Economic Development and Growth Strategy Services

The Vendor is required to provide first-ever economic development and growth strategy and should.
- Provides financial assistance to eligible commercial and industrial projects in order to promote economic welfare and prosperity for the residents of the Town
- Responsible for the promotion, attraction and development of job and recreational opportunities and economically sound commerce within the Town’s borders.
- Provide to promote a business-friendly climate that will attract development opportunities consistent with the character of the Town.
- The Town offers a desirable quality of life, available land, and educated workforce, and want to use these resources to achieve three major goals:
• Diversify the Town’s economy to include more private sector businesses and jobs, to balance the current dominance of education and healthcare facilities and workers;
• Support an entrepreneurial sector, that includes both small “bricks and mortar” businesses such as restaurants, breweries, and curated shops, and professional services such as small law offices, accountants, consultants, and creative services in marketing and the visual arts; and
• Increase the assessed value of commercial assets to rebalance some of the costs of providing public services and education among a broader tax base.
- Economic Conditions Analysis
• The consultant should review any publicly available data and relevant background information, including plans and policies, business surveys, and real estate industry reports to gain an understanding of the economic conditions of the town, current projects, and initiatives.
• Use the most recent census and community survey data to provide trends and forecast potential indicators of importance, tracking all, but not limited to, income, wealth, homeownership, poverty, education level, commute time, skills, underemployment, and other demographic factors.
- Prepare a Market & Industry Cluster Analysis
• Conduct an economic development needs assessment to identify where town is competitive and where we can become competitive. This should include the types and number of businesses, industries, and employers in the area
• Analyze potential clusters and the economic diversity of the local economy and how the town is or is not similar to the regional economy in these ways.
• Identify significant public funding and policy risks to existing and recommended industries, including local, state, and federal policy and regulation trends that could inhibit growth or create high levels of dependency on public funds.
• Identify the roles of supply and demand within town relative to sub regional, regional, and national markets.
• Include projections or forecasts on how much demand there is for retail, industrial, and office, including office sized to entrepreneurs in the professions and creative arts.
• Conduct a retail void and leakage/surplus analysis to quantify unmet consumer demand within the town. This analysis should identify categories where resident spending is leaking to other jurisdictions, as well as areas of retail or service oversaturation. The findings should directly inform target industry identification, business attraction strategies, and site-specific development opportunities.
- Capture from business roundtables and interviews, and surveying (and/or any other data gathering methods Consultant deems appropriate) the perception of town business climate from a business, resident, and visitor’s standpoint and include in the context of the vision. The Consultant may recommend general public meetings, but we ask the strongest focus remain on the business sector. In proposing its outreach plan, the Consultant is urged to review the many general public meetings the Town has conducted for the Comprehensive Plan, zoning code, and other activities.