New economic development plan in Elgin

Elgin’s Downtown Neighborhood Association launched a major initiative Wednesday aimed at attracting new business and encouraging investment in the downtown.

“For Lease or Sale in Downtown Elgin” is targeting tech and art sectors, retail and service shops as well as entrepreneurs. Eventually a critical mass of independent retail will lead to chain retail, according to Tonya Hudson, executive director of the DNA.

“This is one of the most fundamental economic development programs that we have ever launched,” Hudson said. “It’s really focusing on increasing the sales tax base and increasing property values.”

People with space to lease or sell will be asked to pay 25 cents per square foot they want to market. That will get them post card mailings and a variety of custom advertising, which Hudson said makes the investment well worth it. A DNA contribution and expected help from corporate sponsors will round out the $30,000 budget.

The program aims to improve the look of vacancies in the downtown area and streamline the look of real estate signage.

Economically, the goal is to increase a customer base for downtown businesses, broaden the sales tax base, increase private property investment and raise property values.

Hudson said the program has been discussed since she started as the executive director three years ago. Involved volunteers, guided by DNA staff members, have brought the program to its launch point.

Informational sessions throughout the spring and a cleanup day in early summer will lead into a marketing campaign through the fall.

“We need to get our properties in a situation where they’re able to be showcased,” Hudson said.

More than just filling downtown storefronts, Hudson said, “For Lease or Sale in Downtown Elgin” is an assistance program that should boost the income potential for property owners.

For more information email her at thudson@downtownelgin.com.