Youngstown 2010 intrigues Japanese

Many of my Japanese friends here at my bank know that I am a native Ohio boy (the word for “good morning” in Japanese sounds a lot like “ohio”, so they say I am from the good morning state). Some even know that I hail from Youngstown. So it was really cool when my friend Taka told me that Youngstown was featured in the Nikkei Daily, which is Japan’s Wall Street Journal. It of course talked about Youngstown 2010 and the art of downsizing a city. This is a very relevant topic to Japanese, as theirs is a graying society that is facing a significant population decline within the next 50 years. While it was a nice article to see (and not read because my kanji isn’t up to snuff), it had me thinking about what is next for Youngstown. For while 2010 looks good on paper, I think its time to start thinking about Youngstown 2020.

The 2010 program, if for anything, caused people to focus on items that have been neglected for decades. It was a Youngstown-centric program, meaning the agenda had to be a focused approach on looking inward at the city and the Valley and to begin addressing some of the fundamental issues unique to the area. But if there is to be a Youngstown 2020 plan, it has to be outward, meaning it should look at trends and issues facing the United States and to see if the Mahoning Valley has any competitive advantages. To me, there are, but in order to capitalize on them it is going to take political courage by our leaders (in short supply just about everywhere) and a change in the habits of residents of the Valley.

If there is one benefit I see to $4 gasoline, it potentially could be the further revitalization of downtowns in America. There are articles galore on how many cities in the United States have reached their public transportation capacity as people are leaving the Explorer at home and hopping on the bus. And yet when I read the Vindy.com headlines, it talks on how WRTA is struggling to get a levy passed to stay afloat. The difference between other cities and the Valley is that many people still work in their downtowns, and thus have a viable hub-n-spoke method of providing a public transportation alternative in place. Instead of cutting off WRTA at the knees today, the Valley’s leaders should look to make it the centerpiece of bringing the Valley in line with a trend in America that forward thinking enterprises want to see — locating in an area that can assist them in assisting with their employees quality of life. Public transportation alternatives is a must have for the future of the Valley’s ability to attract business. I would one day love to see light rail return to the streets of Youngstown. It seems crazy to conceptualize today, but it seemed more crazy that the tracks were torn out many years ago.

Tangible regionalization

The next stage of the Valley’s development is tangible regionalization. Lets face it, the Mahoning Valley has too many local school districts, local governments, and not enough funds to go around to support all of it. Downsizing is essential. It’s amazing, everybody (including myself) has applauded GM and the community for coming together to keep Lordstown as a progressive part of GM’s future. Yet many of the local Valley political leaders who benefit from GM’s efforts to downsize globally won’t move one inch in downsizing the Valley’s money-hungry institutions. GM had to cut costs because it has an active shareholder base that demands no less, and the result is that the company is in a position to turn a profit on its small cars, thus anchoring Lordstown for the near-future. The Valley’s shareholders, its tax-paying residents, should also demand the same so they too can ensure its future to be a stable one.

The Valley needs to cut its government costs, collectively. And any cost savings won’t be enough to fund any significant development programs. So the question remains — how does the Valley pay for its redevelopment? I wish I had some real ideas. But I will say this: if Youngstown 2010 is getting national and international coverage, shouldn’t that be in the center of our marketing efforts to corporations, state, and federal officials as a way to garner funds? If the Valley is able to show that it can cut costs in government, can that not be shown as an example to other cities, regions, and states, as to what can be done when the times call for it? That publicity could open the coffers for research and development grants that many did not know even existed.

The great thing about Youngstown is that it is not a large city, but has many of the attributes of a large city. Therefore it should be able to adapt to future trends in a way that the Detroits and Clevelands may not be able to do as they are Goliaths to our David. The current national recession, subprime crisis, and high energy prices may force America to rethink the urban and suburban sprawl that had occurred for decades. Unfortunately, we don’t have perfect vision as to what America will look like in 2020, but if the Valley has a plan for growing the community it could look to a brighter future.

X Eric Planey is vice-president of leveraged finance at the Bank of Tokyo-Mitsubishi UFJ in New York City.