Eco-devo chief: Longmont poised to lure aerospace, tech

LONGMONT — Economic-development expert Tom Clark waxed nostalgic Wednesday recalling how Longmont was a critical player in the early days of economic development in Colorado.

Clark, chief executive of the Metro Denver Economic Development Corp., speaking at the Longmont Area Economic Council Breakfast Series, recalled how Larry Green of Longmont, along with several others, garnered the nickname of the Magnificent Seven in economic development circles during the 1980s, and then when another person was added to the group, it became known as the Crazy 8.

In the 1980s, The Economic Development Association of Longmont, the LAEC’s predecessor, along with groups in Fort Collins, Greeley and Loveland formed what Clark called the Golden Triangle, working to attract businesses to the region.

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He said thanks to the efforts of Susan Pratt and her late husband, Ken Pratt, who hosted Japanese dignitaries for a visit to Longmont, made Longmont the best known city in Colorado among companies in Japan during the 1990s.

“When we went to pitch Denver to some of them, they asked if Denver was anywhere near Longmont,” Clark said.

Clark now oversees the Denver Metro Economic Development Corp., which works a region in Colorado from Castle Rock north to the Wyoming border with 70 partner organizations, including the LAEC and the Boulder Economic Council, he said.

His organization researches and maintains data sought by site selectors and companies looking to relocate.

“We are the nerdiest people you’d want to meet,” he quipped.

Clark commended the recent consolidation of the city of Longmont and the Longmont Area Economic Council’s economic-development efforts.

“Longmont is seen as having a consistently quality economic development program,” he said.

The consolidation resulted in developing the Advance Longmont program that will focus on external marketing, redevelopment within the city, and which will help small businesses and entrepreneurs develop.

Clark said there are similarities among the industry clusters that his group and LAEC are targeting, including aerospace and defense, data storage, computers and electronics, energy components and agricultural technology. Clark said Longmont has several things that are appealing to companies that want to relocate to a new area including low housing prices and an increase in cultural activities. “Longmont is a good second-choice for techies,” he said.

Clark also pointed out the top issues facing the region:

Transportation: There is a big need to improve Interstate 25 in Northern Colorado and I-70 to the east, he said. “We won’t be able to build what’s needed with existing tax revenue, unless we add foreign investments in partnerships, such as European or Asian investments.”

Energy: Clark said the growth rate of oil and gas revenue in the region is slowing due to the drop of oil prices. “Oil needs to be at $60 per barrel in order for companies here to make money.”

Housing prices: “Our region’s housing costs have been spiraling. We have the highest median sales prices of cities in the country that don’t have a coastline. Median sale prices for single-family homes has jumped from $315,000 to $375,000.”

Infrastructure: “We have a need for new infrastructure to accommodate growth. … We need to find a way to build infrastructure that will last us for another 100 years.”

Labor force: “We have high wages, but that translates to an expensive labor market for companies looking to move here.”

Water: Supply and rising costs pose an obstacle for development.