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The Community Economic Development Handbook

The Community Economic Development Handbook. Chapter 1: Community Economic Development—An Overview. “ Community economic development is connecting the dots between people, land and money.”

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The Community Economic Development Handbook

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  1. The Community Economic Development Handbook Chapter 1: Community Economic Development—An Overview

  2. “ Community economic development is connecting the dots between people, land and money.” “ It’s building on your local economy. It’s both assisting businesses to grow and residents to improve their income.” What is Community Economic Development? Ted Wysocki C.E.O. of Local Economic & Employment Development Council Temali, Mihailo. "The Community Economic Development Handbook." St. Paul, MN: Fieldstone Alliance, Inc., 2002. www.FieldstoneAlliance.org

  3. Four Pivot Points of any Neighborhood Economy • Condition of commercial district • Entrepreneurs starting and maintaining small businesses • Local residents finding and keeping good jobs • Neighborhood businesses creating good jobs Temali, Mihailo. "The Community Economic Development Handbook." St. Paul, MN: Fieldstone Alliance, Inc., 2002. www.FieldstoneAlliance.org

  4. Two Goals of Community Economic Development • Goal One: Improve the economic situation of local residents and local businesses • Residents: Disposable income and assets • Local businesses: Profitability and growth Temali, Mihailo. "The Community Economic Development Handbook." St. Paul, MN: Fieldstone Alliance, Inc., 2002. www.FieldstoneAlliance.org

  5. Two Goals of Community Economic Development • Goal Two: Enhance the community’s quality of life • Appearance • Safety • Gathering places • Sense of positive momentum Temali, Mihailo. "The Community Economic Development Handbook." St. Paul, MN: Fieldstone Alliance, Inc., 2002. www.FieldstoneAlliance.org

  6. Pivot Point One: The Commercial District • A neighborhood’s commercial district… • The “face of the community” • Perceptions = reality Temali, Mihailo. "The Community Economic Development Handbook." St. Paul, MN: Fieldstone Alliance, Inc., 2002. www.FieldstoneAlliance.org

  7. Pivot Point Two: Developing Microbusinesses • Microbusinesses… • Fewer than 5 employees • Most low income neighborhoods lack opportunities and assistance • Microbusinesses can: • Fill vacant storefronts • Create local jobs • Bring positive momentum Temali, Mihailo. "The Community Economic Development Handbook." St. Paul, MN: Fieldstone Alliance, Inc., 2002. www.FieldstoneAlliance.org

  8. Pivot Point Three: Developing the Community Workforce • Single largest economic problem… • Unemployed or underemployed residents • Needs: • Training • Job Placement Temali, Mihailo. "The Community Economic Development Handbook." St. Paul, MN: Fieldstone Alliance, Inc., 2002. www.FieldstoneAlliance.org

  9. Pivot Point Four: Growing Good Neighborhood Jobs • Growing businesses need workers! • Good neighborhood jobs… • Obtainable with various levels of experience • Pay above minimum wage • Benefits, career advancement opportunities Temali, Mihailo. "The Community Economic Development Handbook." St. Paul, MN: Fieldstone Alliance, Inc., 2002. www.FieldstoneAlliance.org

  10. A Four Step Process to Community Economic Development • Assess current conditions • Create a vision and strategic plan • Implement your plan • Evaluate and improve your work Temali, Mihailo. "The Community Economic Development Handbook." St. Paul, MN: Fieldstone Alliance, Inc., 2002. www.FieldstoneAlliance.org

  11. Step 1 • Assess current conditions • Answer: • “Where are we now?” • Assess organization’s capacity Temali, Mihailo. "The Community Economic Development Handbook." St. Paul, MN: Fieldstone Alliance, Inc., 2002. www.FieldstoneAlliance.org

  12. Step 2 • Create a vision and strategic plan • Answer: • “What do we want our community to look like in five or ten years?” • Lay out one- and three-year goals Temali, Mihailo. "The Community Economic Development Handbook." St. Paul, MN: Fieldstone Alliance, Inc., 2002. www.FieldstoneAlliance.org

  13. Step 3 • Implement your plan • “Plan your work…work your plan.” Temali, Mihailo. "The Community Economic Development Handbook." St. Paul, MN: Fieldstone Alliance, Inc., 2002. www.FieldstoneAlliance.org

  14. Step 4 • Evaluate and improve your work • Monitor your outcomes • You’re always learning…conditions are constantly changing Temali, Mihailo. "The Community Economic Development Handbook." St. Paul, MN: Fieldstone Alliance, Inc., 2002. www.FieldstoneAlliance.org

  15. Tips for Making It All Work… • Take one pivot point at a time • Give it time • Celebrate successes! Temali, Mihailo. "The Community Economic Development Handbook." St. Paul, MN: Fieldstone Alliance, Inc., 2002. www.FieldstoneAlliance.org

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