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<br />SECTION IV <br />SUBCOMMITTEE REPORTS <br /> <br />A. Create an Economic Development Tool Box <br /> <br />"Toolbox" of programs and policies to support local business in <br />University City <br /> <br />Analysis <br /> <br />In the course of our research, we discovered that any economic development is not necessarily <br />good economic development. University City's locally and independently owned businesses <br />provide a host of benefits to our community that chains and franchises do not. The benefits of <br />local businesses include: <br /> <br />· Increased tax revenue (2-3 times what is produced by chains, per dollar of sales) <br />· The preservation of University City's unique community character <br />· Business owners that are committed to the improvement of the City, in bad times as well <br />as good <br /> <br />The leadership of Joe Edwards and the "renaissance" of the Loop is an excellent example of the <br />benefits local businesses bring to University City. However, we cannot afford to rest on past <br />success. Without proper stewardship, existing local businesses will move to other neighborhoods, <br />U. City entrepreneurs will find it difficult to start a business in their own community, and other <br />local St. Louis businesses will skip over University City during expansions and relocations. To <br />secure the positive future for our city envisioned in the comprehensive neighborhood plan, we <br />must continue to be proactive. <br /> <br />Recommendation <br /> <br />The City Council should take an active role in encouraging sustainable economic development. <br />We have formulated action items that can bring about the resources and policies needed for <br />University City to create an environment conducive to local business growth. Such growth will <br />yield more tax revenues, produce a unique commercial mix that attracts residents to the area, and <br />create more jobs for our community. <br /> <br />Action Items <br /> <br />I) Encourage City Staff to develop a marketing campaign that "brands" U. City as a unique <br />residential and commercial area: <br /> <br />· Create materials that educate residents about the great local shopping <br />opportunities in their community (and the positive economic impact of shopping <br />locally. ) <br />· Distribute "Welcome Packets" that include these materials and businesses district <br />promotional brochures to new residents and housing center visitors. <br />· Work with Olive and Loop business districts to collect information about new, <br />positive developments and promote U. City through PR efforts, a revamped <br />Cityscape, a revamped city website, and paid advertising. This promotion should <br />reach those outside University City. <br /> <br />7 <br />