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.
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?
The City of Fayetteville is currently negotiating a construction contract for the Industrial Drive extension project. Construction of the road is slated to begin in Q2 of 2023