Find someone that sews or does alterations. Your local dry cleaner or high end clothing store will be able to recommend someone if you don't know any that has those skills.
They'll usually give you an estimate when they see it. Personally, I'd have my wife undo most or all of the binding at the bottom and sew it back on. Might leave a funny curve in the area of the current pull, but when on you no one will notice but you.