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HomeMy Public PortalAbout03 Breckenridge Economic Development Plan Economy 22 of 66 Local Economy Goals, Actions, Indicators & Targets Goals 1. Focus on efforts to enhance and promote the tourism related economy. 2. Strengthen marketing efforts toward new visitors. 3. Provide an atmosphere which focuses on economic stability in real estate and commercial trades. Actions Underway 1. Maximize tourism marketing efforts The Town’s main marketing arm is the Breckenridge Resort Chamber (BRC). Recently the Town has also established a marketing committee. The Breckenridge Marketing Advisory Committee (BMAC) advises the Breckenridge Town Council in marketing, advertising, events and promotions of the community as a year-round resort, and that which the Council determines are beneficial to the economic vitality of the community. The majority of these efforts are funded from the Town’s Marketing Fund. This advisory group is comprised of six community members representing the Lodging, Restaurant/Retail and At- Large communities; a Town Council member also serves on this committee. 2. Focus on Town economic development dollars towards tourism BMAC has been focusing dollars designated solely for marketing in the Town budget on event enhancement and marketing incentives geared toward group sales and potential new events. 3. Enhance Town recreation opportunities The Town’s Open Space program has regularly increased the amount of trails in the Town and improved the quality and maintenance of existing trails. The Recreation Department provides a diverse variety of recreational programs for all ages. Private entities such as Vail Resorts have also added new recreational attractions (e.g., the coaster ride). 4. Promote historic preservation efforts and increase retail and restaurant space The Town’s Historic District is an attraction to visitors. Maintaining historic buildings in good shape is important to retain the appeal of the Historic District. The town is currently looking at providing incentives Strong Spring Break Visitation Boosts the Local Economy 23 of 66 for historic structure stabilization through a change to the development code that would allow for free basement density for usable retail or restaurant space. 5. Provide economic indicator dashboard for business’ use In January 2011, economic indicators were developed and placed on the Town website. Indicators are focused on providing information to the business community regarding both local and national economic conditions that may affect local tourism. The Town is continuing to monitor these and update the website on a monthly basis in order to inform business owners of trends over time. Examples of indicators include: local retail, real estate and lodging sales, foreclosures, unemployment (local, state and national), traffic numbers at the Eisenhower tunnel and Highway 9, and sales tax comparisons to other ski resort areas. 6. Encourage BRC to market heritage and arts opportunities heritage sites The Town actively supports the Breckenridge Heritage Alliance and the Arts District. Heritage and arts tourism attracts a different demographic of visitors and offers an alternative form of entertainment. The Town continues to encourage the BRC to promote a variety of activities that the Town offers. 7. Continue to enhance offerings at arts and heritage sites The Town funds activities, events, and displays at arts and heritage sites as a means of attracting heritage and art visitors. 8. Maintain appropriate information technology levels (e.g., wireless and broadband) for businesses, visitors and residents The Town continues to monitor technological capabilities and capacity to ensure adequate information technology is provided for residents, businesses and visitors. It may be necessary, should service issues arise, to work in conjunction with other resort communities to ensure that any lack of technology capabilities is recognized and addressed as an issue at the state level. Actions to be Undertaken within the Next Year 9. Engage lodging companies in promoting events, downtown retail and restaurants to their clients Providing information to visitors can increase their participation in events and increase the frequency they visit local commercial establishments. Lodging companies are in a unique position to distribute Barney Ford House Restoration A Piece from the Annual Sculpture on the Blue Event in the Arts District 24 of 66 information. Under this action, the Town/BRC would work closely with the lodging companies to provide general information, brochures, event flyers, etc. for current and upcoming events as well as information on restaurants and retail establishments. 10. Promote "Breck lifestyle" through marketing to targeted groups The Gen X and Baby Boomer generations are keys to Breckenridge’s economic success. Increased efforts toward marketing to these groups will be a focus and may include such topics as targeted programming at the Riverwalk Center, events and activities for young families, and real estate sales focusing on targeted lodging needs. 