Siler City Economic Development

Strategic Plan

Presented to the Siler City Town Council by the NC STEP Leadership Team Coach

July 26, 2011

NC STEP

Support resources provided by the NC Small Towns Economic Prosperity Program (NC STEP): Financial Support, Training and Coaching

Objectives of NC STEP• Develop a team of local citizen leaders empowered by the town

and committed to a long term economic development effort

• Assist the Leadership Team with producing a comprehensive strategic economic development plan

• Provide initial funding to assist with project implementation

NC STEP

What STEP is not:

A Top Down Approach to Strategic Planning

A Strategic Plan Forgotten on a Shelf

A Plan with no Implementation Strategy

A Plan with no Capacity to Fulfill

Lack of Action because of Money

NC STEP

Create Jobs

Increase Public and Private Investment

in the Community

Leverage Resources

Create Wealth

NC STEP Ultimate Goals

Build an Inclusive Leadership Team

Mission of the NC STEP Leadership Team:

The Siler City NC STEP Leadership Team is a diverse group seeking to enhance the quality of life for present and future generations by reaching out and functioning as a partner, advisor and participant in the Siler City community. Our goal is to promote sound growth, economic development and the revitalization of Siler City.

What We’ve Done

Monthly Leadership Team Meetings since August 2010

Drafted a Vision Statement

Created a Community Profile

Reviewed the Local and County Economy

Developed Community Assessment, including assets and limiting factors for economic development and prosperity

Identified Strategies to achieve Vision

What We’ve Done

We asked the question:

What do you want the community to be

like 10 to 20 years from now?

Siler City is a vibrant, prosperous, and

creative community that honors diversity,

productivity and entrepreneurship.

Vision

Community profile

Economic and Demographic Scan:

How a Local Economy Grows

Town and County Demographics

Basic Economic Descriptors

Sources of Income

Regional Perspective

Challenges: Town? County?

Local and County Economy

The Local Economy—retail trade, public

and private services, construction,

manufacturing

Products and services for local area residents

Products and services for tourists

Products and services for local retiree population

Manufactured products—wine, crafts, etc.—for

export

Export of labor (Commuting out)

Flow of products and services

How a Local Economy Works

Flow of income

Review Local Assets and Limitations for Income, Wealth and Job Development

This Work Results in a “Community Assessment”

Community Assessment Is the Foundation for Identifying Strategies for Improving the Local Economy

Analyzing Your Local Economy

Strategy 1: Business DevelopmentSiler City has a long history as a traditional manufacturing town…The town’s major industries have included textiles, furniture, hosiery, and food processing. Since the 1950s, growth along major transportation corridors, particularly US Highway 64, drew retail and service businesses away from the downtown commercial center …Today, Siler City’s historic district is peppered with a mixture of vacant industrial buildings and struggling retail businesses, and the formerly bustling Highway 64 strip is also marked by disinvestment and decline.

The business development strategy is designed to revitalize Siler City by bringing more visitors and shoppers to town and by supporting the growth of new businesses to support the expanding market… This strategy will help revitalize downtown and the Highway 64 corridor, will support new business formation, will help create new employment opportunities, will help create wealth for new business owners, and will permit the town to once again thrive as a commercial crossroads.

Identified Strategies

Strategy 2: Marketing Siler City

While Siler City faces several obstacles, a focus on marketing will improve the perceptions of the town for both residents and visitors.  By developing new and current assets and marketing them to residents and visitors, Siler City can become a more active and appealing place to be for everyone… A focused marketing campaign will bring visitors to Siler City and reposition the town as a place for basic and specialty retail as well as a destination for weekend activities… Using Siler City’s available infrastructure, central Piedmont location with access to large markets, and affordable land and building sites, the town can be marketed as a place for industrial and commercial development… Using our small town heritage and marketing existing assets will build future assets that make the town a great place to live, develop business, and enjoy leisure time.

