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Global View: A Portfolio Approach to Business Retention
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Many times, the importance of a community's businesses is lost in the busy lives of the local people. If a community makes it difficult for a company to do business, they may look at moving to another community. Research done by Blane, Canada Ltd., shows that the average community will derive 76% of its new jobs and capital investment from existing businesses. Business attraction will contribute 15%, and entrepreneurship covers the balance of new jobs and capital investment - about 9%. When you add in lifetime value of a company, their economic impact goes up even more. However, even with high numbers of existing businesses providing jobs, most communities take for granted their existing businesses, in the sense of an investment annuity. Not Lee's Summit!
Business retention is an important focal point in a comprehensive economic development strategy. By strengthening relationships with CEOs of existing businesses, EDCs are able to take the pulse of a community's service levels and business climate. By regarding local businesses as a portfolio, their value to the community can be measured and quantified. Lee's Summit EDC makes its outreach via one-on-one meetings and with a major push via its biennial Valued Industry Program (VIP) company visits.
LSEDC's recently published findings from meetings with local companies include some heartening trends:
1. 70% of the companies interviewed expect to expand in 3 years
2. They expect to hire 334 people
3. They will expand into 317,500 square feet
To view the entire report, click HERE to be connected to the report.
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It has been another productive quarter for LSEDC's collaboration with business and community allies. Some highlights from the second quarter of 2009 include:
The Arts Were Alive in Lee's Summit
On April 1, LSEDC hosted its quarterly investor meeting, focusing on the relationship between Cultural Arts and Economic Development. The program featured special performances by the Lee's Summit Symphony and Martin City Melodrama, along with speed sculpting by world-renowned artist Kwan Wu and a nationally recognized speaker Anthony Radich, who is the executive director of the Western States Art Federation. Bottom line: the arts and economic development are compatible partners in building a community's quality of life. In fact, the City of Lee's Summit is the first in the region to have a community arts plan. Click HERE to view the report.
Education and Economic Development: The Critical Link
The May Board of Directors/Advisory Board meeting focused on the critical link between education and workforce and how they impact a community's economic development efforts. Competitive communities require a close articulation between the needs of employers and the curriculum of schools. Click HERE for a link to the presentations given by Elaine Metcalf, Career Education Coordinator with the Lee's Summit R-7 School District and Interim President of Metropolitan Community Colleges Business & Technology Center, Deborah Goodall.
The importance of a technical education and its many facets were evident when members of all three of the award winning Lee's Summit R-7 High School Robotics Teams spoke about their experiences with the program, and showed off their work. To keep Lee's Summit in the national competitions, LSEDC is working with the sponsoring companies, the schools, local companies and interested individuals to build a sustainable revenue stream which allows R-7 students to participate annually in the local, regional and hopefully national competitions. Contact us if you are interested in helping Lee's Summit to have sustainable funding for these annual competitions.
2009-2010 Executive Committee and Board of Directors Announced
For its upcoming fiscal year beginning on July 1, LSEDC announced its Executive Committee and new Board of Directors members. LSEDC welcomes Keith Asel, Vice President of Private Banking - Commerce Bank and Damond Boatwright, CEO of Lee's Summit Medical Center, to the Board of Directors. They are filling positions vacated by Steve Rich, Vice President of Townsend Capital and Rick Viar, President of Summit Bank of Kansas City. Rick is moving on to the Executive Committee as treasurer.
Members of the 2009-2010 Executive Committee are:
• Chairman - Dr. George Pagels, Senior Vice President & Chief Medical Officer of Saint Luke's Health System; President & CEO of Saint Luke's East Lee's Summit
• Vice Chairman - Kurt Pycior, President of Pycior + Co
• Secretary - Daren Fristoe, President of The Fristoe Group, Inc.
