Local Economic Investment Brings Benefits, Expert Says
“Economic development provides the funding for the benefits that a community wants.” That was the key message provided by Alex Greenwood during his presentation at the Castro Valley Library on August 15. Castro Valley City sponsored the talk as part of its series on the future of Castro Valley.
Greenwood pointed out that a healthy business community creates wealth, jobs, and tax revenue. Carefully managed development can improve a community's quality of life, public safety, and identity. His presentation was particularly timely. The specific plan for the downtown business area of Castro Valley is now being revised.
Today's business world presents many challenges for start-ups and maintaining a strong business community takes time and effort. Local demographics change, business costs are up, online business and new competitors threaten local businesses, the pandemic has lingering effects, and access to capital is challenging. Those factors can make it hard for new businesses to take off. However, even established businesses can get into trouble for many reasons.
A strong economic development group at the city or county level helps in many ways. The Economic Development Manager can communicate with and coordinate all the players in the business environment (e.g., property owners, customers, governmental agencies, lenders, investors, commercial tenants, and the workforce). Their first assignment is to develop a plan for the community. What does the community want to prioritize with the limited space available (e.g., Downtown Pedestrian Retail, bedroom community, light industrial, traditional commercial centers or Big Box Retail)? What jobs are in the community now? What partners are available to reach the goals (e.g., local community college to help with job training)? What are the business trends? What properties are available and what do the property owners think? What will it take to create the space to accommodate the uses prioritized by the community? All of these need to be carefully examined.
There is much more to do. The community needs to be engaged and in agreement with the plan. Zoning might need to be adjusted to facilitate new opportunities. Marketing and branding strategies must be developed. Economic development might need to provide additional tutoring and resources for current and especially new businesses. Finally, many local granting agencies and other organizations provide training, funding, and other assistance to small businesses.
Perhaps the most important and valuable aspect of Greenwood’s presentation was the realization that there is so much more to know about city planning and development. Before his talk, we didn’t know what we didn’t know, but now we do.
Alex Greenwood is a principal at the Alex Greenwood Group. He has a successful 25-year track record of managing or facilitating projects that have brought $5.7 billion in new construction and 13,700 new jobs to diverse urban areas. His previous positions include director of Economic and Community Development for South San Francisco, Pleasant Hill Planning Commission, Economic Development Manager of Brentwood.