Jd Er With Interaction
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Transcript of Jd Er With Interaction
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Economic RestructuringEconomic Restructuring
Main Street Volunteer Training
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The Bureau of Downtown Development administers an economic development program targeting Wisconsin’s historic
commercial districts. Bureau staff provides technical support and training
to Wisconsin communities that have expressed a grass roots commitment to
revitalizing their traditional business districts using a comprehensive strategy
based on historic preservation.
Rat
iona
le.
Rat
iona
le.
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Main Street Four-point Approach
• Organization-getting everyone working toward the same goal
• Design-getting downtown into top physical shape
• Promotion-getting everyone to see downtown as the center of commerce, culture, and community life
• Economic Restructuring (ER)-getting downtown businesses busier
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ER Committee - What It Does
• Learn about the district’s current economic condition and identify opportunities for Market growth
• Strengthen existing businesses and recruiting new ones
• Finding new economic uses for traditional Main Street buildings
• Develop financial incentives and capital for building rehabilitation and business development; and
• Monitor and report the economic performance of the districtO
bjec
tives
Obj
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Market Demand & ER
Demand for Goods & Services
Sales
Rents
Value
Source:Hyett-Palma, Inc. & The Real Estate Services Group
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ER Committee - Timeline
• Basic Understanding (0-6 Months)• Learning about the district’s current
economic condition• Conferring with area business
leaders• Evaluating existing businesses• Researching past studies and area
trends
The
ER
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ER Committee - Timeline
• Market Analysis (6-18 Months)• Retention activities• Passive recruitment (responding to
business inquiries)• Downtown Planning (18-36 Months)
• Heavy growth in private reinvestment
• Public improvements
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ER Committee - Timeline
• Marketing Plan (36-48 Months)• Marketing strengths of program’s
efforts• Marketing/branding downtown• Active targeted recruitment
The
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Strengthen existing businesses
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Retention Before Recruitment
• The majority of a community's job growth or loss stems from the success or failure of its existing businesses. It is more efficient to retain than to recruit. Because of this, it is important for a community to "keep a finger on the pulse" of its existing business base.
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Goal
• To Keep Existing Businesses in the Community and to Expand Current Businesses
• Through an attentive strategy to local businesses, you can retain your existing business base, while facilitating and encouraging its growth.
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Source: INC Magazine
Top Priorities of Small Business Owners
Generating more sales
Better marketing
Understanding the financialcondition of the business
Starting a retirement plan
Setting personal & business goals
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Source: INC. Magazine
Major Concerns of Small Business Owners
• Obtaining needed capital
• Finding & managing people
• Managing the firm’s growth
• Keeping up with competitors
• Keeping up with technology
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Source: INC Magazine
Prepare a business plan. Build a solid relationship with your banker. Watch your cash flow. Look in unexpected places for competition. Talk to your customers. Develop a good relationship with
employees. Delegate responsibility. Cultivate business contacts.
Eight Ways to Improve Your Company’s Profit
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Existing Businesses
• Four (4) areas a business must research before deciding to invest additional funds on product, and or advertising. The four (4) areas are:1. Your competition2. Your market environment3. Your customers4. Your business
• A Market Analysis may answer three (3) of the above four (4) business vitals!
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10 steps to effective business retention
1. Know the market.
2. Create a market positioning statement for the district.
3. Develop market-driven strategies that direct retention efforts.
4. Identify key businesses.
5. Identify & offer needed business assistance.
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5. Plan for effective business promotion.
6. Help businesses identify & develop opportunities for growth & expansion.
7. Learn to recognize early warning signals.
8. Plan for business transition.
9. Support existing businesses personally.
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10 steps to effective business retention
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Identify key businesses.
• Key businesses are different for each market strategy. They may be:• Anchors, traffic generators• Long-standing businesses• Creative, model businesses• Large employers• Newly recruited businesses
with growth potential• Businesses that represent
cultural or ethnic diversity
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Identify key businesses.
• For these businesses, you will want to provide:• More formal retention visits• More frequent contact• Greater involvement in
projects & activities• Greater overall attention
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Listen & Share (communicate)
• Business Owner Survey• Business Visitation Program• Block Captain Program• Ambassador Program• Downtown Manager Visits• Mailings, Newsletters• Gatherings
• Breakfast Meetings• Luncheon Speakers• Business After Hours
• Open and Staffed Office W/library• Demonstrate a pro-business attitude!
