Page 25 - Delaware Lawyer - Spring 2019

portunity Funds. It is a private market solution for the entrenched public sector problem of long-neglected communities. OZs are located all over the country, in cluding in mid-sized cities, satellite cities and more specifically in Wilming- ton, New Castle County and other juris- dictions throughout the state.
Governor John Carney’s administra- tion is playing a significant role in pro- moting Delaware for OZ investments. It has hosted several events to educate stakeholders and facilitate connections between investors, developers and mu- nicipal leaders. New Castle County gov- ernment has been hosting stakeholder events to educate and promote specific OZs for investment. Likewise, the City of Wilmington government is actively work- ing to market itself as an attractive loca- tion for investment. Governments at all levels are working together to align their
resources — and doing that particularly well in Delaware compared to localities and states across the country.
Looking Forward
In summary, Wilmington faces a num- ber of challenges that are related to larger economic forces, such as labor supply is- sues, an aging central business district in need of revitalization, and difficulty com- peting with the larger cities for attention and investment.
These challenges are not at all unique to Wilmington, however, and are in fact quite similar among other small to mid- sized cities across the country. The first step to recovery is acknowledging these economic development challenges exist. But the real X-factor for success is when cities are able to develop innovative so- lutions to keep pace with the changing demographics and needs of their existing and future residents. Implementing these
solutions will take collaborative partner- ships and strategic initiatives, which are seemingly areas of strength for the City of Wilmington and its community partners.
NOTES
1. https://www.census.gov/newsroom/press- releases/2015/cb15-33.html
2. https://meetingoftheminds.org/mid-sized- cities-future-cities-three-reasons-23946
3. American Mobility: Who Moves, Who Stays Put? Where’s Home?, Pew Research Center, 2008 http://www.pewresearch.org/wp- content/uploads/sites/3/2011/04/american- mobility-report-updated-12-29-08.pdf
4. Creating a Vibrant Retail Market, Wilmington Renaissance Corporation, November 2018. https://docs. wixstatic.com/ugd/0bcda2_ d82e6493766f4ebda5a79ec25ff36c1e.pdf
5. A Vision for Wilmington’s Creative District, Wilmington Renaissance Corporation, https:// docs.wixstatic.com/ugd/0bcda2_9c44b33926 004180bbf629d034ccfd0b.pdf
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