2013 ACTION PLAN — ECONOMIC RESTRUCTURING
- Support the creation, approval and implementation of a vacant property ordinance.
- Complete marketing study to support grant qualifications.
Economic Restructuring is one of the four points of the National Trust for Historic Preservation's Main Street approach which work together to build a sustainable and complete community revitalization effort.
Economic Restructuring strengthens a community's existing economic assets while expanding and diversifying its economic base. The Main Street program helps sharpen the competitiveness of existing business owners and recruits compatible new businesses and new economic uses to build a commercial district that responds to today's consumers' needs. Converting unused or underused commercial space into economically productive property also helps boost the profitability of the district.
Economic Restructuring involves strengthening the existing economic base of the downtown while diversifying it. Economic Restructuring activities include helping existing downtown businesses expand, recruiting new businesses, providing a balanced mix, converting unused space into productive property, and sharpening the competitiveness of downtown merchants.
The Economic Restructuring Committee works to develop a market strategy for the community that will result in an improved retail mix, a stronger tax base, increased investor confidence and a strong, stable role for the downtown as a major component of the community's economic health.
The Economic Restructuring Committee's responsibilities are complex and, therefore, getting volunteers for this committee can often be difficult. To overcome this, the Board can identify initial tasks that do not require specialized expertise, such as collecting data on downtown buildings for a retail recruitment program or reviewing and summarizing existing market information.
One of the Committee's first tasks might be to identify public and private sector groups in the community already active in economic development, such as local development companies, development authorities and city planning and development agencies. Set up appointments with all these groups to discuss their activities and to explain the goals of the local Main Street program. Ask for copies of any plans and market studies they have produced or commissioned.
The Economic Restructuring Committee could be composed of City Council members, officers of financial institutions, realtors and Chamber of Commerce Board members or staff, as well as merchants, property owners, attorneys and business teachers.