Anatomy of a deal: Chattanooga's 21st Century Waterfront Project Wednesday, October 13, 2004 Chattanooga's 21st Century Waterfront Project, to be completed next Spring, is unique among urban waterfront financing models: it does not rely on any funding from the city's general fund or from the state or federal governments. Included in this revitalized 21st Century Waterfront Project (129 acres) will be: -- $30 million expansion of the Tennessee Aquarium (the world's largest freshwater aquarium) -- $20 million expansion of the Hunter Museum of American Art. (A recognized leader among museums specializing in American art) -- $3 million addition to the Creative Discovery Museum (named one of the top 20 children's museums in the nation) -- $6l million for enhanced public parks and recreation facilities along the Tennessee River banks. Led by Chattanooga's Mayor Bob Corker, this 21st Century Waterfront Project has both an unusual funding formula and a community involvement record. For example: 1. No funds are provided from the City' s general fund. 2. The $120 million funding package is divided between the public and private sectors, with $69 million generated from a dedicated lodging tax and the balance $51 million has been raised in the private sector. 3. More than 800 people, from all walks of life, participated in the planning process. The American Planning Association and American Rivers.org have hailed the project as a national model. They have recommended the initiative to other cities as a formula for luring residents and businesses downtown. Learn more. The investments are building Chattanooga's reputation as a tourism destination. Read more. posted by Ed Morrison |		This work is licensed under a Creative Commons License. links Some Background on EDPro Weblog The purpose of this weblog is to help economic development professionals -- EDPros -- keep up with the changes sweeping our profession. Strap on your goggles. It's a whole new game. There are no experts any more. The only place to learn about economic development is from other EDPros who are doing it. One other point: the prevaling approach (paradigm, if you like) in economic development is shifting from competition to collaboration. There are a lot of reaasons underlying this shift, but here's the important insight: You, your community, and your region will do better by collaborating and sharing information. So, spread the word...Share the knowledge. Tell a friend about EDPro Weblog. If you are using a news reader, here is the link to syndicate this site: Here's the link if you are a bloglines subscriber: Speaking and workshops on Open Source Economic Development As the idea of Open Source Economic Development starts spreading, more people are asking about it. Visit the I-Open web site to learn more. My colleagues and I are happy to explain the basic concepts in a talk or a workshop. E-mail Susan Alshuler if you'd like to learn more about workshops and speaking. Background on Ed Morrison Download some background information on me here.

The Web EDPro Weblog