For Immediate Release:

David Unruh

RiverCity Company

(423) 265.3700

dunruh@rivercitycompany.com

Katie Bullard, Project Manager
AngelouEconomics
512-225-9330
kbullard@angeloueconomics.com

Downtown Chattanooga Stakeholders Launch Effort to Develop Economic Development Strategy for the Central Business District

Chattanooga, Tennessee (June 23, 2006) —The RiverCity Company, at the direction of a broad-based group of downtown stakeholders, has hired an Austin, Texas-based consulting firm, AngelouEconomics (AE), to lead a 5-month planning process that will result in an Economic Development Strategy for Chattanooga’s Central Business District (CBD). The Project Steering Committee and AE will develop a strategy designed to increase economic opportunities in the 50-block CBD, bounded by 4th Street, 12th Street, Georgia Avenue and US27. The plan will identify the CBD’s economic characteristics and establish a vision, priorities, programs, tasks, activities, and funding strategies.

AE will develop an economic assessment of Chattanooga’s downtown, an identification of target industries that are appropriate for downtown, improvements that may be required to meet the needs of these industries, and recommendations for marketing to and attracting additional investment and an appropriate mix of uses.

The $135,000 project is being funded by a diverse group of local institutions, including RiverCity Company, The Benwood Foundation, City of Chattanooga, Chattanooga Area Chamber of Commerce, The Lyndhurst Foundation, The Berry Company, Blue Cross Blue Shield of Tennessee, Chattanooga Land Company, Fidelity Trust Company, First Tennessee Bank, Luken Holdings, SunTrust Bank, TVA, and UnumProvident Corp.

“In the plan, we’ll identify the key actions we’ll need to initiate to make sure our downtown core enjoys the same kind of success that areas like our waterfront or Southside are having. Out of 14 proposals from quality national firms, AE was selected because of the breadth and depth of experience with projects like this.” said Mike Butler, CEO of SunTrust Bank and member of the selection committee.

This planning process is driven by public input. A project website has been created at www.chattanoogadowntownsurvey.com. All Chattanooga residents and business owners and managers are asked to visit the site and take part in the survey that will help AE define the CBD’s primary assets and challenges

David Unruh, Project Director at RiverCity added, “Much of downtown’s remarkable turnaround has been a result of thoughtful and constructive input from all Chattanoogans. This site is a great way to share your opinions and suggestions and the site will keep you informed as the plan develops. Please take a few minutes to take the survey.”