===== PDF PAGE 17 ===== [Extraction: embedded PDF text] CITY OF WEST CHICAGO ECONOMIC DEVELOPMENT COMMISSION AGENDA ITEM SUMMARY ITEM TITLE: AGENDA ITEM NUMBER: 7 Economic Development Priorities – FY 2025 COMMISSION AGENDA DATE: 07/23/2024 STAFF REVIEW: Kelley Chrisse, AICP SIGNATURE ITEM SUMMARY: As a reminder, the roles of the Economic Development Commission is to: 1. Make recommendations to the City Council of the City of West Chicago for the fostering and cultivation of an environment in which commercial, cultural and community enterprises will flourish within the corporate limits of the City of West Chicago; 2. Provide input to the City Council on various matters to facilitate economic growth and business development within the City of West Chicago; 3. Collaborate with the City Council and staff to realize appropriate goals and objectives relating to sound business policies, an increased tax base and increased employment opportunities; and 4. Cooperate with the professional city staff to administer all commission programs and activities. To assist in developing a list of economic development priorities for the upcoming fiscal year, attached is a list of economic development priorities that have been previously identified in various planning documents. The direction provided by the Commission will assist staff in preparing a budget request for economic development activities in the coming year. ACTION PROPOSED: Staff is requesting feedback on FY 2025 Economic Development priorities. ===== PDF PAGE 18 ===== [Extraction: embedded PDF text] Planning Priorities/Big Ideas Document Elevate West Chicago's competitive position as one of the prominent commercial centers & Strategic Plan major employment hubs within DuPage County & the suburban Chicago region Invest in and launch a robust, proactive economic development program, led by the City, that partners with the business & real estate development community to promote West Strategic Plan Chicago as a place to invest in a range of commercial & industrial uses, & build an entrepreneurial spirit Establish targeted investment & economic development strategies for each area of the Strategic Plan City's five defined business districts, tailored to corridor & site-specific conditions Economic Development Embrace manufacturing as the predominant sector within the City Plan Economic Development Support businesses in emerging employment sectors Plan Economic Development Establish a formal Business Retention and Expansion (BRE) program Plan Enhance West Chicago's image within DuPage County & the suburban Chicago region Strategic Plan including elevating its distinct sense of place & community character Establish formal marketing plan that promotes West Chicago's unique attributes & elevates the City's image within DuPage County & the Chicago region as a railroad Strategic Plan "hometown" independent of recent suburbanization Continue & elevate ongoing efforts to track, monitor, & assess how West Chicago is presented in the regional Chicago media, while establishing a proactive Public Strategic Plan Information Officer (PIO) function to centralize a "Success Story Center" in the City & pursue earned media & press coverage opportunities Create a 10-year placemaking & infrastructure investment strategy that emphasizes Strategic Plan physical improvements that elevate the appearance & image of West Chicago Downtown: The Heart of West Chicago Comprehensive Plan Leverage partnerships around West Chicago’s cultural and arts programming to support a community cornerstone: the focused redevelopment of the 1869 Chicago & North Comprehensive Plan Western Depot Comprehensive Plan, Economic Development Increase and support residential housing Downtown, including transit-oriented Plan & Central-Main development Street Redevelopment Plan Enhance connections and wayfinding to open spaces and recreational areas for Comprehensive Plan pedestrians, bikers, drivers, and all others on the move Improve and expand support for current and potential businesses and owners to locate or Comprehensive Plan grow their businesses Downtown Inspire bold, creative, and fun placemaking ideas and special events for residents and Comprehensive Plan visitors ===== PDF PAGE 19 ===== [Extraction: embedded PDF text] Planning Priorities/Big Ideas Document Small Business Incubation and Support Comprehensive Plan Support existing and future small businesses and guide entrepreneurs to successfully Comprehensive Plan & bring their ideas to fruition, with a strong focus on Downtown and Latino- and minority- Central-Main Street owned businesses Redevelopment Plan Increase opportunities for small businesses to reach new audiences through pop-ups, Comprehensive Plan short-term leases, creative partnerships, and special events Ease regulations and permitting requirements for small businesses Comprehensive Plan Expand small business financial incentives and connect small businesses to financing Comprehensive Plan opportunities Identify opportunities for recreational or food and beverage businesses along the Prairie Comprehensive Plan Path, and explore partnerships to market those opportunities Economic Development Encourage small business incubator and accelerator space Plan & Strategic Plan