Surveys & Interviews
Qualitative data can assist communities to identify key concerns regarding real estate, finance, workforce, business operations, and property conditions to target initiatives.
Asset Inventory
To better understand the complexity and nuances of the business community and how local institutions and community are interconnected, communities may explore economic, social, natural, and physical assets.
Designated Corridors
With the areas identified from the mapping, surveys and interviews, communities can identify at risk commercial areas and designate special corridors where policies and programs can be implemented.
Zoning Restrictions & Incentives
Once key areas facing commercial displacement have been identified, communities can use zoning to create urban and suburban forms that can assist in maintaining some small businesses.
Commercial Land Trust
A Community Land Trust is a non-profit corporation which: Buys property in a jurisdiction, Maintains a ground lease, Sells the building to an independent, locally owned business or group of business owners. When the business chooses to sell the property, the Community Land Trust repurchases it at a set price.
Community-owned Space
Communities, often through their Development Authority or other redevelopment organization, would purchase, improve, and maintain a property and restrict its leases to local businesses. The rents would be below market and typically cover the cost of owning and maintaining the building.
Subsidized Space
Communities, often through their Development Authority or other redevelopment organization, would purchase a property and sell it to a developer. The sale would be below market value with a restriction that a certain amount of the property be used to support local businesses.
Owner Occupancy
By controlling the property in which they are located, small businesses do not have to manage increases in rents or lease negotiations.
Property Improvement Grants
As part of a Business Improvement District, Community Improvement District, or identified corridor, localities can administer a matching façade or sign grant or loan program.
Community Benefits Agreements (CBA)
A Community Benefits Agreement (CBA) is a project-specific agreement between a developer and the community which details the project’s contributions to the community.
Tax Allocation Districts (TAD)
The community can create a business or community improvement district where incremental tax revenue is reinvested into infrastructure improvements.
Incentives
Communities may offer financial incentives to developers for creating space for and/or preserving local, cultural, and legacy businesses.
Lending Support
Communities can work with local lenders and financial organizations to address capitalization needs to support longer leases or property ownership. Communities can partner with these financial institutions that emphasize investment in these corridors.
Cultural & Legacy Grants
Communities may offer a cultural or legacy business grant to support the long-term stability of those businesses.
Business Relocations (Temporary & Permanent)
As properties are redeveloped, there may be opportunities for businesses to return to the site or to relocate nearby.
Employment Assistance
Small businesses are under pressure more than ever to find and maintain quality employees.
Legal, Financial, Real Estate Professional Resources
Many small businesses lack the detailed and expert knowledge in the field of legal, financial, or real estate.
Dedicated Commercial Project Manager
The community can designate a commercial project manager, similar to a Main Street Manager, who ensures small businesses have access to the resources they need and serves as a liaison for developers to preserve the desired small business mix.