (Grand America Hotel, Salt Lake City)

Apr. 15-17:  Utah League of Cities and Towns Midyear Conference (Dixie Center, St. George)

Apr. 26-28:  CoreNet (Dallas, TX)

Apr. 29-May1:  SME (San Diego, CA)

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