In September 2007, the City adopted its Economic Development & Incentive (EDI) Policy, the consensus work of 14 resdients and six councilmembers undertaken over a three month period. The EDI Task Force identified a number of challenges that could not be addressed within the three month project timeframe. Among those challenges is the realignment of City efforts to ensure economic development occurs in economically distressed areas of the city. As a result, Mayor Mark Funkhouser sponsored two symposiums on economic development in economically distressed areas. In September 2008, the City Council established the Economically Distressed Areas Economic Development Task Force, also called the New Tools Task Force.
The purpose of the task force is to obtain input of stakeholders in the community regarding economic development in the community and to develop a plan to encourage economic development in distressed areas. The work plan for the task force includes, but is not limited to setting priorities for economically distressed areas in the City and establishing a bottom up structure that focuses on individuals, families and neighborhood.
The 30-member task force includes four representatives from the City Council, community stakeholders and individuals involved in economic development. The task force meets once a month and has six months to develop a plan for economic development in economically distressed areas. To meet the timeframe, the task force is using a multi-planning approach pushing most of the work through five committees: Community Capital, Community Engagement, Educational Capital, Financial Capacity, Research and Evaluation. The committees may meet up to two times a month.
The guiding principles of the Task Force include:
- Increase population density in the distressed areas
- Increase individual economic opportunities, including increasing individual income employment and the number of quality jobs
- Increase business activity and business profits, and
- Increase property values by increasing the opportunity for safe and livable neighborhoods.
