Multijurisdictional Industrial Parks and Revenue Sharing: An Application of Growth Pole Theory

Abstract

Rural communities often lack the fiscal capacity to make the necessary investments to differentiate their industrial and technology parks in a crowded marketplace. This case study examines Triangle North, a multi-jurisdictional industrial/technology park in North Carolina. The study discusses the application of growth pole theory as the intellectual underpinnings of the joint park, its innovative financing and revenue sharing arrangement, and lessons learned from its implementation that can be applied to other locales.

State Economic Impacts of Industrial Park Development: Evidence from Virginia’s Tobacco Region Megasite Program

“…Site selection consultants claim that certified sites may save six or more months in the site development process and help firms save $50,000 or more for larger industrial sites such as megasites (Mattson-Teig, 2013). Industrial parks that host complementary firms may help generate agglomeration economies and contribute to the growth of industry clusters (Jolley and Paynter 2013;Peddle 1993). To some degree, industrial parks also serve as quasi-public goods since some publicly provided infrastructure continues to be available for public use such as roadways, bridges, and common areas such as parks and greenways.…”