New Bedford 2020 - VHB.com

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A City Master Plan New Bedford 2020Figure 5.6: Impacting the Tax BaseTax Revenue$45.6MProject Value (Millions)Pending Project Value (Millions)$24M $24.4M$1,132,828$557,347 $605,833An Estimated $2.3M Generated in New Annual Tax RevenueSource: City of New Bedford’s Assessor’s OfficeJobs and Business5-8
A City Master Plan New Bedford 2020Goals and ObjectivesA well established economic development strategy is now in place that has shown tangible results during thepast five years. The city’s recent momentum has established a solid foundation for future growth that builds onour coastal location, preserves historic legacy, and expands cultural and workforce opportunities. While muchhas been accomplished, it is critical to continue this strategic approach to build on and sustain recent success.The following goals and objectives recognize current strategy, planning, and challenges and are intended toprovide a path for the continued economic growth and vitality of the community into the next decade:1. Expand and secure recent success in developing emerging technology sectors, such as marine science and technology,alternative energy, medical devices, biotech manufacturing, and creative enterprisesa. Target off-shore wind as an anchor use for a maritime terminal facilityb. Continue to vigorously pursue target sectors that are a good fit for New Bedford by building relationships withindustry leaders and policy makersc. Support and encourage the shift of traditional businesses toward green product installation, manufacturing, and serviced. Strengthen partnerships with state and federal agencies that have a direct impact on supporting emergingbusinesses in emerging sectorse. Target public infrastructure investment and business incentives toward emerging sectors2. Enact a comprehensive development strategy that links underperforming and potential development sites, such asbrownfields, business park sites, and historic mills throughout the city with opportunities for emerging sectordevelopment to increase and stabilize the commercial tax base and create jobsa. Conduct a space needs/site requirement analysis for emerging sector manufacturingb. Identify brownfield sites throughout the city and prioritize those with the highest economic developmentpotential or those that are a threat to public health and the environment for assessment and remediationc. Develop a business model that targets development opportunities at the New Bedford Regional Airportd. Identify former textile mill structures and other underperforming industrial sites throughout the city with thehighest economic development potentiale. Develop an implementation strategy to market, remediate, and incentivize the development of targeted priority sites3. Continue to foster sustainable development projects that have the ability to catalyze economic growth withintargeted neighborhood, commercial, and development districts through both jobs created during construction andthe creation of permanent jobs for New Bedford citizensa. Provide sound planning, analysis, and critical data for targeted development districts and land use types andproactively market such districts and development sitesb. Target public infrastructure investment and business incentives toward sustainable and catalytic developmentprojects within targeted districts, such as brownfields and sites identified in completed strategic planningeffortsc. Advocate for state legislation that will bring competitive advantage to the development of brownfield sites,historic buildings, and targeted development districtsJobs and Business5-9
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