CoreNet Global Announces Economic Development Award Winners at Summit Four Companies Receive Top Honors

CoreNet Global Announces Economic Development Award Winners at Summit Four Companies Receive Top Honors

Press Release
April 19, 2005

Toronto, Ontario and Atlanta, Georgia April 19, 2005 - Four economic development organizations that exemplify the leading edge of the site selection industry were selected as winners today for CoreNet Global s 2005 Economic Development Leadership & Accomplishment Awards. Winners have been recognized in two categories, Leadership & Innovation and Major Projects/Deals.

CoreNet Global, the world s leading professional association of corporate real estate executives, recognizes the increasingly strategic role that location plays in corporate strategy and operations. Its members include senior-level corporate real estate executives involved in these strategic roles and economic development organizations, representing national, state, regional and local interests.

The winners for Leadership & Innovation announced at CoreNet Global s Toronto Summit are:

  • City of Farmers Branch, TX An innovative local incentives package that resulted in the location of the JP Morgan Investment Services global investment service division through $1.2 million in annual property tax abatements, $1.6 million in sales tax exemption and $932,342 in training grants.
  • Commonwealth of Pennsylvania, Department of Community & Economic Development The state s Economic Stimulus Package leverages $2.3 billion in bonds and loan guarantees, includes an R&D tax credit program, and has resulted in the state seeing a 65% increase in successfully completed projects and a 76% rise in offers to business.

CoreNet Global Economic Development Leadership Award winners for Major Projects/Deals are:

  • Piedmont Triad, NC, Partnership for Dell
    Dell, Inc. selected the region for its largest manufacturing plant in the world a $115 million, 600,000 square foot facility with up to 2,000 employees resulting from the Piedmont Triad Partnership s work with the state, Community Colleges and the Golden Leaf Foundation.
  • San Antonio, TX, Economic Development Foundation for Toyota Suppliers
    A year after Toyota s location of a 2,000 employee truck plant, the EDF announced the addition of 18 on-site suppliers employing 1,500 workers, an unprecedented number at any North American automotive plant supplementing Toyota s $800 million investment.

Now in its fourth year, the award recognizes leadership, best practices and innovations in economic development among the organizations serving communities and corporations involved in location decisions.

Economic development the industry and the professionals serving it must understand the mindset that companies individual location decisions are linked to global business strategies of their clients, said CoreNet Global President and CEO Peggy Binzel. Our Corporate Real Estate 2010 research shows that this has become a key factor in determining which locations and communities come out ahead in the competition for new jobs and capital investment. The award winners and finalists share that understanding of the rapidly changing business needs of major companies seeking a competitive edge through their location decisions.

Judges from leading corporations, all site selection experts, reviewed a record total of 29 nominations, and named 12 finalists. Other finalists in addition to the four winners were:

  • Arlington, VA, Economic Development
  • Beacon Council, Florida
  • Cumberland County, NC, Business Council
  • Economic Development Corporation of Wayne County, IN
  • Michigan Economic Development Corporation
  • Pearland, TX, Economic Development Corporation
  • Pennsylvania Dept. of Community & Economic Development
  • Tennessee Valley Authority

The CoreNet Global Economic Development Leadership & Accomplishment Awards are sponsored by Stadtmauer Bailkin Biggins Economic Development Incentives Advisors.

CoreNet Global members manage US $1.2 trillion in worldwide corporate assets consisting of owned and leased office, industrial and other space. With 7,500 members representing large corporations around the world, CoreNet Global (www.corenetglobal.org) operates in five global regions: Asia, Australia, Europe, Latin America and North America, including Canada.