Applying Economic Development Tools to Urban Revitalization
Cities, towns, counties, and all other local entities in a global economy have the challenge of opportunity of crafting their own economic destinies. This is true for the poorest as well as the wealthiest localities. The most preeminent technique would be urban revitalization. Revitalization is the process of rebuilding thriving economically, environmentally and socially sustainable urban areas and populations, in areas that have been in decline and in those urban areas that are stressed from the continuing influx of people to urban areas. In reality, the forces of nature, demography, technology, and industry are such that no local economy can ever count on an achieved level of stability and security.
One of the most significant economic development issues faced was how to fund cleanup and promote redevelopment of “brownfields.”. Brownfield sites also frequently suffer from: crumbling infrastructure traffic congestion; ramped lots; and high crime rates in the surrounding low-income, residential neighborhoods.
When a business is looking for a location to build a new facility, it has a choice between purchasing a brownfield site or a bare parcel of land in a rural or suburban area, known as a “greenfield” site. Unlike a brownfield site, a Greenfield site need not be cleared of existing structures, does not pose a risk of expensive-to-clean-up contamination, and does not suffer from crumbling infrastructure, traffic congestion, small lot sizes or high crime rates. If brownfields cannot be made competitive with greenfields, most businesses will chose to locate new facilities on greenfield sites. For those cities to be able to compete for new economic development opportunities, and the new jobs that come with those opportunities, they will need to clean up and clear their brownfields so that businesses may acquire them at a cost that is competitive with greenfields. Those cities also will need to do something to rectify the infrastructure, traffic congestion, parcel
One of the most significant economic development issues faced was how to fund cleanup and promote redevelopment of “brownfields.”. Brownfield sites also frequently suffer from: crumbling infrastructure traffic congestion; ramped lots; and high crime rates in the surrounding low-income, residential neighborhoods.
When a business is looking for a location to build a new facility, it has a choice between purchasing a brownfield site or a bare parcel of land in a rural or suburban area, known as a “greenfield” site. Unlike a brownfield site, a Greenfield site need not be cleared of existing structures, does not pose a risk of expensive-to-clean-up contamination, and does not suffer from crumbling infrastructure, traffic congestion, small lot sizes or high crime rates. If brownfields cannot be made competitive with greenfields, most businesses will chose to locate new facilities on greenfield sites. For those cities to be able to compete for new economic development opportunities, and the new jobs that come with those opportunities, they will need to clean up and clear their brownfields so that businesses may acquire them at a cost that is competitive with greenfields. Those cities also will need to do something to rectify the infrastructure, traffic congestion, parcel
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