As a master-planned community, New Albany’s approach to sustainable development attracts a diverse mix of new business investment while encouraging retention and expansion.
The largest master planned business park in the region, the New Albany International Business Park enables the city to achieve robust growth while avoiding the pitfalls of typical suburban sprawl. The master plan is continually updated with input from residents, businesses and other community stakeholders.
Public Private Partnerships
By aggressively leveraging public-private partnerships to promote business investment, New Albany has saved millions of dollars. For example, an agreement with American Electric Power (AEP), when the company located its mission critical transmission center here, allowed the city to lease the company’s advanced fiber optic network instead of building its own.
Utilizing AEP’s network saved the community $7.5 million and created a strong competitive advantage. The robust, carrier neutral fiber infrastructure was among the primary reasons that Nationwide Insurance and TJX Companies selected New Albany for their mission-critical facilities after nationwide searches.
Technology- and Shovel-Ready Sites
Location planning decisions are made easier for businesses thanks to New Albany’s technology- and shovel-ready commercial sites that meet the latest site selection criteria, enable businesses to efficiently expedite relocation and expansion decisions, minimize business disruption and maximize their return on investment.
Used throughout the nation, temporary economic incentives are an investment in the city’s future and put New Albany on an equal playing field when competing for business. Each incentive is carefully evaluated to ensure a strong return on investment for the city and schools.
The criteria for each incentive is based on a formula that calculates revenue generation per square footage of commercial development for each type of industry cluster. The formula was developed through a public process that established benchmarks and metrics prior to the business park opening in 1998. The benchmarks and metrics are periodically reviewed with public input.