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What to Share
• Documentation on the downtown economy
• New market opportunities• Upcoming events• Available resources (people and
publications)• Tips of the trade
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Help increase profits
• Identify new market opportunities
• new sales to existing customers
• new customers• Increase efficiency
• New skills and technology
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Help increase profits
• Reduce costs• Rent
• Personnel costs
• Utility costs
• Product costs
• Shipping/transportation costs
• Health and other insurance costs
• Identify supplemental income
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• Attracting more customers from same market niche
• Building repeat customer base
• Motivating customers to spend more money
• Identifying new markets for existing product lines
• Adding new product lines to capture wider market range
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Help businesses identify & develop opportunities for growth & expansion
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• Identifying & adapting to business & market trends
• Repositioning by changing image & product mix to capture new markets
• Expanding existing space or relocating within district
• Opening complementary new business
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Help businesses identify & develop opportunities for growth & expansion
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New Skills - Workshops
• Business planning
• Financial management(accounting & bookkeeping)
• Inventory management
• Advertising/marketing
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New Skills - Workshops
• Employee training/hiring
• Customer service
• Hospitality training
• Window displays/interior store design
• Business market analysis
• Internet/E-Commerce
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Help Reduce Business Disincentives
• Develop projects to reduce local business disincentives such as the following:• Insufficient financing• Shop lifting/theft• Vandalism• Inadequate utilities• Limited access to market vendor
products
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Help Reduce Business Disincentives continued
• Insufficient parking
• Owner/tenant conflict
• Negative image of downtown
• Restrictive regulations
• Poor building conditions
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Provide Business Incentives
• Develop projects to provide business incentives such as the following:
• Boilerplate lease agreements or rent subsidies
• Landlord/tenant arbitration service• Landlord/tenant referral network• Historic preservation district (tax
credits)• Design assistance (interior and
exterior)• Façade and sign grants• Loan packaging or low interest loans
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Provide Business Incentives continued
• Develop projects to provide business incentives such as the following:• Business planning service• Buying groups (products and insurance)• Sister store mentors• Business plan contest - award grant/loan• Resource library• Business assistance - Main Street Small
Business Specialist, SCORE, SBDC, VoTech
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Provide Business Incentives marketing
• Develop projects to provide business incentives such as the following:• Image development and promotions• Special events• Retail events• Cooperative advertising• Downtown marketing materials
• Brochures, maps, directories, etc.• Web site• Downtown Brand/Niche
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Develop Retention Measurement Outcomes
• # of business visits (weekly/monthly/annually)
• # of referrals• # of successfully closed referrals• % of repeat business• # of success stories• Cost per business visit• Cost per job created or retained
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Case Study Lake Mills Business Survey
Strengthen Existing Businesses
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Assignment
• Read pages 1 & 2• Identify three (3) retention
activities• Concentrate on strengthening
existing businesses
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Identify opportunities for market growth
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Weigh Supply Against Demand
• Evaluate Retail Opportunities • Evaluate Service Business
Opportunities • Evaluate Restaurant Opportunities • Evaluate Entertainment and Theater
Opportunities • Evaluate Residential Opportunities • Evaluate Office Market Opportunities • Evaluate Lodging Opportunities
Opp
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ppor
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for
mar
ket
grow
thgr
owth
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Retail Supply (Square Feet)
Retail Demand
(Square Feet)
Retail Mix Analysis
Survey and Focus Group
Research
Trade Area Demographic and Lifestyle
Analysis
Competitiveness of Existing Trade
Area Stores
Assessment of Retail
Opportunities
Analysis of Non-Local Market
Segments (Tourists, Workers)
Consumer Behavior in
Store Category
Competitiveness of Existing
Regional Stores
Weigh supply against demand
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Draw Conclusions and Develop Recommendations
• General Conclusions • Niche Recommendations • Clustering Recommendations
• Anchor Analysis• Mixed-Use Recommendations • Putting your Market Analysis to Work
• Catalyst Analysis
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Review Market Analysis
Learning about the district’s current economic condition + identifying opportunities for market growth = Market Analysis
• Retail Market Analysis is a systematic evaluation of past trends, current conditions and future expectations about particular types of business and/or real estate activity at particular location(s) within a defined trade area.
