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Neighborhood Economic Development

Bill Fischer

Division Manager Economic Development

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Neighborhood Economic Development has the following attributes: Long Term, never complete People and Community-centered Requires building community capacity to drive

positive change Holistic Process-driven rather than product driven Impacted by the larger economy with few tools

to ameliorate adverse impacts Relies on traditional economic development

tools, but at a different scale

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Key Concepts for Neighborhood Revitalization: Strong and committed community

leadership A structured and inclusive community

planning process Building community capacity Knowing local context and conditions Ability to implement change

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Getting Started: Mobilizing for Change

Asset Based Community Development– Talented people, committed institutions,

dedicated nonprofits, stable businesses

Community Leaders – must take control of the process and set an

agenda that is focused upon problem solving

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Getting Started: Mobilizing for Change

Take baby steps Set benchmarks Break negative stereotypes Make the process inclusive Look for common interests Build working relationships Invite and engage participation Gradually build trust

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Getting Started: Mobilizing for Change

SWOT analysis– Strengths, Weakness, Opportunities, Threats

Asset Mapping Visioning Understanding the Neighborhood Economy Strategic Planning Goal Setting

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Getting Started: Mobilizing for Change Goal Setting

– Increasing commercial assessed property values by 15 % over the next 3 years.

– Decreasing ground floor vacancies in the NBD by 8,000 sf in the next 12 months.

– Increasing the number of employees in the NBD businesses by six FTE’s over the next 12 months.

– Engage one new business, one new resident and one new nonprofit organization and invite them to become active in some aspect of your strategic plan over the next 12 months.

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Partnerships

Residents NBD Business Owners Other Companies in the Community Churchs Other Nonprofit Agencies Development Corporation Government

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Neighborhood Economic Development Putting your plan into action

Where to start?– Real Estate/Land Banking/Block by Block

redevelopment/Blight Abatement– Business Development– Workforce Development– Housing

Programs That Can Help

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Neighborhood Business District Support Fund Neighborhood Capacity Building Neighborhood Business District Improvement

Program Brownfield Redevelopment Small Business Technical Assistance Small Business Loan Programs Tax Increment Financing (TIF) Focus 52

Programs That Can Help

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Focus 52• A program to fund transformative neighborhood Economic and Community Development projects.• Will use two sources to borrow funds for projects that will grow the City’s tax base by creating jobs or increasing the population of the City.

Programs That Can Help

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Focus 52Part A: Economic Development Bond Fund

Expected to create $54 Million of capacity for neighborhood projects.Debt service will be $4 million for 20 years if all funds are allocated.

Part B: HUD Section 108 Loan Pool (Not yet approved)Expected to create $37 Million for neighborhood projects that create housing, jobs or services for low to moderate income people.Borrowing from HUD against future CDBG allocations.Most projects will be performing loans that will be fully repaid plus interest.

Programs That Can Help

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Focus 52Bond Fund has already been used for:

Jordan Crossing = $6.2MMMercer Commons = $2MMGateway V = $5.5MM

City Council will be considering:Walnut Hills NBD = $2.5MMCollege Hill NBD = $2.5MM

Programs That Can Help

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Focus 52HUD Section 108 Loan Fund

$11 Million for Economic Development Projects$17 Million for House Tax Credit Bridge Loan$7 Million Homeless to Homes Initiative$2 Million Community Development Loan Pool

Programs That Can Help

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Focus 52Priority Areas for Focus 52

While this fund is flexible and can be used for projects in any neighborhood that is ready to meet the goals of the program the following are areas are considered priorities based on existing plans and other programs:

GO Cincinnati – Seymour/Reading Corridor, Madisonville, South Mill Creek

Walnut Hills NBDCollege Hill NBDWestwood NBDUptown Tech InitiativeFresh Food Initiative

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Economic Development Division

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THANK YOU

Bill Fischer

Division Manager Economic Development