A key tenet of economic development is to work with the assets that already exist. Local businesses have the ability to expand and thrive in East PoS.

Medium Term: 4-6 Years / Long Term: 7+ Years Joint responsibility with another agency

Work with relevant agency on construction incentives and changes to the property tax system in the IPAs, as part of an economic development strategy.

  • A land value system of taxation should be considered. This involves a shift of taxation from the buildings to the underlying land. It has been shown to result in a lowering of land vacancy rates and deter speculative buying.
Short Term: 1-3 Years / Long Term: 7+ Years

Develop/maintain database of businesses in East PoS including suppliers, producers, retailers, and support services

  • This database could be posted on the revamped website in a “doing business in East PoS” section
Short Term: 1-3 Years

Consider designating Business Improvement Districts (BIDs) in East PoS in relevant IPAs, e.g. along the Eastern Main Road (see Investment Prospectus, Initiative Four)

Short Term: 1-3 Years / Long Term: 7+ Years Joint responsibility with another agency

Work with relevant agency on incentives for new businesses and those willing to relocate to East PoS

Short Term: 1-3 Years / Long Term: 7+ Years Joint responsibility with another agency

Establish an increased banking presence in East PoS.