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Market Analysis is:
• An estimate of the district’s market impact and influence
• A description of top customer groups and spending habits
• An educated guess about what the economic climate might be like in the future, and ways in which the program can impact future economic growth in the district
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Market Analysis is Not:
• An accurate science• A detailed blueprint for activity
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MARKET ANALYSIS
PROMOTION
BUSINESSRETENTION
&RECRUITMENT
PROPERTYDEVELOPMENT
What do you do with the information?
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Case Study Market ReportCollege Towns
Identify Opportunities for growth
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Assignment
• Look at the one (1) page market report
• Compare the three (3) communities• Identify three (3) markets that
Whitewater should pursue to capture student spending
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Recruit Complementary Businesses
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The Recruitment Team
• Bankers• Realtors• City Staff or Elected Officials• Economic Development Staff• Academic Staff• Enthusiastic Business Owners
(Competitors?)
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Roles of the Team
• Develop a wish list• Generate leads• Cluster/place businesses• Check business opportunities• Check business preparedness
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Developing Your Wish List
• Market Position Statement• Vision Statement• Market Analysis
• Retail mix analysis• Population required to support stores• Surveys
Recruitment will target businesses that people want and that the market will support (supply and demand)
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Create a market positioning statement for the district.
• An effective positioning statement is driven by the district’s
• Vision statement • Market analysis• Competitive edge
• An effective marketing positioning statement identifies
• Realistic opportunities• Primary markets & trade areas• Desired business mix
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What’s the competitive edge . . .
For big box, chains & discounters?
Price Selection Marketing budgets Consistency Convenience
For the commercial district?
Unique environment Unique products Product knowledge Service
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Retail niches & trends attractive to tourists & visitors . . . as well as local markets
Arts & crafts Recreation products Specialty foods &
beverages Wineries Unique collectibles Heritage products Ethnic products
“Boutique” shops inside other businesses
“Companion” shops Museum-type shops
on Main Street Retail shop as
“entertainment” “Outdoor” retail Product “trails”
Rec
ruit
com
plem
enta
ry b
usin
esse
sR
ecru
it co
mpl
emen
tary
bus
ines
ses
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Generating Your Leads
• Expansion of existing businesses• Community visits• Trade associations, trade shows• Sales representatives• Home businesses• Store managers• Entrepreneur workshops• Retail Lease Trac
Rec
ruit
com
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sR
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it co
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emen
tary
bus
ines
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Clustering/placement of Businesses
• Traffic generators• Compatible cluster - unrelated products
• Demographic clusters- age, income, lifestyle
• Complementary clusters - related products• FIRE - finance, insurance, real estate
• Competitive clusters - same products• Comparison shopping - clothing, jewelry,
restaurants• Convenience clusters - convenience products
• Neighborhood shopping - gas, food, drugs
Rec
ruit
com
plem
enta
ry b
usin
esse
sR
ecru
it co
mpl
emen
tary
bus
ines
ses
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Business Opportunities Checklist
Appropriate available space Complements existing businesses Serves target customer group Fills gap in the business mix Complements existing business cluster Identified in consumer survey Identified in business owner survey Gap identified in supply/demand analysis Fits with Market Position Statement
Rec
ruit
com
plem
enta
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usin
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sR
ecru
it co
mpl
emen
tary
bus
ines
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Business Preparedness Checklist
Previous business ownership Business plan completed Market research completed Cash Flow projections available Financial assistance requested Personal investment Relationship with banker, CPA, etc.
Rec
ruit
com
plem
enta
ry b
usin
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sR
ecru
it co
mpl
emen
tary
bus
ines
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Develop recruitment marketing materials for district & property owners
Rec
ruit
com
plem
enta
ry b
usin
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sR
ecru
it co
mpl
emen
tary
bus
ines
ses
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Case Study Lake Mills Business Owner Survey
Recruit Complementary Business
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Assignment
• Skim the business owner survey• Identify one (1) complementary
business opportunity as identified by area businesses
Rec
ruit
com
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enta
ry b
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sR
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it co
mpl
emen
tary
bus
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Find new economic uses for traditional Main Street buildings
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Concepts
• First and foremost Main Street must create real estate and economic value before revitalization occurs!
