Original Date: 01/22/2001
Revision Date: 01/18/2007
Best Practice : Managing an Industrial Park
The Tri-County Industrial Park is a regional economic development effort among four local governments. The goal is to bring environmental and economic benefits to the area by attracting new industrial entities. Currently, the effort has resulted in more than 2,500 jobs with an annual payroll of over $65 million.
The Tri-County Industrial Park is centrally located in the Tennessee/Virginia Metropolitan area. Completed in 1970, the Park was constructed as a regional economic development effort among four local governments and a grant from the U.S. Economic Development Administration. Jointly, the local governments acquired the 750 acres of land from the Piney Flats section of Sullivan County, and each contributed to the infrastructure costs. This joint venture is believed to be one of the earliest examples of cooperation among counties within the State of Tennessee.
Prospective tenants to the Tri-County Industrial Park must gain approval from each of the local governments. This approach is used to ensure that industries which occupy the Park are environmentally and economically beneficial to the region. Additionally, the economic development focus of the Park is to bring new industrial entities to the area. Therefore, existing area industries are ineligible to apply for sites. Purchase cost of each parcel is $12,500 per acre. Creative land management options result in tax incentives to the tenants for the first five years.
Today, the Tri-County Industrial Park is home to more than 27 companies, which equates to more than 2,500 jobs with an annual payroll of over $65 million. The local governments estimate that the remaining 150 acres will be sold by 2010. The Industrial Park is also designated as a foreign trade zone.
For more information see the
Point of Contact for this survey.