Oak Park Economic Development Plan targets business growth and community engagement

The Oak Park Village Board convened on March 4, 2025, to discuss the Economic Vitality Plan, focusing on strategies to enhance local economic development and community engagement. The meeting highlighted the importance of collaboration with regional resources and the need for a centralized approach to economic vitality.

The discussion began with an emphasis on the role of the Economic Vitality Office in fostering connections with external economic development resources. Board members acknowledged that the village cannot operate in isolation and must leverage regional assets to avoid becoming an "oasis of prosperity" amidst less prosperous neighboring areas.

A significant point raised was the need for an online one-stop shop for businesses, which would streamline processes for entrepreneurs looking to start or grow their businesses in Oak Park. The current system, while functional, was identified as having room for improvement, particularly in enhancing user experience through the village's new website.

The meeting also addressed the potential for small business financing through the Oak Park Economic Development Corporation (OPEDC). Recommendations included establishing revolving resources to support ongoing business activity rather than relying solely on one-time grants. This approach aims to create a sustainable asset base that can be reinvested over time.

Operational recommendations were a key focus, with approximately 34-40% of the proposed strategies aimed at improving internal processes and clarifying roles within the village government. The establishment of an Economic Vitality Commission was suggested to provide advisory support, assess economic conditions, and oversee the implementation of the strategic plan.

The board discussed the need to improve the perception of Oak Park as a business-friendly environment, as community feedback indicated a belief that the village is not as welcoming to businesses compared to its neighbors. Enhancing local shopping and entertainment options, promoting minority-based development, and increasing housing diversity were identified as critical goals.

The meeting concluded with a summary of the 62 recommendations outlined in the Economic Vitality Plan, emphasizing the importance of regional partnerships and the need to foster collaboration among local employers, educators, and training partners. The board expressed a commitment to addressing the challenges identified in the community survey and advancing the overall economic vitality of Oak Park.