When asked about mixed-use developments incorporating housing in the downtown area, Mashburn explains their current priorities: “There are a lot of different uses for the downtown space. Developers always like the multifamily component, and if done appropriately, it could work. However, we have plenty of multi-family in the area. We are more focused on single-family residential and commercial space right now.” ATTRACTING BUSINESS AND BUILDING INFRASTRUCTURE With residential growth firmly established, Princeton’s economic development strategy aims to diversify the tax base and create local employment opportunities while ensuring sustainable growth in the retail and commercial sectors. “We are very, very under retail right now. We’re in the process of adding some significant retail, but that doesn’t come without the rooftops either,” explains Wehmeier.“Your traditional economic development, manufacturing research, and headquarter-type commercial retail are areas that we focus on as far as development goes.” The city leverages several incentive programs to attract and retain businesses. “We have a facade program along 380 and downtown to help people renovate existing buildings. We also have restaurant and small business grant programs,” says Wehmeier. “We do have tax abatements available, and we use Chapter 380 agreements, which can be used in the same manner as a tax abatement. The difference is in the Chapter 380 agreement, you rebate the taxes instead of giving an abatement on the front end.” Princeton’s location in Collin County provides a significant advantage for workforce development. “Collin County is, I believe, still the fastest growing county in America.”Wehmeier notes.“Your workforce, your labor shed is larger than just our city limits.The county, in general, is very rapidly growing, very highly educated, very diverse, and that’s our workforce as well.” MANAGING THE RESIDENTIAL BOOM Princeton’s housing market mirrors its rapid 122 CIVIL AND MUNICIPAL VOLUME 06, ISSUE 04
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