Community and Economic Development Briefing
Transcript of Community and Economic Development Briefing
Community and Economic Development Briefing
What is Community Development?
• Community development is the process of making the community a better place to live and work and occurs primarily in the public sector
• Economic development is the process of creating wealth, in which community benefits are created secondarily
• To have a vibrant local economy, a community needs both community development and economic development.
Community Development
• Destination Development –Live –Work –Play
• Node- Specific Revitalization • Affordable Housing Programs
Live
– Direct: • Affordable housing programs • First time home buyer programs • Home rehabilitation programs
– Indirect • Sidewalks • Parks • Trails
Work
– Attract businesses – Partner with airport/ 30-year plan – Partner with local businesses to supply a job-
ready workforce – Workforce development
Play
– Unique dining destinations – Expanding opportunities for shopping – Creating more recreational facilities for
entertainment – Events/Festivals
Node-Specific Revitalization
• Located in the business districts – Pre-development
• Quality of life planning • Community engagement • Business engagement • Partner engagement
– All public facility and infrastructure activities that are also eligible under the Private Category
• Ex. Loans to businesses • Façade Renovation
• Historic restoration, rehabilitation and preservation for physical structures and infrastructure where appropriate
Affordable Housing Programs • Housing programs could include home buyer programs, owner occupied
rehabilitation programs, non-profit operating assistance and rental housing
• Local housing partners include: – INHP – Fair Housing Center of Central Indiana – Greater Indy Habitat for Humanity – Indianapolis Housing Agency – Renew Indianapolis
• Indy Gateway’s role will be to partner with existing non-profit organizations and leverage private financing to provide for affordable, decent, safe and appropriate housing, and increase homeownership/owner-occupied housing, as a part of balanced economic development in Indianapolis
• Bring the services of these existing non-profits to the west side • If needed, develop programs to meet specific housing needs
Economic Development
What is Economic Development?
• Process that leads to creation and growth of businesses, jobs, and communities
• Measurable criteria: quantity, quality, sustainability and geographic location
• Focus on businesses and jobs in primary industry • Local perspective is not always the same as the
statewide perspective
Defining Projects in which to Invest • Primary Project Investment
– New primary jobs generate new secondary jobs – Make strategic public investments
• Primary Jobs – Where goods or services are manufactured by workers on the west side and
can be sold throughout the country, bringing in dollars from around the word
– Create new wealth – Includes research and development funded by federal and international
sources • Secondary Jobs
– Where goods and services manufactured by workers on the west side are sold locally or regionally
– Smaller businesses that support the daily influx of primary workers (i.e. retail, restaurants professional services etc.)
Business Retention and Expansion
• Retention and expansion is a strategy to work with existing businesses
• Interview business leaders on business climate • Demonstrate appreciation of business to local
economy • Identify opportunities for growth and expansion • Help existing businesses solve problems
Business Recruitment • Actively recruit new businesses for increased
investment and employment opportunities • Activities:
– Working with IACED to develop enhanced understanding of west side and benefits as well as how to market them to businesses
– Focused efforts on targeted industries – National/International recruitment
• Working with prospects – Help define prospective location criteria, timetable and expectations
of clients – Provide Request for Information (RFI) to selected communities that
meet criteria
Industry Cluster Near Airport
Industry Cluster Initiative • Goal is to move the represented industry sector up the value curve for increased
value of goods and services • Main focus will be placed on manufacturing and transportation/logistics due to
the benefits provided by the airport • Objectives
– Utilize intermodal area with air, train and road transportation – Private sector driven – Address common needs of firms in a cluster from workforce development to
technical assistance to market access – Better organize and focus economic development services to advance
competitive industries – Enable more broad-based initiatives to engage local school districts, colleges
and universities to address industry needs and opportunities
International Trade and Development
• Import/Export assistance
• Business recruitment • Promote international
partnerships • New-to-export
consulting • Trade missions
Why Indy Gateway?
• Better positioned for economic development opportunities
• Identified and documented as ready for economic development
• Marketed to business and industry
The case for Indy Gateway
• Wayne Township has the largest low-income area outside of Center Township and currently has less desirable housing stock than competing neighborhoods throughout Marion County
• Marion County’s suburban neighborhoods on the west side are experiencing the flight of national retailers and poverty driven challenges in their school districts
• Wayne Township schools have seen an increase in students qualifying for federal assistance for school lunches, jumping from 53.5% to 77.5%
• The west side of Indianapolis is greatly in need of this community saving assistance
Indy Gateway's Goals
• Strive to create community and economic growth • Make the West Side a better place to live, work, play
and grow a business
Accomplished by focusing efforts on:
• Aggressive community development • Business retention and expansion • New business attraction • New business creation • Promoting our great city –Particularly the west side • Special emphasis on the creation of new primary
jobs and wealth creation
Marketing Indy Gateway
• In-State, Nationally and Internationally – Promoting Opportunities-
• Quality of life/Place and cost of living • Business retention, expansion and recruitment • Entrepreneurship • Great Schools • People retention and recruitment • Jobs
• Strong social media presence through Facebook, Twitter and Instagram
Evaluating Indy Gateway Impact Successful economic development initiatives should: • Grow stronger communities by supporting solid public infrastructure
and high quality, affordable housing options that stimulate long-term community sustainability and future economic growth
• Stimulate creation and retention of high quality primary employment opportunities that improve per capita incomes and lead to a better quality of life for residents on the west side
• Generate additional wealth creation potential for Indianapolis residents
• Attract human and financial capital from out of state • Grow a readily-available, top quality, skilled workforce to meet the
ever-changing needs of business and industry, thereby retaining Indianapolis's best and brightest youth and attracting additional workforce and population for our communities
Questions?