Neighborhood Economic Development

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					Neighborhood Economic
     Development
Overview of Neighborhood
Economic Development
• Focuses on:
  –   Economic aspects of distressed neighborhoods
  –   Retail sector
  –   Market potential
  –   Employment opportunities
  –   Labor force
• Factors that can be developed to help
  communities compete & contribute to the
  community economy.
Overview Continued

• Also focuses on
  – Job creation
  – Business attraction & retention
  – Especially to moderate-low income housing
Overview Continued

• Variety of factors affect neighborhood
  – Space constraints
  – Historical significance
  – Population trends
  – Boom or gloom
Neighborhood Economic
Development Issues
• Deal with place & people
• Build assets both individually & collectively
• Build wealth individually
• New or refurbished housing units
  – Increase tax base
  – Create economic opportunity
  – New potential for investment
  – Institutions established in neighborhoods
Neighborhood Economic
Development Issues Cont’d
• Many forces at play
• Lots of vested interests
• Build capacity to make constant positive
 change
Relieving Economic Distress &
Building for Prosperity
• Economic activities are primary elements
• Traditional activities are key
• Land use & real estate development
  critical
• Progress dependent on expansion
Relieving Economic Distress &
Building for Prosperity
• Economic activities within neighborhood
  depend on contributions made by
  individuals & groups
• Activities established within neighborhood
Neighborhood Revitalization Key
Factors
• Strong public leadership
  – Clear vision
  – Strategic placement
  – Strong motivation
  – Knowledge of development tools
  – Ability to select most appropriate tools &
    programs
Neighborhood Revitalization Key
Factors
• Well-focused planning concepts
• Ability to respond to traumatic events
• Existing community characteristics
• Good relations between levels of
 government
Importance of Neighborhood
Development
• Distinct entity
• Customize improvement projects
• Significant impact
• Preservation & renovation
Mobilizing
• Build awareness & willingness to solve
  problems
• Community building
• Participation
  – Generate ideas
  – Galvanizes support or lessens opposition
  – Public $$ community must be involved
  – Builds capacity for ongoing participation
Condition of Neighborhood
Economy
• Improve business climate
• Attract private investments
• Provide jobs
• Strengthen the tax base
• Improve physical appearance &
 infrastructure
Advantages of Neighborhood
Development
• Strategic location
• Local market demand
• Integration with regional clusters
• Available human resources
Money Movement
(Buying Power)
Buying              Selling
Residents    From   Residents
Residents    From   Businesses
Workers      From   Businesses
Visitors     From   Businesses
Businesses   From   Businesses
Money Movement

• Leakage
• Gap analysis
Marketing Reports
• Traditional Information
  – Median income
  – Population
  – Spending habits
• Neighborhood-level information
  – Surveys
  – Festival or community event
  – Open-house
Neighborhood Development
Strategies
• Proactive measures
  – Community building
  – Place-oriented
  – Business development
  – Workforce development
Community Building

• Harnesses existing networks of social
  capital
• Channels community assets
• Improves overall quality of life within a
  community
• Strengthened through community social
  events
Place-oriented

• Focus on physical resources
• Enhancing quality of natural as well as the
  built
• Tangible redevelopment viewed on
  physical criteria
Place-oriented Issues

• Limited availability sites
• Failing infrastructure
• Poor public services
• Contamination
• Housing inadequacy
• Dilapidated commercial areas
• No neighborhood identity or character
Business-oriented

• Providing financial & technical support
• Create jobs
Business Development Strategy
Issues
• Interests –prospective & existing businesses
• Different needs of prospective & existing
    businesses
•   What makes a business friendly environment?
•   Zoning
•   Permitting
•   Community support
Business-oriented continued

• Local businesses participate
• Local businesses are critical partners
• Intern programs
• Entrepreneurial training
Workforce Development

• Create basic employment skills
• Availability
• Potential
• Preparedness
• Partnerships
Summary

• Economic aspects of distressed
  neighborhoods
• Retail sector
• Market potential
• Employment opportunities
• Labor force

				
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posted:8/5/2012
language:Latin
pages:26