OFFICE OF COMMUNITY AND RURAL AFFAIRS Indiana Office of Community and Rural Affairs 2014 Regional Conference ECONOMIC RESTRUCTURING

What is the mission of Indiana Main Street? To encourage economic development, redevelopment, and improvement of the downtown areas of Indiana cities and towns. The program is founded on community and economic development that emphasizes the preservation and development of traditional downtown resources. Office of Community and Rural Affairs  #INOCRAconf

How did Main Street begin? With the creation of the shopping mall in the late 1970’s National Trust for Historic Preservation in 1977 Madison, IN was one of the first three communities nationwide to use this new Approach Indiana has had a Coordinating Main Street Program since 1985 Office of Community and Rural Affairs  #INOCRAconf

How are others successful? Passion Partnerships Plans Perseverance Office of Community and Rural Affairs  #INOCRAconf

What is the Main Street Four Point Approach? Organization: It is the backbone of the organizational structure Design It provides the tangible improvements in the downtown. What you can see, touch, and feel Promotion Focuses on shopping downtown and downtown tourism. Getting people to shop, work, dine, and visit downtown Economic Restructuring Focuses on assisting existing downtown businesses and attracting new businesses Office of Community and Rural Affairs  #INOCRAconf

Why is YOUR downtown important? Sense of place Sense of community pride Visual representation of its heritage through historic structures and buildings Downtown is an economic indicator of a community Unique shopping, dining, and entertainment experience Think of your unique reason Office of Community and Rural Affairs  #INOCRAconf

Who is eligible to participate? Office of Community and Rural Affairs  #INOCRAconf

Is there a cost to participate? There is no cost to participate in the Indiana Main Street Program. Our office believes in and wants to be a resource to communities who are trying to revitalize their downtown areas. The Indiana Main Street Program is a resource for all Indiana Communities, with historic fabric, who wish to participate. Office of Community and Rural Affairs  #INOCRAconf

Economic Restructuring 101 (ER) A strong ER Committee will focus on partnerships and programming to: Attract new business Retain and strengthen existing business There should be an economic development focus with all of the Points. Office of Community and Rural Affairs  #INOCRAconf

6 Basic Functions for “ER” Learn about the current economic conditions and identify opportunities for market growth. Retain existing businesses Recruit new businesses Find new economic uses for traditional Main Street buildings Develop financial incentives and capital Monitor the economic performance of the district Office of Community and Rural Affairs  #INOCRAconf

Current Conditions and Opportunities Census of Population Census of Retail Trade Examine past five years of state sales tax reports for your community Trends in the assessed value of Main Street real estate Any market analyses recently conducted by chain stores or franchises that have opened in the area Office of Community and Rural Affairs  #INOCRAconf

Retain Existing Businesses What educational programs can you create or partner with others to provide to your existing businesses? Microsoft programs Customer Service classes Social Media training “How to” on merchandising Setting up Quickbooks Office of Community and Rural Affairs  #INOCRAconf

Recruit New Businesses Think about 2 nd and 3 rd location options Partner with City/Town, others to develop an incentive package, a binder for important information for start up businesses, etc. Pop Up Shops, Pop Up Galleries Highland pictured next slide Office of Community and Rural Affairs  #INOCRAconf

Highland Pop Up Art Gallery Office of Community and Rural Affairs  #INOCRAconf

Find new economic uses for traditional Main Street buildings Housing Find space in under-used upper-floor spaces and large, white elephant buildings Work with Zoning/Planning Revise land use regulation to allow broad range of uses downtown Small-scale industry Publishing, telecommunication, small-scale assembly operations, craft industries, and consulting firms Office of Community and Rural Affairs  #INOCRAconf

Develop financial incentives and capital How many employees are downtown? What is the traffic count? Office of Community and Rural Affairs  #INOCRAconf

Develop financial incentives and capital What other incentives exist? Façade Programs Business Improvement District Tax Increment Financing District Economic Development Target Areas (tax abatement) Riverfront Development Districts Historic Districts Office of Community and Rural Affairs  #INOCRAconf

Monitor economic performance of the district Collect base-line data Record information on economic change Measure annual performance Office of Community and Rural Affairs  #INOCRAconf

Who serves on the ER Committee? MerchantsStudents Property ownersSmall Business Development Centers Realtors City/County Government Bankers ConsumersChamber staff Marketing professionalsCVB staff Private DevelopersFoundation staff Economic Development Officials Office of Community and Rural Affairs  #INOCRAconf

Examples of ER Committee Projects Building/Business inventory (with Design Committee) Data collection Downtown Business Survey/Downtown User Survey Inventory of vacant space Revision of community’s comprehensive or economic development plan Financial incentive program to develop upper-floor housing Matching-fund grant pool Office of Community and Rural Affairs  #INOCRAconf

Examples of ER Committee projects cont. Revolving Loan fund Visual merchandising seminars Real Estate market analysis Business Improvement seminars Business cluster analysis Financial incentive program for business expansion or improvements Office of Community and Rural Affairs  #INOCRAconf

Office of Community and Rural Affairs CONTACT INFORMATION Office of Community & Rural Affairs One North Capitol, Suite 600 Indianapolis, IN Shae Kmicikewycz IMS Program Manager (317)  #INOCRAconf