Economic Development Projects
Workforce Development is top priority for this fund, ensuring that Fayetteville has the highly skilled workforce needed as our City grows. Other possible projects could include enhancing the City’s incentive program for recruiting new businesses. This could mean fostering public/private partnerships through land acquisition, site development, and improving infrastructure.
The 2019 Bond, which was approved by voters in April 2019, included up to $3.1 million for Economic Development projects. To date, the City has used economic development bond funds for two key projects: the Industrial Drive Commerce Park Extension as well as SLS Community and South Cato Springs Infrastructure Support.
SLS Community and South Cato Springs Infrastructure Support
What is this project?
The City’s second use of economic development bond funds was $2 million, which was combined with an additional $1.48 million in City Street Funds to serve a local match for a $3 million Community Project Fund award from the U.S. Department of Housing and Urban Development. The City Council voted unanimously to accept the Community Project Fund award and to commit $3,148,000 in matching funds on December 6, 2022.
SLS Community and South Cato Springs represent a unique economic vitality project in Fayetteville, centering equitable and inclusive economic development opportunities for neurodiverse adults. Utilizing key impact partners, SLS Community is a non-profit organization providing a community with vocational, residential, and clinical resources to improve the lives of neurodiverse residents and their families.
The South Cato Springs project abuts Kessler Mountain Regional Park to the north and Cato Springs road to the east. The project master plan integrates commercial, cultural, educational, entertainment, place-making, and residential components that promote a healthy lifestyle and meaningful interaction between neurodiverse residents and the broader community.
Why is this important?
Beyond the significant capital investment in and job creation expected from this project, SLS Community and South Cato Springs will deliver economic and community benefits by reaching a long-underserved segment of the population.
Today, neurodiverse residents face an unprecedented unemployment rate of 85% and will be the first generation of neurodiverse adults to outlive their parents. An estimated 1.3 million neurodiverse adults nationwide currently live with caregivers over the age of 60, necessitating a community-based response to ensure continued, comprehensive supportive services to maintain quality of life for Fayetteville’s neurodiverse residents and their families.
What is the project status?
Engineering and design of the sanitary sewer connection and road connection are currently underway. Staff estimates that ground will be broken on these two infrastructure projects in the first quarter of 2024.
Industrial Drive Commerce Park Extension
What is this project:
The City of Fayetteville's first use of economic development bond funds was $509,354 to serve as a match for a $2 million grant from the Economic Development Administration. The City Council voted unanimously to accept the grant during their November 17, 2020 meeting. The project is to construct 2,472 feet of road through City-owned land in the Fayetteville Commerce Park.
Why is this important?
The road will open up over forty acres of land for new businesses, or for expansion of existing businesses. Through the grant, the funds generated an immediate 400% return on investment.
What is the status of this project?
Construction is currently underway.