Economic Development Strategic Plan

/DocumentCenter/View/2781PROJECT UPDATE (February, 2016): 

The Village of Buffalo Grove Economic Development Strategic Plan (Plan) was approved by the Board of Trustees on February 22, 2016. Read below to learn more about the Plan and how it was developed.

Plan Overview

The Village of Buffalo Grove Strategic Plan recommends the creation of an Economic Development Strategic Plan. The Plan was kicked off in February, 2015 and was developed in several phases as shown below. It identifies how the Village can optimize its role to achieve long-term economic growth and serves as a platform to leverage funding, partnerships and programs with our private, public and non-profit partners.

The project was overseen by a steering committee representing the varied business, development, resident, and other stakeholder interests in the Village. Community engagement was an integral part of the planning process. The Plan provides details on all community engagement activities and findings.

Project Phases

First Phase - Project Initiation (Winter, 2015)

The Plan was kicked off in March, 2015. During this phase, the Steering Committee was appointed and the Plan’s process was introduced to the Board and the Steering Committee.

Second Phase: Market Assessment and Goal Development (Early Summer, 2015)

The second phase examined the existing conditions of the Village and then explores the goals for the future. The Market Assessment, which is one of the deliverables from this phase, represents the accumulation of month of research, public outreach, and analysis. It provides an overview of the current conditions in Buffalo Grove and addresses the question: Where are we now? 

The Goals Statement outlines economic development goals for the Village and address the question: Where do we want to go? The goals are categorized under three themes: Economic Growth, Development and Redevelopment, and Quality of Life.  

Key Deliverables: Market Assessment and Goals Statement.  

Third Phase - Strategy Identification and Exploration (Late Summer, 2015)

 This phase identified and explored economic development tools (via recommendations and actions) needed to achieve the three established goals. It addresses the questions: How are we going to get there?

Key Deliverable:  Economic Development Strategic Plan Applied Toolkit: Strategies and Recommendations (Applied Toolkit)

Fourth Phase - Plan Completion and Approval (Winter, 2016)

The fourth phase was plan completion and approval. The Economic Development Steering Committee approved the Plan and recommended it to the Board of Trustees for consideration in January, 2016. The Board approved the Plan on February 22, 2016.

Key Deliverable: Economic Development Strategic Plan

Plan Implementation

The Economic Development Strategic Plan is intended to be implemented over the next 15 years. The 2016 Implementation Work Plan, provides an overview of recommendation and action steps that are targeted for 2016.

                                           

Contact Us         

  1. Nicole Woods
    Village Planner
    Email

    Ph: 847.459.5539