Economic Development Council

The Economic Development Council is a working group with the goal of stakeholder representation to strategically and comprehensively address both short- and long-term opportunities and needs of current and prospective Wakefield businesses, non-profit organizations, and the Town’s local economy, overall.

Contact the Economic Development Council at edc@wakefield.ma.us.

The objective of the EDC is expected long-term focus to broadly encompass, but not be limited to, the following areas:

• Developing policy and programmatic recommendations to present to the Town Council designed to strengthen our local economy and support current and prospective businesses:
• Developing and proposing programs that foster expansion and growth opportunities for existing businesses and organizations
• Conducting multi-faceted analysis of both the current opportunities or impediments (i.e., infrastructure, zoning, bylaws, taxation, etc.) the Town presents and developing solutions-based approaches to highlighting or overcoming them
• Devising ways to address employee concerns related to child care, labor force participation, and transit
• Focusing on creating incentives to promote Wakefield’s competitive position based on capabilities, assets, and history
• Identifying strategies for sustained business competitiveness
• Developing proposals to streamline business engagements with the Town (“ease of doing business”) considerations
• “Mentoring” prospective new businesses to help them navigate the process of getting established and connecting with existing businesses in Wakefield;
• Developing a strategic approach to identifying and targeting emerging market sectors/opportunities, and identifying efforts to attract those prospective businesses;
• Identifying direct opportunities for EDC members or affiliates to target contacts or connections within their respective professional networks
• Advising the Economic and Community Development Director on conducting a competitive community assessment and/or reviewing surveys and studying market analyses and trends to offer guidance
• Identifying market sectors and opportunities to support the establishment or growth of minority-owned, woman-owned, and veteran-owned businesses
• Identifying gaps in the retailers, restaurants, and services currently available in Wakefield, and develop proactive strategies to help close those gaps
• Developing marketing and promotional initiatives for Wakefield as a more business friendly community and regional commerce destination
• Assist with seeking out and supporting efforts for securing Federal and state funding opportunities (grants, loans, etc.) and other forms of support for the Town and local businesses

This Economic Development Council shall be a nine (9) member body appointed by the Town Council from diverse backgrounds and disciplines. Terms shall be for three (3) years, with terms initially staggered at inception to ensure continuity going forward. It is the Town Council’s expectation that the EDC will include individuals with experience in the following areas:

• Business leaders/owners – both who are residents with businesses in or outside of Wakefield or who are stakeholders through their roles in Wakefield businesses
• Individuals with business development, executive management, and/or marketing experience
• Commercial/residential real estate and lending representatives
• Individuals who lend expertise from the perspective of labor force, childcare, and transit considerations
• Individuals who can offer a consumer perspective as relates to the Wakefield or broader local economy
• Individuals with experience in developing and promoting minority-owned, woman-owned, and/or veteran-owned businesses
• Individuals with experience leading or working with nonprofit organizations in Wakefield
• Commercial property owners
• Any other relevant community stakeholders whose background, experience, and expertise will help to advance the work of this Council

There will also be one or two Town Councilors annually assigned by the Town Council Chair as liaisons to the EDC, as well as representatives from town administration as needed to participate in the EDC’s meetings on an advisory basis.