Economic Development Strategy

      Looking to our Future
                                             The City has been engaged for the past         Post   Recession ...
Retain and        Expand      Existing        Nurture and        Grow     Start-Up     h a s p r o f e s s i o n a l l y p...
The City has developed its own              Second, there was and continues to be        public television promotions are ...
• Celebrate and ballyhoo the recent        • Employ green roofs                      itself at a competitive disadvantage
The City should continue its ongoing           Embrace the Future                       CONCLUSIONS
participation with oth...
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Strateigic Plan Brochure Fnl Draft 7 26 09


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Peoria Economic Development

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Strateigic Plan Brochure Fnl Draft 7 26 09

  1. 1. Economic Development Strategy 2009 Looking to our Future
  2. 2. INTRODUCTION The City has been engaged for the past Post Recession Economy This Strategy is consistent with the City two years in the renewal of the City Challenges Comprehensive Plan, and amplifies the Comprehensive Plan. The City has Economic Development conducted extensive citizen • Competition for business will recommendations of the Plan and other participation as part of this process, increase plans developed and adopted by the conducting numerous focus groups and • The USA will continue to lose City. surveys. The Economic Development unskilled jobs Council for Central Illinois has also • Business retention will become developed a wide range of strategies to more difficult lead economic development. This • Gl obal i zati on wi l l pr ovide strategy is consistent with and builds on challenges / opportunities those efforts. • Business will become more high tech and white collar Previous studies included improvements to the Southern Gateway of the City, the redevelopment of STRATEGY Renaissance Park, the, Riverfront, Downtown, the Warehouse District, and This strategy continues the efforts of the Heart of Peoria. Each one of the previous plans and strategies, further The purpose of this Strategy is to ten Tax Increment Financing (TIF) refining existing programs, and provide direction for the City of Peoria Districts also includes a redevelopment improving our implementation Economic Development Department in plan. strategy. It incorporates citizen input their efforts to promote economic that was part of the comprehensive growth, increase the diversity of the planning process and addresses economic base, provide good wages STRATEGY TASK FORCE negative trends that were identified in for Peoria’s citizens, and assist the City the development of the in recovering from the current In 2009 a task force of key economic Comprehensive Plan. It adds some recession. development staff from the City, additional strategies which create a County, EDC and consultants met to cohesive comprehensive economic briefly evaluate past development approach combining PAST STRATEGIES AND PLANS accomplishments. current programs with a vision for The continuing future opportunities. The strategy also The Comprehensive Plan focuses national and local inc orpo rates current trends economic development efforts on recession has created appropriate for Peoria in the office, commercial and industrial a need to review and development of business and redevelopment. Redevelopment efforts reassess past industry. began with projects in downtown strategies. The team neighborhoods and in development of reviewed strategy and the underutilized waterfront property. propo s ed ne eded ECONOMIC DEVELOPMENT The City developed an aggressive changes. GOALS program to renew and revitalize the older portions of the City near and • Retain and Expand Existing south of downtown. Key Findings Businesses • Nurture and Grow New Businesses • City efforts were succeeding despite • Attract New investment and the national recession Business • The City is concerned about lost • Create a Positive Image of the City jobs and investment • Increase the Diversity of the • The training of our workforce is vital Economic Base • Improvements to the performance of • Rebuild the Heart of Peoria our Schools are required • Increase Sustainable Development • More shovel ready industrial sites and “Green” Technology are needed • Provide Solid Jobs at Good Wages • The City core must be a vibrant • Create New Industrial Parks civic, cultural and living environment • Improve the School System • Peoria continues to lose middle • Continue and Refine Existing income residents Urban Redevelopment Programs • Parts of the inner city continue to • Embrace the Future decline • Continue and Refine Existing Urban Redevelopment Programs
