This summer, the University of Miami Board of Trustees agreed to commit $1.27 million annually to support Oxford’s fire and emergency services, the second installment of a levy set for the November ballot. match the amount proposed by. During these negotiations, another agreement emerged to prevent a recurrence of the funding shortfall.
The fire and paramedic agreement was underway when the City of Oxford’s finance committee raised the key point that the city’s tax base needed to be expanded to secure future funding. The City of Miami offered to put $270,000 of the $1.27 million toward economic development in the city, but the Oxford Fire Department asked for the full amount.
To address this, the University of Oxford took decisive action and formalized a formal commitment to invest $270,000 annually in economic development activities. This funding aims to support a range of projects and initiatives that will shape Oxford’s future for many years to come.
The transition to remote work, especially from Miami, will impact Oxford’s tax revenue and strain funding for fire and emergency services, according to a June 28 meeting report by Financial Audit Committee Chairman Mark Sullivan. There is.
According to the report, “The city and the university formally agree to collaborate on an economic development strategy to expand employment in the city to reduce the negative impact of remote work and begin increasing income tax revenue for the city.” “I did.”
During the meeting, the committee unanimously agreed and supported a resolution focused on expanding economic opportunity in Oxford.
In an emailed statement to Miami students, the Board of Trustees said, “The University and the City are committed to keeping our communities safe and boosting our local economies by fostering entrepreneurship and innovation, creating jobs, increasing housing opportunities, and other efforts. We share a mutual commitment to grow.” Strengthen and sustain the community as a whole. ”
Seth Kloppenbaker, an economic development specialist in Oxford, said he is leading a number of efforts to stimulate growth across the city.
“This ($270,000) represents a year-over-year increase in the city’s budget for economic development,” Cloppenbaker said. “The text of the agreement ratifies or solidifies it.”
Kloppenbaker is working with consulting firm Red Tiger Investments, local organizations and residents to develop a strategic economic development plan. The city allocated $50,000 to develop the plan.
“(We) are hiring these people to help us analyze ideas, data and information related to ‘Where are the best opportunities for Oxford to consolidate (and) strengthen our economy?’ It’s bringing us together,” Kloppenbaker said.
The City of Oxford plans to expand on current efforts, including increasing housing development, like the one underway near Brookville Road, and adjusting the zoning code to encourage development.
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Additionally, Oxford aims to expand and diversify its workforce. Mr Cloppenbaker said around 49 per cent of Oxford’s employment was related to the university and 30 per cent was in the service sector.
Given Oxford’s location, it is difficult to develop certain industries such as manufacturing. Kloppenbaker believes the city can find a way forward by focusing on viable options, such as increasing the resident population base and fostering student entrepreneurship.
“It’s really about exposing the reality of our community,” Kloppenbaker said. “We’re trying to identify key factors, metrics, populations, locations, aspects of existing business and really find ways to leverage those strengths, rather than trying to bring up weaknesses.”
Oxford’s ongoing economic initiatives include sustainability and facade grants for businesses, and a revolving loan program that provides low-interest loans and gap finance to start new businesses. The city also supports entrepreneurship through investments such as the Lee and Rosemary Innovation College@Elm.
Other economic development projects include the development of Amtrak stations and similar investments in infrastructure.
“It’s only right that we continue to make Oxford an interesting and attractive place for students and non-students alike,” said Kloppenbaker. “This really speaks to the long-term health, sustainability and viability of Oxford.”
smith854@miamioh.edu
