Press Release

Downtowns Innovate with Community Development Models

"For downtowns, the recession glass is turning from half empty to half full," says Brad Segal president of Progressive Urban Management Associates in the July issue of Downtown Idea Exchange.

(Boonton, NJ, July 1, 2010) — Segal points to a number of creative community development initiatives that are making a huge impact on the economy of the downtown area.

One of those initiatives is the creation of formal community development corporations (CDCs). Common in neighborhood development contexts, a CDC is a grassroots 501(c)3 non-profit organization that can help advance real estate and infrastructure improvements. Potential advantages of a CDC in a downtown can include:

• Provide organizational focus and expertise on advancing commercial and housing development.
• Diversify funding for both operations and projects through access to charitable and government grants, earned income through services and projects, contract for services to the city and other agencies.
• Ability to target resources to specific properties.
• Ability to work within and outside of assessment districts or other restrictive boundaries.
• Flexibility to respond to opportunities that an uncertain market may bring.

To read the full column visit the Downtown Research & Development Center website and click on Perspectives Articles.

###

About the Downtown Research & Development Center

For over 50 years, the Downtown Research & Development Center has acted as the information clearinghouse on practical strategies and tactics for revitalizing the hearts of our cities and towns.

The Group's main activities include publishing the widely influential Downtown Idea Exchange and Downtown Promotion Reporter newsletters; publishing relevant books and reports; and operating the DowntownDevelopment.com website.

Website: http://www.DowntownDevelopment.com