The Elements of Economic Development
Economic development requires a knowledge of local market conditions, a vision for the district’s future, access to public and private resources in the community, and the ability to coordinate these resources to make revitalization happen.
DFI supports the growth and economic progress of downtown Frankfort by:
• assisting the Kentucky Capital Development Corporation with downtown business recruitment, expansion, and retention efforts
• supporting efforts to implement the Downtown Master Plan
• coordinating with Frankfort/Franklin County Tourist Commission on bourbon tourist strategies
• supporting downtown developments like Parcels B & C
• surveying downtown merchants on an as needed basis to support grant and investment opportunities
• directing businesses to available financial incentive and business assistance programs, as well as any other programs that can benefit current and potential business owners and investors
• pursuing downtown improvements such as upgrading signs, taking on deferred maintenance, improving window displays, addressing trash removal, parking, beautification, and public restroom access
Generate ideas and serve as a catalyst for action:
Because DFI has a base of knowledge about the commercial district’s economy, we can help identify new opportunities for economic growth, coordinate economic development activities, and seek creative solutions from other revitalization programs.
Leverage activity:
When new opportunities are discovered, DFI can also identify potential obstacles and find ways to overcome them. This process often leads to new financial incentives and/or technical assistance programs.
Monitoring economic performance:
DFI works to develop a working relationship with downtown businesses, so we can stay connected to the current state of business activity. Understanding the pulse of the downtown economy helps DFI shape programs and represent downtown business interests more effectively.
We could not do this without you! If you have a knack for business or are interested in the economic growth of our downtown district, please contact our office at info@downtownfrankfort.com.
