Princeton’s Economic Development Committee will now have a consultant help begin the study process to formulate a strategy for a comprehensive revitalization program that addresses challenges facing the business community.
The Princeton Council approved the initial funding of $17,500 for consultant Stuart Koperweis of Economic Development Strategists, LLC, at a council meeting on Sept. 30.
Koperweis will initially help with defining goals to create the strategy for an economic revitalization plan, how the business community can have an ongoing economic funding source for that plan, and whether that would include bringing on board an economic development officer (title to determined through the process) to help manage the challenges facing the business community.
“Normally the way this works is that the municipality funds the complete study. So the first phase of the study is to hire Stuart to see what we want to do and what the business community wants to do and what direction it wants to go in,” Councilwoman Michelle Pirone Lambros said. “Assuming they want to go forward, then the municipality will still fund the second phase which will then create a plan.”
Koperweis is to move forward on the first phase, which would invite business leaders and business stakeholders in the community to be in a series of initial discussions that would result in the establishment of a steering committee.
“These initial meetings that we are having now, we want to reach out to a lot of business stakeholders. Right now, we really want to hear from the business community, business owners and commercial property owners,” she said. “We really want to cast the net wide in the community. We will also have some nonprofit stakeholders involved as well.”
The committee would meet on multiple occasions to flush out possibilities for the program and talk about what the goals are of a revitalization plan and the business community.
According to a proposal prepared by Koperweis, several options include the creation of a not-for-profit Economic Development Corporation (EDC), hiring an economic development officer, or establishing a Special Improvement District (SID).
“First you set your goals and then you develop a plan and that would determine what type of position the officer would be and what it reports to and how that entity would look; whether that is special improvement district or something in the economic development corporation,” Lambros said. “That is what we are exploring now.”
The options would be examined through a study process for a SID. A special improvement district pools resources from commercial businesses to increase the economic value of a commercial corridor, according to the state.
In a previous meeting of the Economic Development Committee on Sept. 23, it was discussed that the idea is to get as many of those meetings done before the holidays. Then, at the latest, beginning of February or mid-February, there would be recommendations from the steering committee, which would come back to the EDC and the Princeton Council.
“That is the hope. We assume December we will pretty much take a hiatus,” Lambros said.
Those recommendations would include what would be the best way to structure the program, to have a sustained funding source and what are the main goals.
If the option of a business manager or officer is selected, the individual would be seen as a way to aid in business recruitment, in what is needed to help retain businesses and look to provide information of a potential retail mix of different businesses for commercial property building owners to address vacancies.
“One of the functions is a support mechanism to help recruit or attract new businesses to town and locate here,” Lambros said.
Revitalization program objectives would also include: addressing parking and transportation issues; having a robust and marketing events plan to do coupon programs, markets, promotions; public art and placemaking, and streetscape, decorations and ongoing cleanliness.
“This effort was in the works prior to the pandemic. But now I think the pandemic is making this maybe have a greater sense of urgency to do something for the business community,” she added.
