Chapter 1: Community Economic Development

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The Community Economic Development Handbook

• Chapter 1 Community Economic DevelopmentAn
  Overview

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What is Community Economic Development?

• Community economic development is connecting
  the dots between people, land and money.
• Its building on your local economy. Its both
  assisting businesses to grow and residents to
  improve their income.

Ted Wysocki C.E.O. of Local Economic Employment
Development Council
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Four Pivot Points of any Neighborhood Economy

• Condition of commercial district
• Entrepreneurs starting and maintaining small
  businesses
• Local residents finding and keeping good jobs
• Neighborhood businesses creating good jobs

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Two Goals of Community Economic Development

• Goal One Improve the economic situation of
  local residents and local businesses
• Residents Disposable income and assets
• Local businesses Profitability and growth

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Two Goals of Community Economic Development

• Goal Two Enhance the communitys quality of life
• Appearance
• Safety
• Gathering places
• Sense of positive momentum

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Pivot Point One The Commercial District

• A neighborhoods commercial district
• The face of the community
• Perceptions reality

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Pivot Point Two Developing Microbusinesses

• Microbusinesses
• Fewer than 5 employees
• Most low income neighborhoods lack opportunities
  and assistance
• Microbusinesses can
• Fill vacant storefronts
• Create local jobs
• Bring positive momentum

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Pivot Point Three Developing the Community
Workforce

• Single largest economic problem
• Unemployed or underemployed residents
• Needs
• Training
• Job Placement

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Pivot Point Four Growing Good Neighborhood Jobs

• Growing businesses need workers!
• Good neighborhood jobs
• Obtainable with various levels of experience
• Pay above minimum wage
• Benefits, career advancement opportunities

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A Four Step Process to Community Economic
Development

1. Assess current conditions
2. Create a vision and strategic plan
3. Implement your plan
4. Evaluate and improve your work

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Step 1

• Assess current conditions
• Answer
• Where are we now?
• Assess organizations capacity

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Step 2

• Create a vision and strategic plan
• Answer
• What do we want our community to look like in
  five or ten years?
• Lay out one- and three-year goals

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Step 3

• Implement your plan
• Plan your workwork your plan.

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Step 4

• Evaluate and improve your work
• Monitor your outcomes
• Youre always learningconditions are constantly
  changing

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Tips for Making It All Work

• Take one pivot point at a time
• Give it time
• Celebrate successes!