• Treasurer - Rick Viar, President of Summit Bank of Kansas City
• Mayor Karen Messerli
• Steven Arbo, Lee's Summit City Manager
• Dr. David McGehee, Superintendent R-7 School District
• Immediate Past Chairman - Roger Meyer, President of Meyer Brothers Construction
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Please join LSEDC for its Annual Investor Meeting on Wednesday, July 1 at Longview Mansion. The meeting program will feature three topics:
• A Year in Review
• LSEDC Past Chairmen's Comments and Wisdom
• Volunteer Recognition
We hope you'll be there to welcome new LSEDC Chairman of the Board, Dr. George Pagels, and celebrate outgoing Chairman, Roger Meyer.
What:
LSEDC Annual Investor Meeting
When:
July 1
11:45 a.m. to 1:00 p.m.
Where:
The Longview Mansion
3361 SW Longview Rd.
Lee's Summit, MO 64081
Cost:
$20.00/person
(Cash, Check or Charge - Visa, Discover or MasterCard only)
We expect a sold out crowd, so reserve your spot today! RSVP to Shannan Cunniffe at scunniffe@leessummit.org by June 24.
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LSEDC was featured in the April 17 issue of the Missouri Focus newsletter distributed by the MO Department of Economic Development for its forward thinking regarding the Arts and Economic Development. To read the full article, click here.
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As past chair of the 4,000 member International Economic Development Council (IEDC), Jim Devine conducts site visits and evaluations of economic development organizations (EDOs) seeking to become IEDC Accredited Economic Development Organizations (AEDO). He recently finished an assignment, spending 2 days evaluating the St. Louis County Economic Council. Jim chronicled his visit and the interesting perspective that organization has on redevelopment and the impact he sees redevelopment having on Lee's Summit in a column in the Lee's Summit Journal. Click here to read the article.
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At the state level, LSEDC was the sparkplug to facilitate advocacy and outreach efforts in support of legislation providing an additional $50 million in incentives from the State of Missouri necessary for Kokam America to build a facility in Lee's Summit. The team successfully advocating for the funding and led by LSEDC investor Spectrum Consulting Group LLC, included Kokam, KCADC, KCP&L and Jackson County Economic Development.  Rendering of Kokam's proposed $650 million Summit Battery Park. The proposed facility would be 800,000 square feet, bringing 900 additional jobs with an average salary of $40,000 to Lee's Summit.
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LSEDC recently learned the value of aggressive legislative relations to yield substantial benefits for the business agenda in Lee's Summit. With the guidance of Mark Dickey, Director of Governmental and Business Relations for the Chamber of Commerce, LSEDC was involved with lobbying in Jefferson City in support of an angel investment tax credit legislation that would have provided investors a 30% investment tax credit. Unfortunately, that bill did not pass, as well as others dealing with new tax credits. BUT, all new tax credit proposals will be the subject of a special legislative committee this summer. Our Show Me Angels members will again drive to Jefferson City to testify on the need for the tax credit incentive to compete with Kansas' 50% tax credit. Many thanks to all our legislators (Brian Yates, Will Kraus, Jeff Grisamore, and Matt Bartle) for their help and support of our efforts.
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LSEDC Angel Investor, ViraCor Laboratories, is the beneficiary of special economic development legislation remedying an unintended consequence of the first Quality Jobs Bill. ViraCor now qualifies for the highest possible incentive under the Missouri Quality Jobs bill, allowing them to reap additional incentives when hiring more associates. Again, many thanks to Mark Dickey and our Jefferson City delegation.
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The attraction of Martin City Melodrama as an anchor tenant to the proposed Lee's Summit Performing and Visual Arts Center at Arnold Hall continues to move forward. LSEDC is leading the private sector aspects working in close collaboration with the city. A progress report to City Council is scheduled for sometime in June. A budget of $4 million has been established. Efforts to achieve this will include layering of state programs and federal tax credits, as well as financial participation from the Melodrama and private individuals. LSEDC is working with local groups to develop a market demand study of uses beyond the 12-month schedule of the Melodrama.
