"The overall value of real estate in Oakland County is projected by the end of this year toreach $126 billion, exceeding the total value of all real estate in 10 separate states," Patterson adds in his recent 2002 address.
In 2001, Oakland had more than $2 billion worth of new investment that resulted inthe creation of more than 3200 new jobs. Another source of pride, he adds, is the county's participation in the national Main Street USA program.
"The value and potential of our Main Street Program is evident in the first year's results: $7.5 million of DDA/Tax Increment Financing spent directly on Downtown redevelopment has leveraged more than $25 million in private investments in these Main Street communities," he says.
Three new communities have now been brought on line: Lake Orion, Ferndale and Holly will join them.
"That's why we fight to bring business to Oakland County and expand our existing base of 59,000 businesses: their combined payroll of $30 billion contributes directly to the wealth of Oakland County and is essential in order to maintain the quality of life that we enjoy here," he adds.
Also helping has been a blockbuster report from the Anderson Economic Group of Lansing, Patterson says, which dispels the myth that this region may be more smokestack than high-tech.
The Anderson report confirms Oakland County had the third-largest high-tech workforce of any county in America, only surpassed by California's Santa Clara County in the heart of Silicon Valley, and Middlesex County in Massachusetts, the home of the Route 128 Technology Corridor in the backyard of MIT and Harvard.
"When it comes to attracting new business for Oakland County, we are competitive, some might even say 'scrappy.' We can go toe-to-toe with most regions of the country, and for that matter, most regions of the world, and win our share of economic development battles," Patterson says.
Covisint, an automotive Internet exchange, is a good example, he adds. Last year, Covisint, while temporarily housed in Southfield, MI, announced it was seeking a permanent home for its world headquarters.
"What followed was an international tug of war. At stake was landing as many as 1,000 new jobs, and a high tech company that is estimated to reach purchasing power in the range of $750 billion. Wherever Covisint went it would likely serve as a magnet for new economic development," Patterson says.
Oakland County waged an aggressive campaign over the last year and a half toconvince Covisint everything it wanted and needed to succeed was right at home, he said. The company chose to keep its headquarters in Southfield.
"That afternoon a few corks popped in my office," he reports.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
