"Creating Economic Opportunity" By Crystal Morphis & Ernie Pearson

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Creating Economic Opportunity Through Multi-Jurisdictional Parks

As America emerges from the worst recession in generations, competition for economic development projects is more intense than ever before. The desperate need for job creation is driving changes in product development and incentives. In areas where the private sector is not creating product, public-private partnerships and publicly funded product development are filling the gap. In order to create a more marketable product in the face of increasing competition, the multi-jurisdictional park has emerged. This article discusses why multi-jurisdictional parks are a good economic development tool, how they are developed in North Carolina, and reviews five case studies. Multi-jurisdictional parks offer a way for communities to develop superior product while minimizing risk.

What is a Multi-Jurisdictional Park?

A multi-jurisdictional business park is just as the name implies, two or more local jurisdictions partnering in the development of a business park. The jurisdictions can be made up of any unit of local government and can be funded with or without private partners. Multi-jurisdictional parks are sometimes called revenue sharing parks. This article details various kinds of multi-jurisdictional park that have been set up between cities, counties and private partners. The combination of partnerships is limitless. Multi-jurisdictional parks are formed as an economic development tool. It allows localities to create marketable product in order to recruit new and retain expanding companies....

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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