P.C. IDA seeks input on strategies to improve economic development

With a flurry of development taking place in the Village of Port Chester spurred on by tax incentives from the Port Chester Industrial Development Agency, the IDA now has funds to undertake studies, according to its chairman, Frank Ferrara, a former Port Chester trustee.

The IDA did a request for proposals and selected AECOM to do a study of the village and to come up with economic development strategies it could tackle with some of the funds it has been receiving from developers as it processes and acts on their applications for tax relief.

After studying the village and pinpointing its strengths and weaknesses, AECOM developed more than a dozen strategies which the IDA narrowed down to two they felt would be “most impactful and doable,” according to Ferrara.

“They envision Port Chester at the heart of a 5-mile regional trade area from Greenwich to White Plains,” said the IDA chairman. “That is the effective reach of business impacts. Our village has been proceeding with growth. We are financially modest surrounded by great wealth. We will continue to see outsized demand for our real estate.”

“Compactness and affordability are seen as our strengths,” he added. “Diversity and tourism prospects are our opportunities.”

The IDA plans to focus on:

*Supporting wage parity with the surrounding labor shed through career education, sector-based economic development and improved employment opportunities.

*Prioritizing Port Chester’s marketing and branding to attract new businesses, support job creation and foster sustainable growth.

The IDA is inviting the public to a webinar on Wednesday, Nov. 20 at 7 p.m. to learn more about this initiative from AECOM representatives who will further explain what they have learned about Port Chester and how these strategies might help. “The enhanced presentation will include case studies,” said Ferrara.

Besides education, the IDA is seeking comments on these approaches it is looking to take on behalf of the village.

To participate, go to portchesternyida.org for the event link.

The Board of Trustees may decide to pursue one or two of the four secondary priorities the IDA is not tackling due to its limited funds, said Ferrara. Those include:

*Allow for more wealth creation and equity among community members and neighbors as opposed to investment driven by non-local third parties.

*Encourage reinvestment of key areas to create cohesive developments that incorporate well-designed housing, commercial and retail opportunities.

*Support the development of a vibrant downtown through placemaking, infrastructure improvements and targeted business retention and attraction.

*Further encourage transit-oriented development.