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Economic Development and LSEDC were topics of discussion during the May 7 presentation of the Lee's Summit 360 Strategic Planning Process to City Council. Click here to see video clips of the dialogue. The mission statement for the economic development key performance area is: "Lee's Summit is a progressive destination city with a fiscally balanced tax base and a strong sense of community, which attracts and retains investment by aggressively pursuing development and redevelopment strategies through public and private partnerships." To view the entire strategic planning document from the city's web site, click HERE.
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 At the June 3, Board of Directors/Advisory Board meeting, LSEDC Vice President Teresa Evans, presented the results of the 2009 Valued Industry Program (VIP) business retention report. Results indicate positive news, with 65% of the 43 companies interviewed reporting an increase in sales, while 70% indicate an expansion is planned for the next 3 years. Overall, the companies plan on hiring 334 new people in the next 3 years and build an additional 317,500 square feet. The full report, along with Teresa's presentation, is available on the LSEDC Web site. Click here to download the report. LSEDC is working with three local businesses that are considering expanding into about 100,000 square feet and possibly creating 100 new jobs. Stay tuned for more information on these local firms.
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DVA Nominated for Ethics in Business Award
LSEDC Investor, DVA Enterprises, was nominated for a 2009 Heart of America Ethics in Business Award. The awards underscore the importance of business ethics in Kansas City and honor businesses, not-for-profit organizations, and individuals who practice and believe in good ethics.
FPC is now Pycior + Co
Kurt Pycior, LSEDC Executive Committee member, has changed the name of his Lee's Summit-based commercial construction and development company to Pycior + Co, a collection of commercial companies. Pycior + Co focuses on construction, management, redevelopment and brokerage of commercial properties in the metropolitan Kansas City area.
Hollis + Miller Architects Receives Honors
Ingram's Magazine recently named LSEDC investor Hollis + Miller to its 2009 "Best Companies to Work For" list. In addition, the Kansas City Economic Development Council, which recognizes outstanding development projects that contribute to the growth of the Kansas City economy, selected Staley High School - a Hollis + Miller project - as the winner of the 2009 Cornerstone Award for public projects. Staley is the first LEED (Leadership in Energy and Environmental Design) silver certified high school in the Midwest. Hollis + Miller has four other LEED projects under construction.
Dr. David McGehee Elected to Leadership of American Association of School Administrators
LSEDC Executive Committee Member, David McGehee, Lee's Summit R-7 School District superintendent, was recently elected to serve a 3-year term on the Governing Board of the American Association of School Administrators (AASA), the professional organization for school superintendents and other school system leaders nationwide. As a member of the AASA Governing Board, Dr. McGehee will help set the policy agenda for the association.
ViraCor Celebrated as Champion of Business
On May 15, ViraCor Laboratories was celebrated as one of The Kansas City Business Journal's Champions of Business. The second-annual Champions of Business awards program honors area companies that have managed to strike an ongoing balance of discipline, commitment and vision - and translate it into sustained excellence. An independent panel of judges based their selections on financial success during a 3-year period, innovation and community involvement.
What an honor and boost for Lee's Summit's image. ViraCor was the only non-Kansas City company honored. Thanks for helping Lee's Summit and Eastern Jackson County in the news. It always amazes people how Johnson County and KCMO centric things are.
LSEDC Investors Honored by Chamber
Three LSEDC investors were among the five recipients of the Lee's Summit Chamber of Commerce's Res in Motus (Business in Motion) Business of the Year Awards. The winners include: Saint Luke's East-Lee's Summit (Non Profit); Summit Bank of Kansas City (6-25 employees); and Lee's Summit Medical Center (100 employees or more). For more information about the awards, visit www.lschamber.com.
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What is the R-7 School District doing to access stimulus funds?
