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Economic Development Update

Economic Development Update. May 21, 2013. Outreach/Marketing/Recruitment. MOU with Frostburg and CACIF to engage in cooperative Economic Development activities

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Economic Development Update

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  1. Economic Development Update May 21, 2013

  2. Outreach/Marketing/Recruitment • MOU with Frostburg and CACIF to engage in cooperative Economic Development activities • This will be a multi-faceted effort based on marketing toward targeted areas using our selling points as a place to relocate/expand/relocate based on both a business and lifestyle choice

  3. Post-Secondary Education/19 N. Frederick St. • Project continuing to move forward in the shape of a university center model. • Continued or new interest expressed from 5 institutions. • Working with private development group with experience in similar projects in order to gauge the feasibility and sustainability of the university center model in Cumberland.

  4. Business Retention/Expansion • Engaging in a process to generate a BRE program within the city to identify potential areas for growth and underserved market needs • Effort will start with a survey to be mailed as well as posted online • Follow up meetings and targeted recruitment efforts will follow

  5. Downtown Districts Branding Effort • Creates identifiable markers within the community to differentiate neighborhoods and allow for visitors to have visual assistance in navigating the downtown area. • Hoping to create partnerships with existing organizations to implement “gateway signage” • Effort should coincide with other signage related projects impacting the downtown area

  6. Property Inventory Database • Property Inventory Database is nearly complete and already live on Maryland Department of Business and Economic Development website • Capabilities made possible by MD DBED • LocationOne providing the technology to support the database

  7. Willowbrook Road Medical Corridor

  8. Willowbrook RoadMedical Corridor

  9. Incentive Districts • Using the Medical Corridor as a starting point a targeted incentive program is being developed to encourage private investment and job creation • Exploring our options in incentivizing targeted activity as well as speaking with business leaders to gather input on what they would see as an effective program

  10. Economic Development UpdateQuestions/Comments May 21, 2013

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