Chattanooga selected for inaugural Putting Assets to Work Incubator Program

GFOA

The city of Chattanooga is one of five governments across the nation selected to participate in the inaugural Putting Assets to Work Incubator Program. The program is described as "a selective new initiative that will revitalize and recirculate underutilized property and other assets to drive prosperity across the city." The Putting Assets to Work Incubator is a new initiative spearheaded by former Mayor and U.S. Rep. Ben McAdams, in partnership with the Sorenson Impact Center, Government Finance Officers Association (GFOA), and Urban3. The city of Chattanooga will take more than 650 underutilized parcels totaling more than 2,500 acres and leverage them toward better use, including properties ranging surplus tax sale properties to difficult-to-develop brownfields.  After 10 months of mapping and planning for these properties, the city will then use these assets to create homes and jobs while retaining public ownership. Chattanooga was selected from a competitive application process for the program along with Annapolis, Md.; Atlanta; Cleveland, Ohio; Lancaster, Calif.; and Harris County, Texas.