Page 82 - High Knob Master Plan

HIGH KNOB ENTITY
Operation Budget
Initially, during start-up years, the Entity may seek operating funds from Commonwealth and other governmental sources. The budget should cover operating costs, including salary for an executive director, and other necessary small-scale expenditures (e.g. marketing, community outreach, etc.). Although funding is required for initial start-up operation, the long-range goal should be for increasing portions the operating budget to come from economic gains and results of Entity operations, similar in nature to a Special Revenue Source (SRS) Fund. For example, the State contribution could be provided at 100% level for the first five years, then reduced to 75% of the original amount for the next 3 years, then 50% of the amount for the final 2 years of a ten-year period. During the ten-year period, the contributions from the SRS District would replace the State contribution.
Special Revenue Source (SRS) Fund
In the case of the HKRI area, new great-outdoors projects would receive financial incentives for start-up and initial operations perhaps through a loan pool established by the Entity and funded by participating financial partners (e.g. State, IDAs, local banks, etc.). This pool would be structured as advantageous to starting outdoor businesses and loan repayments would renew the loan pool and interest paid go toward operating the Entity.
Another option would be to establish a special assessment district for Great Outdoors Businesses that provides additional incentives for growing these businesses within the municipalities. This would be like Arts and Cultural Districts already enabled in Virginia. This new district would provide local incentives to great outdoors businesses within the designated areas, thereby increasing the tax base and enabling future contributions in increased tax revenues back to the Entity in the form of an annual partner contribution.
Capital Improvements List
The Entity will create and maintain a master list of capital projects and will prioritize, and participation from other applicable sources, for prioritized capital projects. It is intended that a series of proposed improvements be included and updated in the annual HKRI Capital Improvement Plan (CIP) during future budget meetings in order to allocate funding for specific projects in the High Knob region. This chapter provides an Implementation Matrix Tool to help the Entity identify and prioritize potential capital improvement projects to carry through implementation.
Updating the capital budget and discussion each year will help this important region see continued improvement throughout forthcoming administration terms. The yearly budget discussion will help keep The High Knob Initiatives a priority with respect to state and local funding allocations.
Regional Coordination
The Entity will need to coordinate between regional governmental stakeholders (like USFS, Spearhead, Heart of Appalachia, LENOWISCO and Southwest Virginia Cultural Heritage Foundation) regarding regional initiatives and capital project administration. Many of these governmental agencies continue to take-on and manage capital projects. There may be some, however, that are more appropriate for a non-profit to undertake, and the non-profit status may provide an alternative path to fundraising not available to these governmental partners.
Joint Municipalities Projects
The Entity would serve to induce, facilitate, and collaborate on economic development activities, particularly regarding joint- municipality projects, as well as future regional and signature projects. Projects should be coordinated among the Entity stakeholders and the municipalities.
Economic Incentives
The Entity would be responsible for implementing the High Knob principles outlined in Chapter 3. Because the municipalities within the HKRI Master Plan area all have different zoning, and land use guidance regulations, and all three counties have independent zoning regulations, coordinated land use and development policies among stakeholder municipalities are critical. Current public interest trends away from imposing overarching regulations that affect an individual’s use of their land. Thus, to be effective, voluntary land guidance policies beyond those in current comprehensive plans and zoning would work best when tied to incentives, provided by the High Knob Entity.
While enhancing economic development activity for the entire region, the Entity will need to capture additional monies generated to provide financing for some of the more challenging cooperative projects.
82 CHAPTER 10: IMPLEMENTATION
HIGH KNOB REGIONAL INITIATIVE