11. Work on marketing and other programs that increase lodging occupancy rates year round. Work on programs that encourage day visitors/skiers to stay in Town longer to visit retail and restaurant establishments. The Town will work with Breckenridge Resort Chamber (BRC), BMAC and Vail Resorts to market events during slower visitation periods, and promote shopping, and dining after the end of the ski day (e.g. utilizing signage inside the gondola cabins or utilizing variable message boards for events). 12. Enhance information on variety of activities available Coordinate efforts by BRC, Lodging, Retail and Restaurant Associations and Vail Resorts on providing a consistent message on the numerous entertainment options and special events available. Look at enhancing a ―central clearance house‖ of information such as the BRC website (gobreck.com). 13. Enhance marketing efforts of the Town’s diverse recreational opportunities Recreation is the primary driver of the Town’s tourism base. By increasing efforts to market different recreational opportunities available (e.g., mountain biking, cross country skiing), the Town can broaden its visitor base. Under this action, the BRC and Town Recreation Department would enhance their marketing efforts related to alternative recreational opportunities. 15. Encourage second homeowners to utilize homes more and become invested in the community Many retired business people own homes in Town and their experience could be beneficial to organizations in the Town pursuing different economic development strategies. In addition, encouraging second homeowners to utilize their properties more frequently can result in additional sales revenues in the Town. This action is focused on courting these untapped resources in our community. The Winter Dew Tour has become a popular early winter season event that draws many participants and visitors 25 of 66 Long term actions 16. Enhance restaurant or retail experience through providing access to centralized reservation systems. The Town currently has ten wi-fi hotspot locations in major public areas throughout the Town core and Town facilities in which visitors can gain access to a centralized reservation system such as Open Table. However, many visitors are unaware of the locations available. Further advertising wi-fi hotspot locations for access to reservation systems or providing a computer for such use at the Welcome Center could encourage visitors to stay after the ski day and would provide better access to the information for overnight guests. 17. Promote redevelopment efforts to enhance property values There are many properties in Town which are aging and outdated. The Town has already begun to see some of these properties undertaking exterior remodels to provide a more attractive updated building. Promoting efforts to enhance property values and preserve historic structures will make the community retain its character for residents and visitors, employ those in the construction industry, and add usable retail and restaurant square footage to the commercial core. 18. Pursue alternative revenue streams Long term projections indicate that the existing revenue streams of Colorado municipalities will not be able to keep pace with the growing demands for services and that Colorado communities are in need of finding new revenue sources. The Town is considering pursuing new revenue streams such as a tax on ski lift tickets. The revenue from such a tax could be used to for example, fund a fully integrated transportation system with the ski area. Other alternative revenue streams could include a medical marijuana tax. 19. Pursue opportunities for joint marketing partnerships with the Breckenridge Ski Resort Although the Town, BRC, and ski resort coordinate frequently, additional steps could be taken to maximize efficiencies of marketing efforts among the organizations. Oktoberfest is a popular offseason event . Before and after photos from a condominium renovation 26 of 66 Economic Monitoring Indicators and Targets- Collected Monthly Topic Indicators Targets Unemployment Local unemployment rate State unemployment rate National unemployment rate Area median income No significant increase over previous month in unemployment rate. Also monitors change from previous year to date (due to seasonal job demand changes). Increase in area median income annu- ally Real Estate Local real estate sales Foreclosure distressed properties Number of building permits issued Positive year to date growth in dollar vol- ume of sales. Reduction in number of foreclosure properties from previous months. Lodging Lodging tax collections 6 month occupancy forecast Monthly Average Daily Rate and Revenue per Available Room Increase in 6 month projected occu- pancy forecast Increase in monthly occupancy over pre- vious year’s YTD Sales Tax Local sales tax collection in compari- son with other Colorado resort com- munities Sales tax and accommodation tax comparison Turnover of Businesses Positive trend over previous year’s YTD. Increase in accommodation tax collec- tions resulting in increased sales tax. No net decrease in number of busi- nesses or types of businesses. National Indicators S&P 500 compared to real estate transfer tax Consumer confidence index Increase of monthly average real estate transaction closing price. Increase of monthly consumer confi- dence index. Traffic and Sales Traffic counts at Eisenhower tunnel and Highway 9 Highway 9 traffic counts and sales tax collections Maintain consistent capture rate of traffic from Eisenhower to Highway 9 over monthly YTD. 27 of 66