Village renews contract with RCEDC

By Dave Fidlin

Correspondent

With an eye toward growing the local economy, Village of Waterford officials this week voted to renew the community’s relationship with experts working at the county level.

For several years, the village has enlisted the services of an expert within the Racine County Economic Development Corporation. The Village Board on Sept. 8 voted to renew the agreement in 2015.

Village Administrator Rebecca Ewald presented the board with a draft version of the 2015 RCEDC contract this week. The contract states the village next year will pay $41,200 – the same amount paid for the agency’s services in 2014.

“I think we’ve had a great relationship with the RCEDC,” Village President Tom Roanhouse said. “We have so much going on in this village. We need their help, and we need their vision.”

In the upcoming year, plans call for RCEDC to bring one of its community economic development professionals to the village. He or she will work 20 hours per week and act on behalf of the village.

Ewald said a so-called work plan will be reviewed and acted on by the board in November as planning for next year’s activities picks up steam.

One way the RCEDC will likely continue to work with the village is through initiatives involving business retention and expansion.

In a memo to the village, Jenny Trick, executive director of the RCEDC, outlined some of the ways the agency plans to work with existing business owners in the community.

For example, plans call for the appointed RCEDC staffer to meet with leaders of village-based manufacturing companies and other prominent industries to discuss issues of concern. Also, the agency representative will likely meet with representative of other companies through its CEO Roundtable Program.

“When meeting with local companies, the RCEDC staff will provide information on existing staff and federal economic development assistance programs that provide funding to help meet the need of local businesses,” Trick said.

Some of the ways RCEDC can work with local business owners, Trick said, is by offering low-interest loans, tax credit programs and workforce development assistance.

On the business recruitment end, Trick said the RCEDC will continue to tout Waterford’s attributes – including the village’s location within the Chicago-Milwaukee corridor.

According to Trick’s document, Waterford’s geographic location makes it a perfect candidate for a number of businesses, including those specializing in machinery manufacturing, fabricated metal products manufacturing, food manufacturing, electrical equipment manufacturing and companies specializing in logistics and distribution.

Trick said so-called second stage companies — firms with about 100 employees and no more than $50 million in sales — could be ideal targets for Waterford because of the proximity to Chicago and Milwaukee.

When the work plan is solidified in a few months, the document will outline a number of steps to be taken throughout 2015, including marketing efforts aimed at getting the word out about Waterford and its attributes.

Trick said possibilities include village representation at trade show events and participation in the annual Chicago Industrial Properties Summit. Additionally, the village could continue taking part in Milwaukee 7, a regional initiative aimed at bringing companies to the seven counties in and within close proximity to Milwaukee.