Economic Vitality Committee
Our Purpose
The job of the Economic Vitality Committee is to identify new market opportunities for the downtown district, help existing businesses to thrive and expand and stimulate investment in property. The committee must develop a thorough understanding of the district’s economic condition and its best opportunities, focusing on incremental change that improves the downtowns’ economic foundation, leading to long term investment and growth.
Goals
The Economic Vitality Committee works with the Borough of Somerville, the DSA Executive Director and staff, local businesses, and property owners to facilitate the economic initiatives of the DSA in order to retain, promote, and attract downtown business investment. This committee focuses on existing and new businesses, converting unused/under-utilized space into economically productive property, boosting the profitability of the district and developing a long term economic development plan.
Responsibilities
The Promotion Committee’s responsibilities specifically include the following:
Work to strengthen existing downtown businesses and to recruit additional businesses through the development of business ambassador teams; sponsorship of business seminars; identification of downtown market opportunities; dissemination of relevant information to existing and potential businesses.
Monitor changes in the local market on an ongoing basis; assess the downtown’s market share within the community and the region; measure the involvement of various market groups in downtown commerce; monitor sales leakage or surplus; and assess the downtown’s mix of retail, commercial, residential, and public space.
Become familiar with municipal, county and regional economic development strategies and coordinate projects when possible, utilizing economic development programs already in place and investigating the creation of new programs when appropriate.
Establish a sound working relationship with local and regional financial institutions, business assistance organizations and other businesses and agencies that provide assistance in areas related to downtown economic development.
Direct activity related to downtown commercial and real estate development.
Allocate funds for downtown economic development activities in accordance with the DSA’s annual work plan and budget.
Conduct and maintain a comprehensive inventory of downtown businesses.
Promote the downtown as a good place for commercial and real estate development activity.
Learn More
Interested in serving on our committee? Want more information on when the committee meets? We’d love to hear from you!
