April 21, 2006
For Immediate Release: Friday, April 21, 2006
Contact: Will Pritchard, LISC, [317] 396-0588 x16
Justin Ohlemiller, Mayor’s Office [317] 327-3690
Mayor Peterson, LISC target new corridors for commercial development
Indianapolis — As part of the expanding FOCUS Initiative, Mayor Bart Peterson and Local Initiatives Support Corporation (LISC) plan to announce today, the addition of two new corridors to the urban commercial corridor revitalization program. The two new commercial areas are North Meridian and East Washington streets in the Near North and Irvington neighborhoods, respectively.
FOCUS, an innovative partnership of LISC, the City of Indianapolis, the Greater Indianapolis Chamber of Commerce, and the Indianapolis Coalition for Neighborhood Development, provides neighborhood organizations with financial and technical support for economic development and commercial real estate projects. These tools are designed to stimulate the rebirth of vibrant, walkable neighborhood commercial centers.
Through a competitive selection process, ten neighborhood organizations from around the city applied to be part of this program dedicated to revitalizing urban neighborhood business districts. The two new corridors will receive funding to hire support staff to help existing and new small businesses, facilitate real estate development and promote investment.
The North Meridian Street corridor will be from I-65 on the south end to Fall Creek Parkway on the north end. The East Washington Street corridor runs from Irvington Street to just east of Arlington Avenue.“This type of neighborhood-based economic development is key to a strong, local economy and a high quality of life in our community,” said Mayor Bart Peterson.
“The revitalization efforts focused on these commercial corridors means new jobs, businesses and investment for neighborhoods that need it.”
“Revitalizing urban commercial corridors is crucial to the long-term viability of central city neighborhoods,” said Jeff Spalding, president of the Irvington Development Organization. “IDO has a vision for the restoration of East Washington St., but limited knowledge on how to make it happen. The technical expertise and financial support provided by LISC are a perfect fit for our needs, and I believe this will be a terrific partnership. We're thrilled with our FOCUS Corridor designation!”
To achieve the greatest impact, the FOCUS initiative is concentrating on specific commercial corridors, attempting to restore them to thriving business districts serving the surrounding neighborhoods. The two new corridors will be added to the existing five corridors: Fountain Square, East Tenth Street, 16th Street, Dr. Martin Luther King Jr. Street, and West Washington Street. In 2005, those five corridors assisted over 100 businesses, renovated 20 facades, attracted 31 new businesses to the corridors, helped to create 52 new jobs, held over 100 different promotional events, cleaned up five contaminated sites, and improved twelve greenspaces, among many other activities.
The façade program has directly leveraged $140,000 in matching investment from private businesses. In 2006, the façade program intends to invest over $200,000 to assist 20 neighborhood business owners in renovating the facade of their building.
FOCUS provides the following “tools” to help the commercial corridor staff and neighborhood organizations:
- Façade Improvement Grants – Matching grants to business owners willing to renovate the exterior of their buildings.
- Small Business Loan Fund – This Fund provides alternative financing to small businesses unable to find financing from conventional sources.
- Brownfield Redevelopment Fund – This partnership with the City of Indianapolis offers small grants to nonprofit developers and low interest loans to for-profit developers to remove contaminants on potentially developable sites.
- Indy Site Finder – This website – www.indysitefinder.com – is a unique tool that provides the latest demographic and market data, aerial photos, and lists commercial properties for sale or lease.
- Strategic Acquisitions Fund – This Fund offers CDCs and other neighborhood-based organizations with flexible funding to speculatively acquire strategically located sites.
- Urban Economic Development Guide – This is a “how-to” guide for developing commercial properties in urban areas, with information such as case studies, legal and business templates, potential resources and contacts, and project planning.
- Commercial Development Consultant – FOCUS provides access to an experienced commercial real estate developer to help guide small business owners through the real estate development process.
- Technical Assistance Program – This program gives CDCs and others small grants to hire expertise (architects, developers, financial consultants, etc.) to help them develop commercial property.
Funding in support of the FOCUS Initiative comes from a variety of sources including State Farm, the City of Indianapolis, Indianapolis Neighborhood Housing Partnership and the Living Cities Initiatives.
"State Farm believes being a good neighbor means investing in our neighborhoods,” said Clayton Adams, Community Alliance Vice President for State Farm. “LISC is a vital component of State Farm's support for community development."
“FOCUS is an excellent example of the type of public/private partnerships essential for the renewal of our urban commercial corridors,” said Michael Rubinger, LISC’s president and CEO. “The jobs and income these corridors generate are, along with better schools, affordable housing and good recreational facilities, among the essential building blocks of community development.
For a parcel-by-parcel analysis of the corridors and for more information about the commercial corridor program, visit the FOCUS website at www.focusindy.com.
About LISC
LISC combines corporate, government and philanthropic resources to help community-based organizations revitalize underserved neighborhoods. Since 1980, LISC has raised more than $6 billion to build or rehabilitate more than 160,000 affordable homes and develop 27 million square feet of retail, community and educational space nationwide. For more information, visit www.lisc.org.
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