SILVER CITY BUSINESS PLAN COMPETITION. LAYTON BOULEVARD WEST NEIGHBORS MISSION: TO STABILIZE AND...
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Transcript of SILVER CITY BUSINESS PLAN COMPETITION. LAYTON BOULEVARD WEST NEIGHBORS MISSION: TO STABILIZE AND...
LAYTON BOULEVARD WEST NEIGHBORSMISSION: TO STABILIZE AND REVITALIZE
SILVER CITY, BURNHAM PARK AND LAYTON PARK
LBWN ECONOMIC DEVELOPMENT• Over $7,048,231 in public and private
investment
• 28 building improvements
• 167 events and business workshops
• 31 new businesses
• 116 new jobs created
BUSINESS PLAN COMPETITION BACKGROUNDLBWN Rent-To-Own Homes: Renovating 24 foreclosed properties in the Layton Boulevard West, Clarke Square and Muskego Way neighborhoods with Impact Seven and several other partners.
BUSINESS PLAN COMPETITION GOALS• Generate excitement for businesses
interested in locating in a historic, mixed-use building
• Innovate business recruitment approach
• Generate news that promotes positive perceptions of the corridor
• Provide incentives that attract businesses
• Unique, place-based approach
FUNDING & INCENTIVES• Important to leverage resources from
multiple partners to add value to the project.
• Total incentive package: $13,000
$5,000 business start-up
grant
Pro-bono legal and
accounting assistance
Business start-up
marketing package
Rent incentives,
development partners,
judges
Development Partners
INDICATORS OF SUCCESS• Number & Variety of Applicants
• Strength of Business Plans
• Success of Business
• Media Coverage
• Replicated in two other neighborhoods
WINNER: OUR DAILY SALT• Strength of business plan
• Business that matched construction / renovation framework of LBWN Rent-To-Own Homes
• Demonstrated commitment to integrating the business as part of the neighborhood
LESSONS LEARNED• Partnerships are key both in developing
competition and recruiting businesses
• Continue to assist business afterward
• Letter of intent is important
• Factor in appropriate amount of time for business to establish
LEARN MORE ABOUT LBWN• www.lbwn.org
• www.facebook.com/LaytonBoulevardWestNeighbors
• Twitter: @laytonblvd
• Tour of Homes – Saturday, June 6th 10am-12:30pm• FREE Bus Tour• Starts/Ends at Urban Ecology Center (3700 W
Pierce St)• Register: www.lbwn.org/buyhome