Wayne County Chooses inSITE for Market Analysis and Demand Study
Wayne Economic Development Council (WEDC), selected inSITE Advisory Group to conduct a Market Analysis and Demand Study and prepare an Investment Prospectus for the Opportunity Zones located in the cities of Orrville and Rittman. The inSITE team began by collaborating with the county and cities to gather information, then helped develop stakeholder and engagement strategies as well as policy recommendations for the Opportunity Zones.
inSITE worked with the WEDC and cities to strategically craft a plan for project execution that established protocols and procedures for meaningful stakeholder involvement, key project tasks and action items and create a vision statement.
The team created a study of existing assets, conditions and sociodemographic indicators. inSITE documented local characteristics, opportunities and constraints, assess the market feasibility of proposed end uses/tenant mixes, and identify target industry clusters for which the cities are best positioned. A fiscal impact analysis was conducted for proposed development end uses/densities using IMPLAN input-output analysis. Each hypothetical development scenario related to the market demand and target industries.
The team worked closely with the WEDC, Rittman and Orrville to develop recommendations. A project progress update was presented to stakeholders and the community. inSITE identified critical transportation network and utility infrastructure needs, established structured partnerships with key stakeholders in the public agency, non-profit, and private business sectors, and prioritized a “short list” of policy recommendations that warrant immediate attention relative to Opportunity Zones
Finally, inSITE developed a strategy to implement the vision through a series of specific and actionable policies, programs and projects. Strategies consist of a combination of regulatory tools, incentive programs, public-private partnerships, funding mechanisms/financing tools, and grant opportunities that can be paired with Opportunity Funds as part of the capital stack for development projects. Emphasis will be placed on leveraging projected post-development job creation and economic impacts to justify public assistance (e.g. grants, incentives) to help offset “out of pocket” development costs. And, we assisted with marketing existing inventory of Job-Ready sites by providing marketing material for site selectors.