In November 2015, City Council directed staff to undertake pilot projects in two neighbourhoods to promote economic revitalization.
The pilot projects aim to build community and organizational capacity within the local business community in economically distressed commercial areas. The City has found that Business Improvement Areas (BIAs) are a successful model for local economic revitalization. By building local capacity and partnerships within these areas, and by providing additional assistance, high-functioning BIAs with stable funding and organizational capacity can be established – which can lead to sustained economic revitalization.
Studies were undertaken in the Rogers Road and Oakwood Village neighbourhoods. The studies looked at area assets (pull factors), liabilities (push factors), who shops and lives in the neighbourhood, the retail and commercial make-up, and opportunities for economic growth.
See staff report for background information on the revitalization project.