MEET THE PROPERTY EVALUATION PROGRAM

The goal of the Select Tennessee Property Evaluation Program is to expand the state’s inventory of both industrial sites and existing buildings through an evaluation of a community’s existing inventory that prioritizes where investment may be most beneficial and what steps may be needed to address issues and shortcomings.

Prepared and available industrial properties are essential for a community to be competitive for industrial recruitment.  However, developing and maintaining this inventory is difficult and many communities have few quality properties available for the market.  To address this need TNECD, through the assistance of Austin Consulting, has developed a service to assist communities with evaluating properties under consideration for development.  Built on the principals and foundation of the Select Tennessee Site Certification program and incorporating Austin Consulting’s experience in corporate site location work, the Select Tennessee Property Evaluation program has been developed to assist communities by providing professional advice about the value and the potential for new investment in various industrial properties.

This program will benefit communities through emphasizing the importance of and assisting with planning for the future.  This includes both readying industrial properties for near-term development as well as creating a pipeline of properties for future development.

The Select Tennessee Property Evaluation Program will consist of the following five-step process:

• Step 1: Submit a Letter of Intent. You will receive the application upon receipt and confirmation of eligibility.
• Step 2: Application – This brief form will be completed by the local economic development organization and submitted to TNECD.  Up to eight (8) properties may be identified in this submission.   TNECD will select communities for program participation and forward the list to Austin Consulting.
• Step 3: Webinar –  Austin will present to each participating community an overview of the Select Tennessee Property Evaluation Program and industry insights to the site selection process.  This 60-90 minute webinar is an educational opportunity for local elected officials, economic development staff and their partners to better understand the corporate site selection process and get more familiar with the remaining steps of this program.
• Step 4:  Participating communities will then submit the community inventory and site comparative forms for each property.  Austin Consulting will review this information and select the candidates for further investigation.
• Step 5: Field Investigation –  Austin Consulting will visit each community to evaluate candidate properties, assess community attributes, and meet with local officials, staff and stakeholders.  Austin will provide guidance to the community in developing the visit itinerary. The field investigation is expected to take one full day.
• Step 6: Findings and Recommendations – Austin Consulting will prepare a final report that addresses each property’s strengths and weaknesses and recommend next steps to improve the marketability of each property investigated during the site tour

Austin Consulting and TNECD will work with economic development staff and elected officials to produce a comprehensive assessment designed to assist each participating community in achieving program goals.

APPLICATION PROCESS

A limited number of counties will be selected each round to participate in the Select Tennessee Property Evaluation program. Counties will be selected to participate through a competitive application process. Counties must participate in Three Star in order to be eligible for this program.

Selection will be based on the community’s ability to demonstrate the local need and market demand for industrial properties.  It will also be based on the county’s ability to assemble viable properties with market potential.  Counties are encouraged to apply for the round during which they would receive the greatest benefit from the program.  Applying before your county has assembled a viable group of sites will prevent your county from ensuring the best quality review of the most promising properties in your county.

The application process begins with the submission of a Letter of Intent to [email protected].

Download the “Letter of Intent” template here.

Upon receipt of the Letter of Intent, you will be provided the application.  In addition to the application, each applicant should submit a single map of the county/area that identifies by number each property being considered.  Each applicant must also furnish an aerial photo with the site boundary outlined, and (if available) a brochure/flyer for properties. Applications will be received by TNECD and reviewed by a selection committee.  If accepted into the program, applicants will be invited to complete the full application, which requests more detailed information about each property.

To prepare the best application possible, please follow these guidelines:

• Review the participation requirements and be prepared to demonstrate those in the application.
• Assemble a group of knowledgeable local staff, members of the JECDB/IDB/Chamber and regional partners to develop a preliminary list of potentially viable properties.
• Review with the appropriate local bodies the program and its purpose.
• Answer questions completely and include all requested exhibits

IMPORTANT DATES

2024 Fall Round

• July 11, 2024 Deadline for submission of a Letter of Intent
• August 15, 2024 Deadline for submission of applications to be considered in this round
• October – January 2025 Site visits for those counties selected to participate

2025 Spring Round

• January 16, 2025 Deadline for submission of a Letter of Intent
• February 14, 2025 Deadline for submission of applications to be considered in this round
• March – June 2025  Site visits for those counties selected to participate

PARTICIPATION, NEED AND LOCAL SUPPORT

Space in the Select Tennessee Property Evaluation Program is limited and highly competitive. Counties must have not previously participated in the program in the last three years and:

• Submit county-wide applications which consider properties located in all appropriate areas of the county.
• Clearly demonstrate local need, opportunity, and market demand for industrial sites and buildings.
• Applicants must acknowledge that they will obtain a letter of support from each owner of property submitted for evaluation.