economic development
Community Enterprise & Ownership
goal
Community-owned enterprises that bring essential services, create jobs, expand contracting opportunities, and build assets.
What We Are Trying to Accomplish
How the Work Has Grown
In order to support large-scale economic opportunity in the community, work focuses on achieving the following:
In 1997, residents identified the abandoned Langley factory site as an opportunity to turn blighted land into economic value. The goal was to provide needed goods and services, recapture retail leakage, and create local business ownership and employment for residents. An Outreach Team conducted surveys to create the community’s “Top Ten List” of businesses and select the name for the new commercial center — Market Creek Plaza (MCP).
Business & Social Enterprise
principles
GUIDING
• Maximize economic impact in every phase of community development, from local hiring and contracting to leasing and ownership • Develop mechanisms for residents to build wealth while redeveloping their neighborhood • Promote the circulation of money in the neighborhood and build economic capacity • Involve residents in business, financial, and asset management to build working knowledge and expertise
• A vibrant business environment with a strong economic base and the types of products and services residents want and need • A network of triple-bottom-line business ventures that create community jobs, offer training and support, and fill community needs
Jobs & Employment Development • Job growth with systems to support residents in capturing and retaining a significant percentage of these positions • Strong networks that provide employment development, training, and job placement in partnership with employers
Ownership & Asset Building • Ownership structures for direct individual resident investment in the revitalization of their community for returning profits to broader community benefit and expanding the ongoing development of The Village • Programs and tools that enhance residents’ financial health and build wealth through savings and investment
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The Beginning
To set the criteria and oversee the selection of tenants, a resident Business and Leasing Team was formed. In order to achieve a balance of financially-secure tenants and local entrepreneurs, the team decided on a “theory of thirds” strategy: one-third national and regional tenants, one-third franchises for potential resident ownership, and one-third local entrepreneurs. The initial tenant mix included 2 national/regional tenants, 2 franchises, 1 manage-to-own business, and 3 locally owned. All tenants signed “Spirit of Partnership” agreements committing to local resident hiring.
Contracting and Employment The Business and Leasing Team set a goal of 65 percent resident employment for jobs created by Market Creek Plaza construction and businesses. A Construction Collaboration was formed with contractor associations to recruit and provide capacity building to Diamond Neighborhoods contractors so they could secure bids to build Market