The job of the Economic Restructuring Committee (ERC) is to identify new market opportunities for the traditional commercial district, find new uses for historic commercial buildings, and stimulate investment property. The ERC must develop a thorough understanding of the district’s economic condition and its best opportunities, focusing on incremental changes that gradually improve the area’s economic foundation and eventually make large-scale investment possible. The ERC’s five major responsibilities are:
• Learning about the district’s current economic condition and identifying opportunities for market growth.
• Strengthening existing businesses and recruiting new ones.
• Finding new economic uses for traditional Main Street buildings.
• Developing financial incentives and capital for building rehabilitations and business development.
• Monitoring the economic performance of the district.
You will be pulling together a large and influential group, and vibrancy of the economic development vision and plan you establish will be the source of satisfaction for your committee–and a point of pride for your community. On the ERC you will regularly find yourself:
Holding Meetings-to analyze data, develop strategies, measure progress, and brainstorm ideas
Visiting business people-to get their ideas, find out how their businesses are doing, and update them on plans
Talking with the media-to answer questions, give them fresh news, or gather data
Coordinating groups-to help conduct surveys or meet with potential business prospects
Meeting with financiers-to develop incentive programs and identify sources of capital for building rehabs and business expansions
Working with realtors, developers, and property owners-to plan real estate improvement projects.