The Economic Restructuring Committee
Downtown’s competitiveness has diminished over the past thirty years – a decline precipitated by the “cycle of disinvestment.”  As downtown has become less competitive, business activity has slowed.  Many businesses have closed or moved, creating vacancies.  Rents have decreased and property owners have invested less in upkeep.  In this downward spiral, diminishing business activity and decreasing property values have fed on each other until downtown’s economy has stagnated.

Economic Restructuring is about restoring downtown’s economic health.  Initially, this process focuses on assisting existing businesses – helping them improve management, marketing and customer services.  In the long run, “restructuring” downtown’s economy means reconfiguring the mix of goods and services so that downtown is economically balanced, adaptable and competitive.  At the same time, Economic Restructuring focuses on working with property owners to reinvest in their buildings to enhance the marketability (and value) of downtown real estate.

The Economic Restructuring committee’s job is:

• Learning about your district’s current economic condition and identifying opportunities for market growth
• Strengthening existing businesses and recruiting new ones
• Finding new, or more appropriate, economic uses for under-performing or vacant buildings and vacant lots
• Developing financial incentives and capital for building rehabilitation and business development