  3. 3. Retain and Expand Existing Nurture and Grow Start-Up h a s p r o f e s s i o n a l l y p r e p a re d Businesses Businesses brochures, an active electronic marketing program, and attends Keep what you have. Grow what you The City nurtures new and expanding national business development have. These two statements are a key businesses. Such efforts as the Peoria conventions. Working with the State for a successful economic development Next Innovation Center and Enterprise and EDC, the City responds to RFP’s strategy and program. Too many Zone as well as other incentives help to from a variety of business interested economic development departments create new jobs from existing talent in moving into the Midwest. The City spend their time seeking new within the community. The City will also reaches out to a variety of companies. Success begins with continue to move as it has recently businesses with direct mail, and working to keep your existing business done to capture the results of its initiates contacts with business that owners’ satisfied with their city, and nurturing efforts by locating new staff or the Council believes may fit then helping them expand. business or industries in the City. The the City. City should not support developmental The City operates a dynamic Business efforts of business only to lose The City works with developers to Retention Program . Staff calls and production facilities and active business provide affordable land, to make the meets with businesses in the as they enter the market. This will development process seamless and community to better understand require all of the above strategies to to find incentives that will make this businesses and to determine if there work as well as creative thought to City more competitive in today’s are any concerns with City services or make incentives work. market. ordinances. Staff then works with the business toward a resolution of those concerns. This is also an excellent Create a Positive City Image opportunity to inform business owners of city programs and incentives to help Some citizens feel that Peoria has a business expand in the City. It further negative image or they feel negatively advises staff of what the business toward the City. Rather than help community thinks, and lets staff know if promote the success of the City, these changes are needed in City programs citizens inadvertently work to the or services. This program will be City’s worst interest. It is important continued and improved. that the City promote itself internally. The City must work to instill pride in its citizens and staff. The City will also use Bradley University programs and the incubator as precursors for these efforts as well as discussions surrounding retirees and spin-offs from existing industries. What can the City do to support developing businesses, especially job producing businesses and industries that will be leaders in the new economy? The City should create an environment where it Likewise, the City must continue to hears about new business creation promote itself externally. These efforts opportunities. It should also try to can be combined through regional The City also must continue to nurture capture the ensuing business or efforts that showcase the metropolitan relationships with its major employers. In industry when providing incentives for area. The City will continue to work this day and age when industry is no development of the business or with the EDC and others to showcase longer led by local CEO’s, it continues to industries. our City and region at various national be important that the CEO of the City, its events such as the International Mayor, be on a first name and Shopping Center Conferences. We relationship basis with the CEO’s of Attract New Investment and will cooperate in joint advertising in major industry. The recent move by Business appropriate real estate magazines Boeing from its long time Seattle and in the development of promotional headquarters, because among other Attracting new investment and business materials. items, its dissatisfaction with its to the City is a vital function. Some treatment by the community, highlights businesses will fail or move to overseas the need for this effort. Attention should locations. New investment and new be paid to the industrial and medical businesses must be sought to replace sectors of the City. This would be an lost business and jobs, and to further effort supported the Eco n o mic Development Department and City grow our economy. Manager, but led by the Mayor with participation from other elected officials. The City works closely with the regional EDC and with the State DCEO on an aggressive attraction program. The City
  4. 4. The City has developed its own Second, there was and continues to be public television promotions are not promotional materials and has a wide a reduction in workers due to enough. The City should consider selection of materials available through productivity improvements. Finally, a yearly calendar of events which E-Resources (Electronic Information on workers have left as industries have is then produced as a promotion the Internet). The City should continue relocated or closed. item for both the Economic to use written materials and continue Development Department and the its efforts with E-Resources. The City These trends have resulted in a loss of City as a whole. This could be has aggressively moved to provide workers and the overstock of moderate updated monthly. very frequent E-updates of information income housing they once occupied; • Improve and implement the Artist about the City’s economic development artificially suppressing home values. Relocation Program that opportunities. Currently, much of the Homes in older neighborhoods have encourages artists to locate their City’s E c onom i c D eve l o p men t not gained in value, making middle homes, studios, and shops in older