Identified Strategies

Strategy 3: Further Develop an Arts Industry

Siler City has a rich history of architecture, the design of goods and systems, general artisanship in the manufacture of goods, as well as in the fine arts…We can now recognize these achievements as creative efforts, restore and build on them while applying and celebrating current creativity in all aspects of our community life… The Arts is an industry that is already established in Siler City, is becoming better known in the region, is revitalizing downtown, has coalesced a generous and talented community and works to develop the creative skills that are critical to success in all aspects of life…[Therefore, this strategy will] Further develop and build on the existing downtown arts community…especially engaging local population groups, expanding creativity into more aspects of community life, and utilizing our arts and creativity to create meaningful jobs, expand community wealth and improve our economy in a way that benefits our grandchildren.

Identified Strategies

Strategy 4: Siler City as a Retirement DestinationCurrently, the demographics of Siler City trend toward a population that is young (70% < 45 years old), with low educational attainment and per capita income. As such, it could potentially benefit from an infusion of a financially stable older population that would have disposable income. Making Siler City a destination of interest for active adults over 50 would help to balance the demographics of the City and provide potential net cash inflow with low demands on new, tax revenue based infrastructure…Specifically, the demographic of retirees that would be targeted are those who seek to live in a rural setting…Retirees in this demographic would likely value open space, be less inclined to require high-cost amenities, and be more inclined to spend their disposable income within Siler City…Becoming a destination for a targeted population of retirees would help to make Siler City a more prosperous and vibrant community.

Identified Strategies

Leadership Team Divided into Subcommittees according to the Team’s Identified Strategies

Their Task is to Identify, Develop and Recommend Projects under Each Strategy to the Full Leadership Team

Projects Are Designed to Implement the Strategy:

Projects Come and Go, but Strategies Remain

Project Development

Because community development and quality of life issues fall within and overlap each of the above strategies, each subcommittee includes projects in these areas.

Projects within the purview of education and workforce development, not-for-profit capacity building and expansion, recreation and entertainment, and physical infrastructure, attractiveness and appearance may evolve out of any of the subcommittees.

Project Development

Business Development:

• Develop a Business/Commercial District between Hwy. 64 & Downtown

• Create an Entrepreneurship Club

• Create a Comprehensive E/ship Support System for Businesses

• Create a Welcome Center/Incubator

Preview of Projects

Marketing Strategy:

• Create a website: www.VisitSilerCity.com

• Feathers and Furs Siler City Heritage Festival

• Branding Implementation (ArnetteMuldrow)

Preview of Projects

Arts Strategy:• Siler City Film Festival

• Chatham Rabbit Public Art Competition and Celebration

• Siler City Design & Creativity Student Mentorship Program

• Catalog of Locally Crafted Products & Unique Local Services

• Siler City Creativity Awards Program

Preview of Projects

Retirement Destination:

• Establish Siler City as a Certified Retirement Community

• Create a Retirement-Specific Website for Siler City

• Create a Greenway in Siler City

Preview of Projects

Miscellaneous Projects:

• Downtown Façade Grant Program

• Downtown Beautification

• Downtown Park (several options being discussed)

• Energy Efficiency of Existing Structures (including Residential)

• Downtown Streetscape Plan (Long-term)

Preview of Projects

Leadership Team Prioritizes Projects and Estimates Costs

This Turns into the Implementation Plan

Submit Draft Plan to NC STEP Office

Formal Presentation of Final Economic Development Strategic Plan and Implementation Plan to Town Council

What Happens Next

Once Plan Is Approved by Town Council, Town enters into Implementation Contract with Rural Center

Leadership Team begins Implementation of Projects

All Monthly Reports Must Be “Up to Date” before Funds Released

You’re on the Way to Economic Growth & Prosperity!

Implementation

Contact

Chilton Rogers

NC STEP Head Coach

crogers@ncruralcenter.org

919-250-4314 (phone)

919-239-3260 (cell)

Questions?