2019-2024 Economic Development Strategic Plan

1. Determine whether to support new business creation (start-up) 2. Identify targeted industries that would be supported 3. Evaluate how to integrate with current local business plan and start-up competitions 4. Identify complementary support from partners (e.g. chamber membership, 3 months free rent, etc.)

Adopt necessary policies or code amendments (e.g. microenterprise loan and grant program) needed to establish City's incentives role in such projects

Create targeted incentive that supports opportunities where former residents can return and create businesses in targeted industries

Implement Targeted

Incentives for New Business Creation

Retail & Restaurant Recruitment & Attraction (R&A) Complete Full Implementation of the Buxton Program Ensure city and its partners fully maximize the available resources from the Buxton program

Prior to expiration of the program, identify and establish metrics for how to evaluate success and/or evaluate any extension of the program

Create and implement a strategy to maximize the use and dissemination of the information during the duration (availability) of the program

Work with partners (e.g. SIF, banks, SBDC, regional revolving loan fund, local investors) to identify opportunities to support one or more local franchisee opportunities that would bring additional investment to Spencer Establish opportunities for Spencer to be a focal point where artisans, pop-up retailers, food trucks and other vendor markets permanently and seasonally locate.

1. Meet with partners to determine existing support (financial and otherwise) for potential local franchisees 2. Evaluate potential loan, grant or investment pool opportunities to close financial gap the discourages many franchisees 1. Evaluate codes and policies that may discourage temporary businesses (food trucks, pop-up retail, etc.) 2. Refine or create policies for road closures, public space rentals, etc. that support both singular and event based use 3. Work with private sector partners to transform a space within the CBD that will support a year- round multi-tenant artisan/vendor marketplace. Gather available data including sales velocity (e.g. how many sold how fast), purchaser demographics, and lateral or non-lateral move 1. Adopt a baseline incentive for all housing (e.g. tax abatement) 2. Determine specific housing needs that should be incentivized 3. Target incentives and programs to create housing options for attracting/retaining critical talent, as well as options for aging populations 4. Adopt housing/relocation incentives specific to those who are returning home to Spencer/Clay County

Support/seek Partners in the Creation of a Franchisee Support Program

Consider and adopt any City based incentives or support necessary to help create a program (if applicable) for franchisees

1. Coordinate with event partners (e.g. Chamber, Main Street, etc.) to encourage and promote temporary vendor markets 2. Complete improvements to ensure complementary park and rec spaces

Create a Retail & Restaurant Eco- system

Housing

Discuss with partners the data and outcomes to determine next steps with housing

Evaluate Current Housing Incentive Programs

Evaluate the results of the current housing incentive

Determine/prioritize housing needs that require the most attention and create incentives specific to those needs

Adopt new incentive programs that stimulate the creation of needed housing

Develop Targeted Housing Incentive Programs

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