The impact of the public and private investment in
downtown Cookeville has been a very positive one. Gross
retail sales are continuing to increase, with some businesses
double and even tripling their receipts since 1993. In
1993, the downtown area represented approximately $13
million in gross retail sales. By year ending Dec. 1996,
it represented approximately $18.3 million and by 1998
(as of Nov. 1) the downtown area represented approximately
$22.9 million in gross retail sales. These figures indicate
a 57% increase in 6 years and they do not reflect any
professional services or financial institutes that are
located in the downtown area.
Downtown continues to attract new businesses and jobs.
Since 1993, there has been an approximate net gain of
25 new or locating businesses and an estimated net gain
of 30 new jobs.
Property tax revenues in the downtown have increased
tremendously. For example, in 1994 three downtown properties
had "pre-improvement" combined property tax
revenue of $1143.00. After the buildings were purchased
and renovated, their "post-improvement" combined
assessed revenue was $4382. The total increase in property
tax revenue to Putnam County was $3238 - which is a 281.2%
increase.
In 1994, the College of Business - Masters Program
- conducted a retail survey and analysis for CityScape
and the downtown area. This Marketing Analysis provided
a comprehensive profile of the downtown shopper and their
demographics.
CityScape has instrumental in directing prospective
property and business owners to the available downtown
property and providing them with the incentives to establish
their business. The Low Interest Loan Program allows
for acquisition financing, as well as renovation to
the building at a 1% below prime lending rate.
