The City of Milford and City Council have been working for months to formalize an economic strategy plan for the town of Milford. Stabilizing rates, creating a business friendly environment, and encouraging economic growth have come to the forefront of their talks and the minds of many residents.
Just four months ago the city of Milford took its first steps by giving incentives to existing and new businesses. The first incentive waives utility impact fees for businesses that incorporate in Milford. The second grants property tax exemptions for new improvements to existing businesses for the first year. A total amount of $101,000 was waived between the two incentives. In return, the City of Milford generated $5.7 million in investment. This is 2.28% of the annual budget of the City of Milford. These incentives expire December 31, 2010 and will have to be voted on again.
David Baird, City Manager, stated that the economic plan needs to “focus on how to get people to invest in Milford.” The city is working alongside of Downtown Milford Incorporated (DMI) and supports their effort to “promote quality development of the traditional central business district of Milford” (www.downtownmilford.org). This effort is largely focused on attracting business and investors and helping to develop the real estate that already exists. In the future, this combined effort will hopefully create jobs and bring in new residents who will not only contribute to the tax base but become part of the community.
In the next 2-5 years the City of Milford will see a lot of construction aimed at replacing old sewer and electric lines. There will also be construction of a new water tower and electric substation. In ten years City Manager David Baird hopes that Milford will “continue to improve its reputation and image and see more involvement among individuals and businesses.”
As the City of Milford and City Council continue to develop their economic strategy plan they look to residents for ideas and suggestions. City Council meets the second and fourth Monday every month at City Hall, 201 South Walnut St.