• Development is: the series of steps that must take place to take an idea to completion!
• Four (4) forces of value:1.Physical2.Economic3.Social and4.Political
Fin
d N
ew U
ses
for
Old
Bui
ldin
gsF
ind
New
Use
s fo
r O
ld B
uild
ings
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Why it doesn’t just happen?
• No financing is available• Financing is available but at terms that
make the project financially unfeasible• There is a high degree of actual risk• The necessary property can’t be
acquired
Fin
d N
ew U
ses
for
Old
Bui
ldin
gsF
ind
New
Use
s fo
r O
ld B
uild
ings
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Why it doesn’t just happen? continued
• The scale is to big or to small to interest qualified developers
• The perceived risk exceeds the perceived reward
• The public benefits significantly, but those public benefit costs exceed any returns to the developer
• The project is not revenue producing
Fin
d N
ew U
ses
for
Old
Bui
ldin
gsF
ind
New
Use
s fo
r O
ld B
uild
ings
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Why it doesn’t just happen? continued
• General area economic conditions are discouraging for development
• High transaction costs associated with the development
• Other investments provide more attractive returns
• The cost of the project is greater than the end value of the development
Fin
d N
ew U
ses
for
Old
Bui
ldin
gsF
ind
New
Use
s fo
r O
ld B
uild
ings
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When might the public get involved?
• Private sector can’t act• Private sector won’t act• No influence to create character,
quality, use, scale, or appropriate area development
• The development is an extension of public purpose or significant public benefit will be accrued
Fin
d N
ew U
ses
for
Old
Bui
ldin
gsF
ind
New
Use
s fo
r O
ld B
uild
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When might the public get involved?
• The project serves as a catalyst• Non profit or tax exempt status serves
as a conduit for public or foundation money
• Major infrastructure is required• Condemnation is necessary?
Fin
d N
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for
Old
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ldin
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Use
s fo
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Projects
• Understand the income productivity of rehabilitated real estate vs. deteriorated real estate:• i.e. area rent rates per square foot and relay
findings to Design committee and market
• Identify property-driven development approach opportunities:• A building or site that seems appropriate for
development or redevelopment
• Identify need/use/idea driven development approach opportunities:• Need stemming from social or economic need
rather than location
Fin
d N
ew U
ses
for
Old
Bui
ldin
gsF
ind
New
Use
s fo
r O
ld B
uild
ings
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Projects
• Understand who owns these properties and the following:• Is it for sale or lease?• What are the terms• How big is the property?• Taxes• Encumbrances• Impediments to rehabilitate, develop?
• Develop Upper Floor Housing• Develop Small-scale Industry (i.e. recruit
home-based cottage industries)• Develop Upper Floor Offices• Explore Entertainment and Civic Uses
Fin
d N
ew U
ses
for
Old
Bui
ldin
gsF
ind
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Use
s fo
r O
ld B
uild
ings
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Final Concepts
• Develop a team that has economic and non economic benefit needs
• Develop measurable goals, outcomes, and social benefit recognition
• Develop a system of cooperation to achieve revitalization.
• The team can influence, but not control the ultimate out come
• If total control of the project is the goal of this committee, then private sector resources will be minimalized
Fin
d N
ew U
ses
for
Old
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ldin
gsF
ind
New
Use
s fo
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uild
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Case Study Adaptive Reuse Feasibility
Find new economic uses for traditional Main Street Buildings
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Assignment
• Review the three (3) case studies:• Main Street Station Public Market-Viroqua• Hotel Hilton/Turtle Creek Bookstore-Beloit• The Lee Building-De Pere
• You case study is the Sheboygan Falls Tannery Building
• Use these concepts to develop the following:1. Is this a property driven development, or2.A need/use/idea driven development 3.Provide a simple use concept for the
property
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Develop financial incentives and capital for building rehabilitations and business development
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Financial Incentives
Dev
elop
Fin
anci
al In
cent
ives
Dev
elop
Fin
anci
al In
cent
ives
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For What?
