===== PDF PAGE 16 ===== [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: 08/27/2024 STAFF REVIEW: Kelley Chrisse, AICP SIGNATURE ITEM SUMMARY: The primary function of the Economic Development Commission is to 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. As such, the attached priorities are being presented for consideration. Nearly all the economic development priorities presented have been previously identified in various planning documents. There are numerous activities listed that are labeled as ongoing, meaning that they are currently being pursued, the activities are already underway, or the activity is not expected to cease within the proposed three-year timeframe. Note that there are many other activities that are performed to promote economic development activities, but this document is intended to get concurrence on the priorities that should guide budget requests and activities for the next three years. The major priority categories include (in alphabetical order): • Activate businesses, community partners & residents/employees; • Advocate for the interests of business & investment opportunities; • Attract new investment, customers, employees & residents; • Connect people, places & things; • Educate the City, businesses, community partners & the general public on economic development opportunities; and • Retain businesses, investment & community support. While this document will serve to guide activities over the coming years, it is expected to be reviewed on an annual basis to ensure alignment with community goals. ACTION PROPOSED: Recommend acceptance of the proposed FY 2025 Economic Development priorities. ===== PDF PAGE 17 ===== [Extraction: embedded PDF text] FY 2025 Economic Development Priorities The following Economic Development Priorities are intended to foster and cultivate an environment in which commercial, cultural and community enterprises will flourish within the corporate limits of the City of West Chicago Priority Category Activity Goal/Objective Applicable Reference Document Year 1. Activate businesses, community partners & residents/employees 1.1 Advocate for ways to activate the downtown Economic Development Plan Ongoing Engage larger businesses to support the development of 1.2 community identity components, including public art, Comprehensive Plan 2027 landscaping, events and marketing Lead a community-wide planning effort to evaluate existing 1.3 events, assess the potential to expand Railroad Days & Strategic Plan 2027 program new potential community events & festivals 2. Advocate for the interests of business & investment opportunities Streamline business-related processes, including occupancy, 2.1 Economic Development Plan Ongoing registration & licensing Review business-related policies to create business friendly 2.2 Economic Development Plan Ongoing codes 3. Attract new investment, customers, employees & residents 3.1 Prepare downtown for investment opportunities Central-Main St Redevelopment Plan Ongoing 3.2 Support the marketing of available properties Economic Development Plan Ongoing 4. Connect people, places & things Modernize infrastructure to support continued investment & 4.1 Economic Development Plan Ongoing attract businesses Create opportunities for businesses to connect with capital 4.2 Comprehensive Plan Ongoing providers 5. Educate the City, businesses, community partners and general public on economic development opportunities Create an online resource for economic & business 5.1 Strategic Plan 2025 development activities Evaluate parking minimums, particularly on Roosevelt Rd, to 5.2 Strategic Plan 2025 identify opportunities for outlot development on existing sites Provide greater opportunities for the general public to learn 5.3 Comprehensive Plan 2025 about businesses in the community Coordinate workshops and events with community partners to provide information on investment, potential funding 5.4 Comprehensive Plan 2025 opportunities, and budgeting techniques for local owners, entrepreneurs & residents Evaluate the potential for creating a business incubator and/or Economic Development Plan & 5.5 2027 accelerator program Strategic Plan ===== PDF PAGE 18 ===== [Extraction: embedded PDF text] FY 2025 Economic Development Priorities Priority Category Activity Goal/Objective Applicable Reference Document Year 6. Retain businesses, investment & community support 6.1 Regularly visit businesses in the community Comprehensive Plan & Strategic Plan Ongoing Conduct regular business surveys to identify warning flags for business relocation or expansion, receive feedback on 6.2 Comprehensive Plan Ongoing programs & practices, and maintain ongoing communications with owners & managers Provide regular communication with the business community 6.3 through the use of social media, business community Comprehensive Plan Ongoing newsletters & incorporate this on the EconDev website Establish a formal Business Retention and Expansion (BRE) 6.4 Economic Development Plan 2026 program 6.5 Assemble workforce development statistics & share resources Comprehensive Plan 2025