Wednesday, October 30, 2019

Romulus again wins economic development honor

The City of Romulus has again been recognized for dedication to entrepreneurial growth and economic development through the annual eCities study conducted by researchers at iLabs, the University of Michigan-Dearborn Center for Innovation Research. Romulus was one of only three communities in Wayne County to receive five stars.
"The City of Romulus is proud to receive a five-star rating in the eCities report for the second year in row, demonstrating our commitment to making Romulus a home of opportunity for businesses and entrepreneurs," Mayor LeRoy Burcroff said. "We have doubled down on our efforts to fuel the success of local businesses, and I am thrilled to see continued growth in our community as a result."

The Economic Development Department in the city has numerous tools and incentives designed to attract incoming development, retain current businesses and prepare the next generation of entrepreneurs. The city recently implemented a three-part Buy Local Strategy in support of local businesses, which includes marketing businesses to new and existing residents, providing networking opportunities for developers and businesses owners, and implementing a local preference clause in the city purchasing ordinance.
To mitigate the talent shortage, the city is developing a Career Connect pilot program that provides youth and young adults with summer work experience at local businesses.
Once admitted to the program, students receive assistance with resume building and job training, along with access to a financial literacy course. Other business resources include a Tax Increment Finance Authority, a Downtown Development Authority, Next Michigan Development Corporation, a Foreign Trade Zone and two Federal Opportunity Zones.
The annual eCities study analyzed publicly available data from 277 communities in 54 counties in Michigan.
Researchers focused on the five-year changes in property values, community assets and tax rates, which can demonstrate the growth, investments and cost of doing business within the community.
The City of Romulus serves more than 23,000 residents and 700 businesses, with a daytime population of more than 51,500 due to large-scale operations of the Detroit Metropolitan Airport.