information is published at: income residents reluctant to purchase neighborhoods. The City will older homes in traditional middle continue its E-Resource efforts, income older neighborhoods. Instead, updating and improving them over they choose newer housing both in and time. The City will continue its wide use unfortunately, many times outside of of Web Sites, Blogs, LinkedIn, the City. Discussions about crime have Facebook, and Twitter to market the also lead to a fear of older City. neighborhoods. Finally, there are few alternatives for young professional and Increase the Diversity of the new empty nesters who prefer urban Economic Base lifestyles. • Continue the incentive program to support the purchase and Peoria was and still is a major The City completed quality plans for the rehabilitation of older homes and manufacturing City, but during the past redevelopment of the Heart of Peoria, investigate new programs. Older ten years the City has diversified with Renaissance Park, and the Warehouse homes inherently have additional professional and medical services District. This Strategy follows and maintenance costs. The City could increasing dramatically. expands the goals developed in those recognize these maintenance costs plans. in a program that promotes the The City will continue to encourage the purchase of older and historic diversification of the City economic The following strategies will be homes through tax credits. As base. High tech, medical, and “green” continued to resolve this problem. va l u e s i n c rease in t h e s e technology businesses are opening neighborhoods, the need for the and expanding, and the City will • Continue to seek jobs with good program is reduced and it can be support this encouraging trend. wages in job development strategies phased out. This tax credit could further developed in other sections encourage the maintenance and of this Strategy. upkeep of single family historic Rebuild the Heart of Peoria • Continue and expand upon homes. An increase in housing marketing the first time home buyer values in these homes will also The City of Peoria continues to lose incentives. This incentive should help to pay for the program. middle income residents. There are regularly be promoted with young Criteria would be necessary to many reasons that can be sited for that professional and first time home target this program. Working with trend. One is the international change buyers. These residents tend to be other departments the Economic in industrial production and the less fearful of crime and the Development Department should corresponding reduction in the need for incentive will help overcome identify land which could be semi and low skilled labor in the United concerns about property values. purchased and cleared. Although States and the mid West specifically. Because of fears of falling property there is a small budget for this, if values, the program might be done correctly, land banking could enhanced to include all buyers in allow for additional new housing troubled neighborhoods to shore up and commercial developments in pricing values and to maintain and redevel op m en t are as. The reintroduce middle income buyers to continued implementation of the these neighborhoods. As values Warehouse, Renaissance Park, increase in these neighborhoods, and River Trail Drive developments the need for the program is reduced are examples of areas where this and it can be phased out. An strategy could be successful. increase in housing values in these Additional housing alternatives in homes will also help to pay for the the downtown area are an program. attraction to the young and new workforce members as well as • Enhance Quality of Life programs. those seeking to downsize and Efforts should be made to promote down responsibility related to all recreational and arts programs housing. within the City. Current cable and
  5. 5. • Celebrate and ballyhoo the recent • Employ green roofs itself at a competitive disadvantage passage of the referendum for the • Improve City and County staff with neighboring communities. mus eu m . This is a major knowledge of “green” techniques Surrounding communities are development. Passage of a • Support quality construction for long prepared with low cost improved land referendum during an economic lived buildings ready for industry. Peoria does not downturn where referenda for basic • Encourage mixed use development have these sites and parks. items as education and • Support walk to work programs infrastructure failed across the State • Encourage development that Peoria currently lacks land ready for is a major accomplishment. This supports transit industrial development. Industrial should be recognized as a symbol • Support efforts to redevelop older redevelopment sites are available, but of the City’s support of and communities are not readily marketable even with recognition of the importance of • Permit Live / Work Space incentives. Small redevelopment sites arts, culture and recreation. development are available, but no improved land • Continue marketing and improving • Support natural open space and has been set aside for industrial Renaissance Park, Warehouse, and parks purposes. When opportunities are River Trail Drive areas to attract • Design wetlands, drainage systems, available, either they bypass the City home buyers back to the