Sustainable Entrepreneurial Economic Development (Summer 2011) IPRO 350

Abstract

Coal city is a small town in Illinois that has partnered with IIT. Its current population is 5,152 people and has been steadily increasing. Coal City is located just south of I-80 along the I- 55 corridor and less than an hour from Bolingbrook and Oakbrook. Along the northern border of Coal city, are adjoining lakes and abandoned coal mines. Small town atmosphere is conducive to community interaction and pride. The purpose of this project was to provide the framework for creating the most feasible and sustainable economic development model for the village of Coal City using generalized approaches that could be emulated in other small towns. the objectives that the team has set are: Gather information that will lead to the creation of an effective plan. Study models and components of Sustainable Economic Development focusing on small towns and rural areas. Study the demographics, human systems, existing industry systems, bio-physical systems, government and social policy systems and the existing industry clusters. Understand community, local, and regional assets and talent pool, town vision, mission and economic development plans.