Building a Better Community: Recommendations for Economic Development

Looking Deeper at American Structurepoint's New Proposed Comprehensive Plan for the community.

Last month, this publication reported on a meeting that featured a presentation from American Structurepoint, the consulting firm that is assisting the city’s development department in creating a new plan for the community. You can read our publication’s first look at that report here:

One of the highlights of the presentation was American Structurepoint’s discussion of 51 strategies that are currently being discussed for inclusion in the plan. More than just land use, these strategies are going to be used to help guide decisions that deal with many aspects of community life, from parks and recreation to social services.

Today, this publication is going to start looking at some of those recommendations in depth as we kick off the “Building a Better Community” series. Much like our popular, “Learning About Our Community” series, this publication is going to take the information from American Structurepoint and share it with the community with a bit more context and insight.

Economic Development in Troy

Economic development is a cornerstone of the community. Most everything this community currently enjoys as an amenity is the results of decades of economic development. For example, think about Hobart Arena, Miami Shores and Troy Memorial Stadium. All three of these amenities were envisioned by the Hobart Family. But the Hobart industrial dynasty didn’t just show up in Troy. It was at the turn of the Twentieth Century, the Hobart family was lulled away from Middletown by the Troy community as land was offered to them to build their industries on South Ridge Avenue.

American Structurepoint is proposing to invigorate the city's economy and ensure sustainable growth through the new Comprehensive Plan. This new strategy focuses on several key areas, including industry cluster promotion, business retention, retail and entertainment recruitment, local business incubation, tourism, cultural activities, marketing, and the adaptive reuse of buildings. These elements collectively aim to foster a dynamic and resilient local economy.

Promoting industry clusters is a vital part of Troy's economic development strategy. The city plans to conduct thorough research to identify and understand the strengths and needs of existing industry clusters, such as fabricated metal, printing, and food processing. By establishing business incubation programs, the community should be able to nurture homegrown companies within these clusters, providing them with essential resources, mentorship, and networking opportunities. Collaborating with local colleges and technical schools to develop training programs aligned with the needs of these clusters will help ensure a skilled workforce for these clusters. Overall, these efforts are expected to increase the city's competitiveness, create jobs, and enhance economic resilience by diversifying the economy.

Supporting existing businesses through a robust Business Retention and Expansion (BRE) program is another critical strategy. The city will establish a routine of meeting with business leaders at their locations to understand their challenges and provide necessary support. In addition, communicating and collaborating with utility providers to detect signs of business distress early will enable proactive intervention. Additionally, developing or adopting a Customer Relationship Management (CRM) system will help manage interactions with local businesses, track their needs, and provide timely assistance. This approach will enhance business stability, promote economic growth, and foster community loyalty by demonstrating the city's commitment to its local businesses.

Retail and entertainment recruitment is aimed at making downtown Troy a vibrant hub for residents and tourists. The city plans to attend regional and national conventions to network with potential retailers and entertainment businesses. Financial incentives and support for constructing new hotels and entertainment venues could attract more visitors and boost the local economy, but will undoubtedly need more discussion. Enhancing downtown branding and way-finding signage will create a welcoming and attractive environment for businesses and visitors alike. These efforts could lead to a further revitalized downtown, improved quality of life for residents, and a significant boost to tourism.

Local business incubation focuses on fostering innovation and entrepreneurship. One strategy in the plan includes the city to establish an incubator facility with office space, meeting rooms, and essential resources for startups. Providing access to experienced mentors and creating networking opportunities with investors and industry experts will support new businesses. Offering financial support through grants, loans, or equity investments to promising startups could also further stimulate entrepreneurial growth. This strategy aims to position Troy as an innovation hub, diversify the local economy, and engage the community in fostering a culture of innovation.

Promoting tourism and cultural activities is another vital component of the economic development plan. The city will organize and promote events that showcase Troy's cultural heritage, such as festivals, concerts, and art exhibitions. Marketing campaigns will highlight Troy's attractions and amenities to potential visitors. Collaborating with local businesses and organizations to create tourism packages and experiences will further enhance the city's appeal. Increased tourism could boost local businesses, enrich the community's cultural landscape, and enhance Troy's reputation as an attractive destination.

Developing a comprehensive marketing strategy to highlight Troy's strengths and opportunities is crucial. The city will create a cohesive brand identity that reflects its unique attributes. This provides a unique opportunity to re-imagine the ill-conceived and unpopular blue and orange motif that lacked public consultation and has always lacked popular support.

Enhancing the city's digital presence through a user-friendly website, social media, and online advertising will attract new residents and businesses. Outreach programs will engage potential investors, businesses, and residents, showcasing the benefits of living and working in Troy. Effective marketing will attract new residents and businesses, enhance the city's reputation, and foster community pride.

Encouraging the adaptive reuse of vacant and underutilized buildings is essential for sustainable development. The city could provide financial incentives and technical support to developers interested in repurposing existing buildings. Adapting zoning and building regulations will facilitate the conversion of old buildings into new uses. Involving the community in identifying potential buildings for reuse and determining their new purposes will ensure that redevelopment meets local needs. While not in the plan’s recommendations, a vacant property ordinance, that would help prevent properties from becoming eyesores in the community, should be incorporated in the plan and has been something this publication has pushed for in the past. These approaches promote sustainable development, stimulates economic activity, and preserves Troy's historical heritage.

Overall, the economic development strategies outlined in the Troy Comprehensive Plan are designed to foster sustainable growth, enhance the city's economic vitality, and most importantly, improve the quality of life for residents. By promoting industry clusters, supporting existing businesses, recruiting retail and entertainment venues, fostering entrepreneurship, boosting tourism, developing a strong marketing strategy, and encouraging the adaptive reuse of buildings, Troy can build a robust and resilient economy. These strategies, when effectively implemented, should position Troy as a thriving, attractive, and vibrant community for years to come.

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