Unfortunately, the Lee's Summit R-7 School District does not anticipate seeing much of the stimulus money, however, at this time, they have applied for:
• $1.5 million in a hybrid vehicle grant through the Management Services Division of Purchasing and Distribution
• The possibility of around $500,00 for special education bus replacement option
• A $1.5 million grant in the area of energy/performance contracting to upgrade the heating/ventilation and air conditioning (HVAC) systems.
In the instruction area, there are few options, as most criteria suggest student populations with a 35% or more Free & Reduced (F&R) Lunch population are a higher priority. Lee's Summit's F&R population is 14%. There is a possibility of other instruction or special education services stimulus funding, but R-7 will probably not receive any large one-time grants of the ARRA (American Reinvestment and Recovery Act) stimulus funds. The district is poised to apply for some technology funding, but again does not anticipate any large grants in that area.
The Lee's Summit R-7 School District had $14 million of capital requests submitted in February, 2009 with a budget of $500,000. However, despite the need and positive impact on the Kansas City metropolitan area workforce, the district is not eligible for stimulus projects that would use capital funds.
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Tell us about your company and what it does?
Truman Medical Center is a not-for-profit two acute-care hospital system in Kansas City. The TMC Health system includes TMC Hospital Hill, TMC Lakewood, TMC Behavioral Health, the Jackson County Health Department, and a number of primary care practices throughout Eastern Jackson County. Named one of the nation's top academic medical centers, TMC is the primary teaching hospital for the University of Missouri-Kansas City Schools of Health Sciences and specializes in asthma, bariatrics, diabetes, women's health, and trauma services.
Truman Medical Center Lakewood is a full-service medical campus, including the 103-bed hospital, and a 212-bed long-term care center with a special care unit for patients with Alzheimer's and Dementia. A comprehensive range of services is available, including Family Practice Medicine, a Women's Health Care Program and birthing center, a Sports Medicine Clinic, orthopedic and medical rehabilitation services, geriatrics, emergency medicine and mental health counseling services. A dental clinic and chiropractic services are also on site. More than 35,000 citizens of Eastern Jackson County receive their primary care annually through TMC Lakewood's family medicine offices at the Medical Pavilion, the Bess Truman Family Medical Center, and in several community clinics.
Why did you join LSEDC?
It is important for TMC Lakewood to understand the challenges and successes of other businesses in the community as we plan to meet the healthcare service needs of a rapidly growing population in Eastern Jackson County. Through LSEDC, we can stay in touch with the community, and be a part of the dialogue in order to meet the healthcare needs of all segments of the population.
What have you gained from your investment in LSEDC?
LSEDC'S community database has been a great reference source for evaluating any of our future service expansion needs or opportunities. Relationships with business leaders have provided consistent community exposure for TMC Lakewood and a place to tell our story face-to-face.
What projects or activities are you involved in Lee's Summit?
TMC Lakewood completed a $38 million dollar expansion in 2005 toward expanding vital services including medical office space, a 20 bed emergency department which treats more than 2,400 patients per month, a 34 bed medical/surgical inpatient unit, and an intensive care/critical care unit. In 2007, TMC opened the Lakewood Counseling Center, located in downtown Lee's Summit, and in 2008, a new G.I. clinic was added. Through fundraising efforts of the TMC Charitable Foundation, a new state- of the-art birthing center will be available to serve the Eastern Jackson County region.
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Investors Ignite is a section of the LSEDC Web site (www.leessummit.org) designed to highlight LSEDC investors. We need your help to make it successful. Please share exciting news and relevant information for us to post in the Investors Ignite section. Examples include:
• Awards and honors
• Industry achievements
• New product announcements
• News releases
• Your company was featured in a newspaper or magazine article
• You were on TV or radio
• Other exciting news about your company
Submitting information is simple! Just contact Sara Freetly-Grubb at sara@justbecandid.com or 816.554-3608 x2 with documents, details and photos so we can upload your news to the Investors Ignite section of the LSEDC Web site.
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