Neighborhood Revitalization Zone (Nrz) Plans as a Means of Local Economic Development
University of New Haven
Department of Economics
College of Business
EC 665 Urban and Regional Economic Development
Winter Semester 2013
Instructor: Roger L. KEMP
Neighborhood
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
Department of Economics
College of Business
EC 665 Urban and Regional Economic Development
Winter Semester 2013
Instructor: Roger L. KEMP
Neighborhood
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
References: City of Hartford, City Manager’s NRZ Representative Orientation Packet October 4, 2002 City of Norwich, Greeneville Neighborhood Revitalization Zone Plan Faith Weekly, Neighborhood Revitalization and the Business District, http://www.stlouisfed.org Robert Glover, Tourism as Economic Development A Brief Guide for Communities and Enterprise Developers, 1998, Roger L. Kemp, Cities and Nature, Mc Farland &Company Inc. Publishers, 2004 -------------------------------------------- [ 7 ]. City of Hartford, City Manager’s NRZ Representative Orientation Packet October 4, 2002 [ 8 ] [ 9 ]. City of Hartford, City Manager’s NRZ Representative Orientation Packet October 4, 2002 [ 10 ] [ 39 ]. Robert Glover, Tourism as Economic Development A Brief Guide for Communities and Enterprise Developers, 1998, [ 40 ] [ 47 ]. Roger L. Kemp, Cities and Nature, Mc Farland &Company Inc. Publishers, 2004, pg.33