inner city. retention and bio swales into parks or the City scrambles to • Use open surface natural drainage accommodate them. The City should where feasible work on a strategy to develop an • Require street trees industrial park that provides improved • Encourage the use of geothermal land at competitive prices. energy • Revisit development requirements, Improve the School System minimizing pavement widths and cost There have been many references to • Update City / County codes to permit the need for improved schools in and encourage “green” development comments by residents, professionals Increase Sustainable • Support the development of the local and elected officials. While the Devel op ment and “Gre e n ” production of “green” technology continued improvement and provision Technology equipment of a quality education are laudable • Incorporate bikeways and pedestrian goals, they are ones which can have The Environmental movement is now p a ths i nto new and ol der only one response by the City’s fully part of American and World developments economic development program. If thinking. Almost everyone agrees that • Support recycling economic development programs we should improve our air and water result in an increase the City’s tax quality, and use less energy. Local base within the School District’s governments are becoming leaders in Provide Solid Jobs at Good boundaries, then the decreasing tax efforts to enhance Sustainability and Wages base and ongoing funding problems of implement Green Technology. the school system will diminish. The recent national recession has However, to create the tax base, it The City of Peoria has created a reached Peoria, and unemployment must be recognized that there is a Commission on Sustainability and reached 9% in early 2009. A major need for the City and School District Green Technology. The following are effort of this strategy must be to help to collaborate on targeted incentives items the Commission has identified for restore our businesses and increase that result in a long term viable tax implementation: jobs, wages and income. To achieve base for the City and its other taxing • Promote more efficient buildings that end we must take action on the districts. • Use passive solar orientation of following goals. buildings • Encourage solar and wind energy systems Create New Industrial Parks The need for a diversification of the economic base with its accompanying increase in good wage jobs is an ongoing theme for all economic development programs. Peoria finds Continue County, Regional, • Use recycled material in buildings State and National Participation • Recycle building material waste • Encourage rain harvesting & Working with other groups, learning irrigation from others mistakes and • Support the use of natural understanding new programs are all landscaping benefits for working outside the City.
  6. 6. The City should continue its ongoing Embrace the Future CONCLUSIONS participation with other groups to nurture, refine and enhance economic It has already been noted that the City Trend is not destiny. The current development In addition, the City should embrace the future by nurturing recession demands that the City work should use these groups to refine and businesses that are going to create the hard to improve our economy. This enhance its economic development jobs base for the future. The City Strategy is dynamic, and must be i n c e ntives themselves. Mo s t should also embrace new technical frequently reviewed and revised as knowledge of “best practices” for programs that have the opportunity to necessary. The City will follow this programs and incentives comes from result in long term job viability for the strategy, and revitalize our City and associations with these groups. To City. Such items as sustainability and our economy. know what is on the horizon and new technologies are musts in this appropriately make it part of its endeavor. Support of sustainability Following this strategy will promote program and incentive arsenal makes means more efficient businesses which economic growth, increase the the City competitive in economic are more likely to thrive. These efforts diversity of the economic base, development. Participation in these should continue in concert with Bradley provide good wages for Peoria’s groups allows the City to stay on top of, University, Illinois Central College, the citizens, and assist the City in improve, and evaluate its program and medical base as well as other industries recovering from the current recession incentive arsenal. and businesses in the City. Finally, participation in these groups helps educate staff. This education helps to make the staff more professional in their interactions within and out of the City. It improves the caliber of the City’s economic development efforts. Continue and Refine Existing Urban Redevelopment Programs While these are the last strategies listed, as they are not new endeavors; they are the most important strategies. They combine with many of the above strategies and are key to the future success of the City. These programs and their current status and the next key steps in their implementation are identified below. For Additional Information Contact City of Peoria Economic Development Department 419 Fulton St. Room 403 Phone: 309.494.8640 Fax: 309.494.8650 D R A FT 7/26/09 C R E