Page 213 - CityofWataugaAdoptedBudgetFY24

Economic

Development

Mission Statement

To make Watauga the best place to do business today
and in the future by generating equitable economic growth opportunities, building strategic partnership, and
maximizing resources.

Department Overview

To advance the economic strength of Watauga through business and community support programs, public
education, and strategic partnerships. Economic Development provides emphasis on improving the business
climate through new development, redevelopments, workforce development, business retention and expansion,
and small business development.

To enhance the quality of life for residents and the sustainability of City businesses through the retention and
revitalization of exiting business and neighborhoods, and promotion, recruitment, and coordination of new
commercial and residential development in the City.

Highlights/Achievements for FY2023
• Successfully negotiated and passed a Chapter 380 Economic Development Agreement with Mr. Froze
for a newly constructed retail commercial business to be located on Watauga Road.
• Assisted a private property owner with the recruitment of a development partner and facilitated the
rezoning process of a large parcel of land for a 132-home townhome development that will bring an
investment of approximately $53M in the community, which will result in a significant increase in sales
tax.
• FYE sales tax receipts for 2023 are forecasted to be higher than 2022 actual by 5%, with an increase of
2.5% from FY 2022-2023 budget.
Goals/Objectives for FY2024

• Aid in the revitalization of obsolete facilities through redevelopment, rehabilitation, and other available
means.
• Create outreach programs to facilitate and incentivize the revitalization of older residential
neighborhoods.
• Positively influence growth and redevelopment of the City’s business community.
• Improve the economic well-being of the City.
• Continue to maintain economic development related databases to meet the needs of the development
community.
• Stimulate participation in shop local programs.
• Prepare projects for development which allow for continued economic growth in the City.

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