Market Study and Economic Development Strategic Plan Services

The vendor is required to provide the market study and economic development strategic plan (MSEDS) should use current and projected economic, industry and real estate trends.
- The consultant should be innovative, data driven and position the town to grow its commercial tax base and revenues, attract a dynamic workforce, and improve the quality of life for residents.
- Key objectives include:
• Identifying programs and policies that can improve the performance of the core commercial areas within the town
• Providing strategies and identifying challenges to the town’s competitiveness in attracting and retaining businesses
• Identifying current and potential or future business industries that align with the town’s competitive advantages and existing challenges
• Providing strategies and identifying challenges to decrease the town’s commercial vacancy rate
• Identifying a clear and dynamic job growth strategy as well as gaps and challenges for job creation in the town
• Recommending strategic partnerships that would maximize and leverage economic growth
• Identifying specific real estate locations that can be used as economic generators and catalysts for targeted industry growth
• Identifying strategic place improvements
• Identifying other outreach methods more beneficial or in addition to quarterly ED newsletters
• Creating an action plan with defined objectives and goals to successfully market and promote the town as a place to do business for the current and future business climate.
- Tasks include:
- Task 1 - Stakeholder Engagement: develop a stakeholder engagement plan in coordination with the economic development director and conduct comprehensive stakeholder engagement sessions to gather insights, perspectives, and priorities from diverse stakeholders including but not limited to the town council, businesses, community leaders, partner agencies, committees, and town department leadership.
• The consultant shall meet regularly with the economic development director (and relevant staff) to update them on the process and hear feedback about the market study and economic development strategic plan.
- Task 2 - Data Collection and Analysis: perform quantitative analysis of economic data, market trends, industry clusters, workforce demographics, and other relevant metrics to inform strategic decision making and identify areas of competitive advantage, and make recommendations in support of the development of strategic objectives by division, including but not limited to:
• Town economic development 2020 strategic plan and each division’s current strategic objectives and performance measures (e.g. community development)
• Economic development briefing
• Town marketing branding strategy
• Economic development plans by partner organizations (e.g., city chamber of commerce, county arts)
• land use policies, planning documents and analysis as relates to economic development.
- Task 3 - Provide an Updated and Complete Market Analysis: A successful market study shall identify current and economic catalyst for economic growth that shall include qualitative and quantitative data and commercial analysis to display the core findings; appropriate metrics; as well as recommended milestones and resources.
• The analysis should include interviews with relevant stakeholders, recommendations, policy implications and short- term and long-term strategies and scenarios:
• Evaluate Current and Future Market Conditions or Performance
• Provide Information on Population Demographic Data and Evaluate Consumer Demand
• Evaluate Potential Economic Shifts and Current Commercial Market Activity (Supply / Demand)
• Local economic conditions such as local demographics, employment, unemployment, labor force, wages and income, base industry analysis, job growth, and migration.
• Real estate and land-use profile, including job/housing ratios and recommendations for achieving jobs/housing balance.
• Current and projected economic activity including business type, size, age, location, wage levels, and amount of new or potential investment.
- Contract Period/Term: 8 months
- Questions/Inquires Deadline: March 6, 2025