Concord Springs Economic Development ReportExecutive SummaryThe Concord Springs Economic Development Authority (EDA) has written an economic policy plan for the Town of Concord Springs. The plan is intended to advance dynamic and interactive discussion. It will be used to continuously assess and foster decision-making about the town’s:DevelopmentInfrastructureQuality of lifeMission StatementThe purpose of the EDA is to foster a sustainable economy consistent with the town’s planning objectives. The mix of industry, commerce, open space, residential development, and the arts in Concord Springs results in the town’s vitality and an excellent quality of life for its citizens. Maintaining this balance is important.Guiding PrinciplesFive basic principles guide Concord Springs’ economic policy. These principles seek to safeguard the special features that give the town its character while embracing appropriate economic opportunities.Concord Springs should remain a major economic center of the region.Economic activity must respect Concord Springs’ natural, cultural, and historic heritage.A pedestrian-friendly core commercial center is essential.Sustained economic prosperity requires a balance between residential development, industrial/commercial development, and open space.Investing in the infrastructure is necessary to maintain and expand the existing tax and job base.IssuesOf Concord Springs’ approximately 64,000 acres of land, 12% is zoned for business, commercial, or industrial use, and 88% for residential development. Historically the townhas relied upon business and industry to provide 35%-40% of the tax base, as well as employment opportunities. Concord Springs does not have a great deal of non-residential development potential. Non-residential development has traditionally been the backbone of the Concord Springs economy. The population of Concord Springs is expected to rise dramatically over the next decade. The following chart shows the expected change:Years Population Growth1980-2000 4.5%2000-2020 53% (projected)Source: Office of State PlanningAt issue is the town’s ability to continue to support increasing public costs (most importantly, education) with a tax base shifting toward residential taxpayers. The EDA believes Concord Springs should remain the market center of the region and avoid becoming a bedroom community. Concord Springs has maintained a sense of community in part because more than 50% of working residents are able to earn a living within the town. Jobs must be continuously created to sustain the percentage of residents who live and work in Concord Springs. Proposed ActionsImplement a business retention program that focuses on the growth and expansion of businesses already operating in Concord Springs.Build a consortium of technical and skill development resources to assist companies with educational and training needs.Sponsor an e-commerce workshop.Allocate funds for expanded downtown parking.Develop a strategic open space