EXECUTIVE SUMMARYI. WHAT IS THE PLAN?
Manhattan Area Chamber of Commerce’s Advantage Manhattan – “Power Our Potential” is an aggressive, economic development business expansion and attraction program. Advantage Manhattan has input and support from the private and public sectors within the Manhattan area. The Chamber’s Advantage Manhattan – “Power Our Potential” initiative is designed to raise the necessary funds to develop and implement the Chamber’s increased economic development initiatives for the next five years.
In partnership with local governments, community organizations and businesses, the Manhattan Area Chamber of Commerce will build a cooperative vision for achieving the five-year measurable goals outlined in its economic development initiatives. The key areas of implementation include:
- Community Driven Economic Development Plan
- Business Health
- Workforce Solutions
- Advocacy and Outreach
- Regionalism and Partnerships
- Business Recruitment and Entrepreneurship
SUMMARY DESCRIPTION OF THE CHAMBER’SADVANTAGE MANHATTAN – “POWER OUR POTENTIAL” (2017-2021) INITIATIVES
Community Driven Economic Development Plan
Obtain and implement a community-based economic development plan to guide the Manhattan area in maximizing the impact of future economic growth opportunities.
Support the growth of existing primary employers in the Manhattan area.
Support the development of short-term and long-term solutions to meet the workforce needs of area employers.
Advocacy and Outreach
Support businesses in the Manhattan area through continued advocacy, communications, and outreach for local, state and national issues.
Regionalism and Partnerships
Enhance involvement with economic development partnerships in facilitating business and community growth.
Business Recruitment and Entrepreneurship
Diversify the regional economy through targeted business recruitment and an entrepreneurial innovation ecosystem as a preferred site for business.
II. HOW WILL ADVANTAGE MANHATTAN – “POWER OUR POTENTIAL” BE IMPLEMENTED?
As a five-year economic development program of aggressive business expansion and attraction, Advantage Manhattan – “Power Our Potential” will have a tremendous impact on the Manhattan Area. Funding for the strengthened program will be sought from an expanded base of business and professional firms realizing the potential for improving their community, own market share,
visibility and supporting the economic prosperity of the Manhattan area.
The measurable goals and objectives for Advantage Manhattan – “Power Our Potential” have been developed through a process that involved many stakeholders and community leaders. This process ensures that the Chamber’s goals for this economic development initiative mirror the needs of the business community, public sector officials and other leaders in the Manhattan area.
Once the fundraising campaign is over, tapping the expertise of our investors will be an integral piece of the Advantage Manhattan – “Power Our Potential” initiative. Our investors will benefit from an enhanced reporting system that will benchmark the Chamber’s economic development efforts. Full financial disclosure and accountability will continue throughout the Advantage Manhattan – “Power Our Potential” initiative. Additionally, the Chamber will continually develop opportunities for investor
involvement in the program’s execution and implementation.
III. WHAT ARE THE BENEFITS?
The economic development programs of the Manhattan Area Chamber of Commerce in the preceding years have been funded and guided by the public and private sector. Recent studies of highly effective economic development programs across America indicate that a joint partnership between the public and private sector to be the best model for increased economic growth. The public sector’s funding will continue and work with the private sector to leverage increased success.
The Manhattan Area Chamber of Commerce commits to a program of work with dramatic impacts for the Manhattan area over the next five years. In addition to increased national and regional awareness of the Manhattan area, our key economic development goals for 2017 thru 2021 are:
Advantage Manhattan “Power Our Potential” Goals 2017 - 2021
- Complete and Implement a Community Driven Economic Development Plan
- Implement an Economic Development Business Tracking System
- Improve Workforce by Reducing Open Jobs
- Number of Primary Jobs to be Created 600 over five year
- Targeted Annual Salaries of Primary Jobs Greater than $60,000*
- Number of Secondary Jobs Created Based on Primary Job Creation 465 over five years
- Targeted Annual Salaries of Secondary Jobs Greater than $35,000
- New Commercial Capital Investment Generated $300,000,000
- Business Retention and Expansion Visits All Investors
IV. HOW WILL YOUR INVESTMENT BE SPENT?
The five-year cost for Advantage Manhattan – “Power Our Potential” is a minimum of $3 million invested by the private sector. The area’s businesses, individuals, institutions, civic groups, and foundations will be asked to invest in this economic development program. Each investment request will be based on the individual investor’s stake in the community, Advantage Manhattan – “Power Our Potential” components, the projected return on investment and the projected community and economic development enhancements that accrue to the region because of the program. The Manhattan Area Chamber of Commerce’s Board with input from the investors will be the organization to ensure accountability for funding and outcome.
Investment Spending 2017 through 2021
Advantage Manhattan “Power Our Potential” Proposed Five-Year BudgetCommunity Driven Economic Development Plan - $150,0000 First Year Only
Business Health - $130,000 Per Year
Workforce Solutions - $136,000 Per Year
Advocacy and Outreach - $85,000 Per Year
Regionalism and Partnerships - $89,000 Per Year
Business Recruitment and Entrepreneurship - $130,000 Per Year
*Total $3,000,000 Five-Year Budget
*The total represents a minimum investment to put the initial priorities in place. The target is to exceed the minimum threshold in order to expand the
effectiveness of all six initiatives.
The Chamber’s economic development activities are periodically reviewed and revised in partnership with the investors and based on economic trends, successes and yearly work programs.