What is Economic Restructuring?
Economic Restructuring – involves analyzing current market forces to develop long-term solutions; recruiting new businesses and strengthening the existing competitiveness of the traditional merchants and service businesses, while diversifying the economic base; creatively converting unused space for new uses, and working closely with the Design Committee to seek appropriate solutions for historic commercial buildings that will ensure their continued occupancy, maintenance and preservation.
How does a vibrant downtown help economic development?
- Merchants-Merchants have greater opportunity for growth and expansion expanded customer base less financial risk.
- Property Owners-Stable or higher rents, increased occupancy rates, and improved marketability of property along with higher property values.
- Financial Institutions-Expanded business customer base. Expanded residential customer base. Improved public image and goodwill. Fulfillment of community reinvestment.
- Professionals and Service Businesses-Ready-made customer base of district employees. Location near government, banks and post office. Nearby amenities for clients and staff.
- Chamber of Commerce-Potential new member businesses. Healthier overall business climate. Potential partnerships on joint projects
- Residents-Local accessibility to goods and services. Opportunities for volunteerism and leadership development. Preservation of community for future generations. More employment opportunities. Stronger tax base to support other community projects.
- Local Government-Increased sales and property tax base. Protection of property values and infrastructure investment. Reduced cost of services, such as police and fire protection. Reduced pressure for sprawl development.
- Community Partners-Civic clubs, historical societies, historic preservation organizations, religious institutions, senior citizens, arts groups, etc.). Improved quality of life in the community. New membership potential among new residents. Achievement of common goals. Preservation of community history.
- Schools-Higher property tax values. More businesses. Youth involvement in civic projects. Use of commercial district as “classroom” for school projects. Potential employment and business opportunities. More places to go and activities for youths.
- Industry– Improved quality of life makes recruiting and retaining employees easier.
This committee works to strengthen downtown’s existing economic assets while diversifying its economic base. By developing business retention, expansion and recruitment strategies, Main Street programs help convert unused or underutilized space into economically productive property to sharpen the competitiveness and profitability of downtown.
If you are interested in economic development or working with businesses, we welcome you as a volunteer for this committee. Contact the committee Chair, Scott Walz at firstname.lastname@example.org