“A Call to Arms” for The Local Developer

April 28th, 201610:45-11:45

• Anne Haynes- Director of Transformative Dev.- MassDevelopment

• John Simone- Executive Director- Connecticut Main Street Center

• Scott Wolf- Executive Director- Grow Smart Rhode Island

“A Call to Arms” Catalyzing Local Developers

www.ctmainstreet.org

The Problem

Connecticut’s downtown properties are needlessly under-utilized and

under-valued.

Comparison

The Opportunity

People want to live in authentic, compact places where one can walk to

shops and services..

The Challenge

Mixed-use/mixed-income development

has become a lost art form.

A pilot program with the CT Housing Development Authority

Working on the Solution

Overall FindingsDiscover, encourage & support

urban pioneers

It takes a village to bring old buildings back to life

Small deals need easy-to-cook “lasagna” financing recipes

Downtown Development AuditRecommendations for regulatory

changes, parking requirements, marketing and financial incentives

Program

Program

Model Building AnalysisAssistance to Property

Owners

ProgramDowntown Management

Assistance

Waterbury

New Britain

Meriden

Meriden

Meriden

What’s Next?Tax-Increment Financing Districts

Cultivating a cottage industry of small-deal professionals – developers, contractors, lenders, TA providers

Integrating all state resources

Don’t forget the first floor commercial

Connecticut Main Street Centerc/o CL&P PO Box 270

Hartford CT 06141860-280-2337

info@ctmainstreet.org

www.ctmainstreet.org

Gateway CitiesTransformativeDevelopmentInitiative[TDI]

Gateway Cities

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There are 26 Gateway Cities legally defined as cities with:

•Population between 35,000 and 250,000; •Median household income below the state median; •And a lower percentage than the state average of adults with a college degree.

Gateway Cities are a critical part of the Commonwealth

Gateway Cities are still relevant for investment

Brownfield Redevelopment Fund, Cultural Facilities Fund, Manufacturing Futures Fund

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Key Programs for Gateway Cities

FY 2015—Agency Results

MassDevelopment Overview

Finance Programs

Real Estate Planning &

DevelopmentTDI

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[TDI] An integrated place-based approach designed to implement locally initiated, strategic, catalytic, and sustainable revitalization activities.

[TDI] Districts in Development

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Designated by MassDevelopment Review Committee on 12/5/14, approved by MassDevelopment Board on 12/10/14

Each District Gets:

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[TDI] Integrated Tool Box Approach

Y1 Y2 Y3

Increased Tax BaseHigher ValuationJobs & OpportunitiesHigher Median IncomesIncreased private investments

FUTURE:

[TDI] Process

[TDI] Transformative Development InitiativeTechnical Assistance Workshops

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[TDI] Assistance: Engagement

[TDI] Places: Peabody Parklet

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$6000 Award

New Main St Activity & New Repeat Customers to Businesses

2 Business Pop Ups

[TDI] Cowork: New Bedford – Groundwork!

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$150,000Award

$150,000 Match

20 members (9/15)

20+ events

OPENING!

[TDI] Transformative Development InitiativeCapacity: Fellows Program

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Role/Structure• 3- Year terms, In Partner’s Office & Mobile• Feet on the ground-IMPLEMENTATION, CONNECTIVITY, VISIBILITY• Workplan set with TDI Partnership & MassDevelopment

• Cohort Building• Visits to each district, related cities• Weekly calls—independent & with director• Developing ‘Cohort Pilot Project’: Storefront Activation

[TDI] Transformative Development InitiativeRange of Investments Identified

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All Projects considered for:•Prior involvement/ knowledge of project•Reviewed with key criteria of availability& ownership, location, partnership priority, current use, size•Some projects already in active investment•Some projects better suited to MDFA Finance and other sources.

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Stearns Square, Springfield

$600K Acquisition

Multi-Phase Redevelopment with Partnership:•Starting with new retail/cafe for seeding Dining District•City to upgrade Stearns Square Park•BID to provide Stearns Square District Improvement Fund•Coordinate with Active Use Strategy Recruiting (TA)•Continued BID programming at Stearns Square

But Houston we have a problem…..and opportunity

Who can we partner with to redevelop this scale?