ECONOMIC VITALITY COMMITTEE

This element of the Main Street Approach concentrates on strengthening the district’s existing economic base while finding ways to expand its economy and introduce compatible new uses. This work is rooted in a commitment to making the most of a community’s unique sense of place and existing historic assets, harnessing local economic opportunity and creating a supportive business environment for small businesses and entrepreneurs.

The Economic Vitality Committee and/or project teams have the job of identifying new market opportunities for the traditional commercial district, finding new uses for historic commercial buildings, and stimulating investment in real property. To succeed, this committee must develop a thorough understanding of the community’s economic condition and opportunities for incremental market growth. Specifically:

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 •  Build entrepreneurial economies;

 •  Strengthen and grow existing businesses and recruiting new ones;  

 •  Find new economic uses for traditional Main Street buildings;  

 •  Develop financial incentives and capital for business development and retail operations layout;

 •  Monitor the economic performance of the district

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Basic

 •  Complete and maintain building inventory for the downtown including:  

- Rental rates

-   Square footage

-   Age of building

-   Unique features  

-   Condition

-   Ownership

-   Vacancy

-   Taxes

-   Current photograph

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 •  Complete and maintain a business inventory for the downtown including:

-   Cumulative number of businesses

-   Ownership

-    Product / Service

-    Customers

-   Amount of sales

-   Sales patterns

-   Lease conditions

-   Availability (date / price)

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 •  Track program impact, including:

-   Changes in sales tax revenue

-   Changes in property tax revenue

-   Net new jobs

-   Net new businesses

-   Amount of private investment

-   Number of volunteer hours

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 •   Create a new business owners’ orientation kit. Develop a network of entrepreneur development partners to assist new entrepreneurs and existing businesses (micro-enterprise development organizations, SBDC, SCORE, EDA, Chamber of Commerce, etc.)

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Intermediate

 •  Complete market analysis including:

-   Surveys

-   Sales leakage assessment

-   Business recruitment plan

-   Business retention plan

-   Summary report

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 •  Develop a downtown development vision and strategy

-   Identify target niche markets

-   Develop a downtown clustering/leasing plan/strategy

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 •  Develop and market economic development incentives, including

-   Business seminars

-   Loan pool programs

-   Grant programs

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 •  Develop a small, local business recruitment packet and procedures

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 •  Develop business retention programs

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Advanced

 •  Expand organization’s role to develop or be a partner in the development of property in downtown

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 •  Expand organization’s role to provide micro-business development services, including micro-financing, credit building, etc.

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 •  Tap the power of local banks for local investment and work with financial institutions to create additional lending platforms (e.g. linking local deposits with local loans)

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 •  Develop community owned and supported businesses

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 •  Start a Local Investment Opportunity Network (LION) or other local angel investor “club”

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 •  Find ways to incorporate crowdfunding (e.g., Kickstarter.com, Indiegogo.com, Fundrise.com) into new business development

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