Thursday, December 15, 2005

New Lake as ED

“Head to Huntingdon, TN and buy land around the new lake they are building,” would be my advice, if I were in the real estate advisory business. They’ve been working on building this 977-acre recreational lake since 1984 when they formed the Carroll County Watershed Authority specifically for this lake.

Huntingdon is a town of 4,349 in Carroll County (population 29,364) midway between Nashville and Memphis. “Once built, the lake will likely be a boon for the country’s quality of life, bringing with it tourism dollars in the short-term and industrial and real estate development dollars in the long-term,” says Carroll County Chamber President Brad Hurley. He estimates the economic impact at $23 million for the first ten years, with a project annual increase of $1.5 million in property taxes for the county.

Another benefit that Hurley pointed out about the lake is “unlike a company which could come and go--it’s difficult to move a 1,000 acre lake. It is here for the future.”

In the past, I’ve written about the impact of these types of projects on a community. My travels around the country have solidified my conviction that a project like Carroll County’s is an economic altering event for a county and a region. It not only has a direct economic impact, but also more importantly raises the quality of life and brings many new people into the community.

I’ll be keeping my eye on this project and its impact.

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