Economic Revitalization
Purpose of the Economic Revitalization Committee
The job of the Economic Revitalization Committee is to identify new market opportunities for the traditional commercial district, find new use for historic commercial buildings and stimulate investment in property. The Economic Revitalization Committee must develop a thorough understanding of the district's economic condition and its best opportunities, focusing on incremental change that gradually improves the area's economic foundation and eventually make large-scale investment possible. The Economic Restructuring Committee's five major responsibilities are:
- Learning about the district's current economic condition and identifying opportunities for market growth
- Strengthening existing businesses and recruiting new ones
- Finding new economic uses for traditional Main Street buildings
- Developing financial incentives and capital for building rehabilitation and business development
- Monitoring the economic performance of the district
Committee Responsibilities
The Economic Revitalization Committee's responsibilities specifically include the following:
- Work to strengthen existing downtown businesses and, eventually to recruit additional businesses through the development of business assistance teams; sponsorship of business seminars; identification of downtown market opportunities; dissemination of relevant information to existing and potential businesses; development incentive programs to stimulate business growth
- Monitor changes in the local market on an ongoing basis; assess the downtown's market share within the community and the region; measure the involvement of various market groups in downtown commerce; monitor sales leakage or surplus; and assess the downtown's mix of retail, commercial, residential, and civic space
- Direct activity related to downtown commercial and real estate development
- Allocate funds for downtown economic development activities in accordance with the Main Street program's annual work plan and budget
- Work toward building new sources of funding for a portion of the program's total annual budget
- Conduct and maintain a comprehensive inventory of downtown businesses
- Become familiar with city, county and regional economic development strategies and coordinate projects when possible, utilizing economic development programs already in place and investigating the creation of new programs when appropriate
- Promote the downtown as a good place for commercial and real estate development activity
- Establish a sound working relationship with local and regional financial institutions, business assistance organizations and other businesses and agencies that provide assistance in areas related to downtown economic development.
Committee Goals
The Economic Revitalization Committee works with the City of Commerce, the Main Street Manager, local businesses, and property owners to facilitate economic initiatives of the DCMS program in order to retain, promote, and attract Downtown business investment. The Economic Revitalization Committee provides information and guidance for businesses to navigate local regulations, & acquire grants and low-interest loans. This committee also focuses on existing and new businesses, converting unused/underutilized space into economically productive property, boosting the profitability of the District & developing a long term economic development plan.
Protocol
- Notice of the place, day, and hour of every regular and special meeting shall be given to each committee member by e-mail at least 2 days before the time set for the meeting.
- At meetings a quorum shall consist of at least 3 committee members, present in person.
- Decisions of the Economic Revitalization Committee are subject to approval by the Board and should be in keeping with the Board's annual goals and priorities.
- The Committee may discuss issues outside the context of a meeting by means of telephone, e-mail, or other communication.
- Guests may attend Committee meetings by notifying the Committee Chair and should ask to be put on the agenda if they wish to address a particular issue.
- All new members of the Economic Revitalization Committee shall participate in an orientation program familiarizing themselves with the goals and objectives of the Committee and the Organization.