LIVERMORE FALLS — The Livermore Falls Select Board voted March 3 to move forward with creating a five-member economic planning committee following a presentation by resident John Benedetto.

Benedetto told the board he began developing the idea after attending a Planning Board meeting several months ago.

“I came to the town a few months ago from a planning board meeting,” he said. “They asked that I reach out to the Select Board to put together a group to bring businesses back to the area.”

He said the proposal, which he calls Project Revival 2030, would create a committee that includes citizens, a selectman and a planning board member to identify opportunities and promote the town to businesses.

They could “work together to figure out what we have for opportunities in the area,” Benedetto said. “And sort of market the town. To bring some business back.”

Benedetto said the town faces challenges, including a declining population and rising taxes.

“As we can see the population is declining. Taxes are going up every year,” he said. “Eventually it is going to be a breaking point. And the only way to really resolve this is to bring more business and more people into the town.”

He said the committee could create a portfolio highlighting local assets such as available land, nearby colleges, the river, hydropower resources and electricity infrastructure. That information could be shared with companies looking for places to expand.

“We take the resources whether it be plots of land, the college nearby, the natural resources: the river, the hydros, the electricity, all of the things that we have,” Benedetto said. “We build this into a portfolio and then this portfolio gets sent out to different companies.”

He said companies unfamiliar with the area may not realize what the town has to offer.

“It’s really building that portfolio,” he said, noting that tools such as websites and online platforms could also be used to promote the town.

One audience member said energy costs would need to be addressed to attract businesses, noting companies would be unlikely to locate to an area where electricity costs about 17 cents per kilowatt hour.

Select board members suggested the committee include a local business owner.

Select Board Chair Will Kenniston described the proposed portfolio as a type of “dating profile” for Livermore Falls that could highlight available properties and business opportunities.

Benedetto said there is demand for smaller industrial spaces.

“There’s actually a big demand for manufacturing space,” he said. “Less than a thousand square feet.”

After discussion, the Select Board voted unanimously to support the concept and create a five-person economic planning committee, pending review of town bylaws.