Economic Development Plan
As mayor, I will ensure a healthy relationship with our unions, educational institutions, and local businesses to provide Urbana residents pathways to livable wages. I will implement the City Council's goal to enhance city contracting opportunities for local businesses owned by minorities, woman, veterans, and people with disabilities similar to our sister city of Champaign. As mayor, I will fully support initiatives put in place to end food deserts within our most vulnerable neighborhoods. My administration will revitalize the Urbana Business District by attracting entertainment businesses and family restaurants, utilizing financial tools like Business Improvement District (BID) designation.
1. Market Analysis
Action Steps:
• Conduct a comprehensive market analysis to understand the demographic profile, spending patterns, and preferences of residents and potential visitors.
• Identify gaps in the current business offerings and determine the types of businesses that would be viable and desirable.
Goals:
• Understand the market demand for various business types.
• Tailor the revitalization strategy to meet identified needs.
2. Community Engagement
Action Steps:
• Organize town hall meetings and workshops to gather input from residents, business owners, and stakeholders.
• Establish a Philo Rd Business District Advisory Committee consisting of local business owners, residents, and city officials.
Goals:
• Ensure community support and involvement.
• Develop a sense of ownership and pride among residents and business owners.
3. Infrastructure Improvements
Action Steps:
• Utilize general funds to upgrade infrastructure, including roads, sidewalks, lighting, and public spaces.
• Enhance aesthetic appeal with landscaping, public art, and street furniture.
Goals:
• Create a welcoming and attractive environment for visitors and businesses.
• Improve safety and accessibility.
4. Business Attraction and Retention
Action Steps:
• Offer incentives such as tax abatements, grants, and low-interest loans to attract new businesses, especially family restaurants and entertainment venues.
• Develop a marketing campaign to promote the district to potential investors and entrepreneurs.
Goals:
• Increase the number of family-friendly restaurants and entertainment options.
• Foster a vibrant business community.
5. Business Improvement District (BID) Designation
Action Steps:
• Establish a BID to provide consistent funding for marketing, maintenance, and security.
• Encourage property owners and businesses to participate in the BID to pool resources for district-wide improvements.
Goals:
• Ensure long-term financial sustainability for district improvements and services.
• Create a structured framework for ongoing revitalization efforts.
6. Cultural and Entertainment Programming
Action Steps:
• Organize regular events such as street fairs, remote farmers markets, outdoor concerts, and family activities to draw visitors to the district.
• Partner with local artists, performers, and organizations to provide diverse entertainment options.
Goals:
• Increase foot traffic and visibility for local businesses.
7. Monitoring and Evaluation
Action Steps:
• Set up key performance indicators (KPIs) to track the progress of the revitalization efforts, such as business occupancy rates, foot traffic, and sales tax revenues.
• Conduct regular reviews and adjust strategies based on the results.
Goals:
• Ensure the effectiveness of the development plan.
• Make data-driven decisions to continuously improve the district.