• Small-scale Building Improvements• Major Building Rehabilitation• Business Expansions• Business Planning
Dev
elop
Fin
anci
al In
cent
ives
Dev
elop
Fin
anci
al In
cent
ives
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Projects
• Matching Grants (i.e. façade and sign)• Low-interest Revolving Loan Funds• Rent Assistance• Free or Below Cost Land• Investment Tax Credits• Enterprise Zones• Specialty Training Grants to keep
business up to date in their business sector
Dev
elop
Fin
anci
al In
cent
ives
Dev
elop
Fin
anci
al In
cent
ives
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Case Study Lake Mills Business Survey
Develop Financial Incentives
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Assignment
• Skim the business survey again• Identify one (1) incentive you
would recommend• Concentrate on incentives that
businesses said they want
Dev
elop
Fin
anci
al In
cent
ives
Dev
elop
Fin
anci
al In
cent
ives
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Monitor Economic Performance
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Projects
• Collect base-line data• Record information on changes• Measure annual performance• Report annual performance
Mon
itor
Eco
nom
ic P
erfo
rman
ceM
onito
r E
cono
mic
Per
form
ance
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Returns from MARSHFIELD’S program
Cumulative for 10 years
Year Jobs Businesses Physical Improvements
1 32 16 $371,800
2 53 27 $1,377,977
3 147 42 $2,343,583
4 246 49 $2,933,205
5 284 61 $3,694,562
6 306 69 $7,991,524
7 330 75 $8,513,324
8 411 88 $13,071,954
9 455 98 $13,586,554
10 485 106 $14,562,854
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Waukegon Downtown Association2001 Annual Report
Annual Report
• Will your Main Street Programs produce an annual report?
• Will you be proud of your program’s annual report?
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“Absolute must” list
• Logo• Date• Map• Four Point
Approach• Mission• Accomplishments• Reinvestment Stats• Return on
Investment (ROI)
• Testimonials• Awards• Market Profile• Downtown Profile• Financial Report• Directory - board(s),
staff, chairs• Contact information
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The Economic Restructuring (ER) Committee
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Who Serves on the ER Committee - The Team
Attorney
Realtor
Manager
Banker
InsuranceAgent
Local Executives
City Official
DowntownRetailer
Accountant
Downtown/Historic Commercial District
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Who Doesn’t Serve the ER Committee
• The Latecomer• The Early leaver• The Broken record• The Drop-out• The Gossiper• The Know-It-All• The Doubting
Thomas
The
ER
Com
mitt
eeT
he E
R C
omm
ittee
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ER Committee Roles
• Committee Volunteers• to plan and implement projects
• Committee Chair• to recruit members, to run meetings and
to resolve conflict• Staff
• to assist, advise and provide information• Board
• to set policy and approve work plan and budget
The
ER
Com
mitt
eeT
he E
R C
omm
ittee
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Work Planning putting it all together
The
ER
Com
mitt
eeT
he E
R C
omm
ittee
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Keys to ER Success
• Incremental• Constant, build a culture of success• Wide volunteer support• Community driven• Visible• Updated and checked from a plan (milestones)• Get people out of their cars• Create a 24-Hour district• Follow government establish rules• Creative risk taking political leadership• Public/Private sector partnership• Use all 4 points and cross pollinate
ideas/information
The
ER
Com
mitt
eeT
he E
R C
omm
ittee
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Summary
Some Final Truths About Economic Restructuring --
• ER can be difficult
• ER volunteers will enjoy the numbers
• Every district is unique
• ER deals with independent business and building owners
which can be a challenge. Therefore, local stakeholders must
advocate it’s ER position. This will allow the district to better
control, understand, and gain from it’s Market Driven DestinyMarket Driven Destiny
The
ER
Com
mitt
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he E
R C
omm
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For more information• Contact information
• JD Milburn• Small Business Specialist
Wisconsin Main Street Bureau of Downtown Development Wisconsin Department of Commerce 201 W. Washington Ave. P.O. Box 7970 Madison, WI 53707-7970 (608)-267-2252 (608)-264-7834(Fax) [email protected]
• Wisconsin Department of Commerce
• http://commerce.wi.gov
• Wisconsin Main Street Program• http://commerce.wi.gov/cd/CD-bdd-main.html
• UWEX Center for Community Economic DevelopmentDowntown & Business District Market Analysis web site
• http://www.uwex.edu/ces/cced/dma/
The
ER
Com
mitt
eeT
he E
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omm
ittee