Neighborhood Revitalization Zone (Nrz) Plans as a Means of Local Economic Development

Topics: Economic development, Local government, Development economics Pages: 21 (6916 words) Published: April 13, 2013
University of New Haven
Department of Economics
College of Business

EC 665 Urban and Regional Economic Development
Winter Semester 2013

Instructor: Roger L. KEMP

Revitalization Zone (NRZ) Plans
As a Means of
Local Economic Development

Zeynullah GIDER
Graduate Student
Master of Public Administration
1. Definition and Essence of Local Economic Development
Local economic development is building up the economic capacity of a local area to improve its economic future and the quality of life for all. It is a process by which public, business and non-governmental sector partners work collectively to create better conditions for economic growth and employment generation. Strategical plans for local economic development are increasingly used by communities to increase the local economic capacity, improve the investment climate, and increase the productivity and competitiveness of local businesses. The ability of communities to improve the quality of life, create new economic opportunities depends on their capacity to achieve local economic development. Successful private enterprise and productive public-private partnerships create wealth in local communities. By its nature, local economic development is a partnership between the business sector, community interests and municipal government. Local economic development is usually planned by local governments with the cooperation of private sector partners. Implementation is carried out by the public, private and non-governmental sectors. Local economic development evolved as a policy approach in the early 1970s in response to municipal governments realizing that businesses and capital were moving between locations for competitive advantage. By actively reviewing their economic base, communities gained an understanding of the opportunities for, and obstacles to, growth and investment. With this newfound understanding, communities attempted to expand their economic and employment base by devising and undertaking strategic programs and projects to remove obstacles and facilitate investment. Each community has a unique set of local conditions that either enhance or reduce the potential for local economic development, and it is these conditions that determine the relative advantage of an area in its ability to attract generate and retain investment. A community’s economic, social and physical attributes will guide the design of, and approach to, the implementation of a local economic development strategy. To build a strong local economy, good practice proves that each community should undertake a collaborative process to understand the nature and structure of the local economy, and conduct an analysis of the area’s strengths, weaknesses, opportunities and threats. This will serve to highlight the key issues and opportunities facing the local economy. 2. Neighborhood Revitalization Zones (NRZ) Plan as a Means of Local Economic Development 3.1 The Concept of Neighborhood

“It is clear today great experiment of our cities is a failure. We must return to a scale of government which is comprehensible to our citizens. By developing neighborhood government not by fiat but by organic evolution from community organization, we can develop a sense of community through the state and sense of individualism and neighborhood through nation. To date the centralization of government has destroyed community self management and citizen participation. We must reverse this trend and develop our cities along the lines of neighborhood government and interneighborhood cooperation” Senator Mark Hatfield

Neighborhoods are not only the basic social unit for any nation but can also become productive, self-governing units to a very great extent. The concept of Neighborhood Revitalization Zone Plan just coincides with this sentence. Because no one knows how to meet local economic and social needs better than the people who live and work in that...
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