July 7, 2006
MEDIA RELEASE: Friday, July 7, 2006
Contact: Will Pritchard, LISC (317) 396-0588 ext.16
Megan Scharnowske, IDI (317) 237-2207
LISC, IDI partner to award first round of 2006 façade grants
INDIANAPOLIS— Local Initiatives Support Corporation (LISC) and Indianapolis Downtown, Inc. (IDI) have partnered to provide $154,450 in façade grants to 27 businesses and organizations located in the FOCUS and Cultural District Corridors. Awarded grants range from as little as $333 up to a maximum of $20,000 for those businesses located on a FOCUS corridor. Business owners will work with their neighborhood community development corporation (CDC) or sponsoring organization to receive the awarded funds and complete their project.
The Commercial Façade Improvement Program is capitalized with funds from LISC, the City of Indianapolis, Indianapolis Neighborhood Housing Partnership (INHP), IDI and State Farm.
Although any building owner or tenant in the city was eligible to apply, preference was given to buildings located in a designated Cultural District or on a FOCUS corridor. The FOCUS corridors are: East 10th Street, MLK, SEND, 16th Street and West Washington Street. The Cultural Districts are: Broad Ripple Village, The Canal and White River State Park, Fountain Square, Indiana Avenue, Mass Ave and the Wholesale District.
“By teaming with neighborhood-based groups and small business owners, we are able to leverage modest façade grants into highly visible work that boosts the optimism of shop owners and customers in our urban business districts,” said Bill Taft, LISC Program Director. “By improving the visual impression conveyed by neglected storefronts, neighborhoods enhance their attractiveness to widespread new investment.”
The Commercial Façade Improvement Program is part of the FOCUS Initiative, a comprehensive economic development program, which is a partnership between LISC, the City of Indianapolis, the Indianapolis Chamber of Commerce and the coalition of community development corporations (CDCs). Funds are awarded to qualified applicants on a competitive basis to make visible improvements to the front exterior of their building. Business owners receive reimbursement up to 50 percent of the cost of the work plus free architectural consultation to maximize visual impact.
LISC, as part of their economic development program, has provided resources to community development corporations (CDCs) to complete over 40 façade projects in local neighborhoods in the past two years and has directly leveraged nearly $200,000 in matching investment from private businesses. LISC and IDI are partnering for the first time this year to combine resources more effectively, market the façade program and achieve the greatest impact. A second round of façade grants will be awarded later in the summer, with a special emphasis on the cultural districts.
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.
IDI exists to improve Downtown. It is action-oriented and addresses critical issues that affect Downtown’s growth and well being. IDI focuses on three areas: development, management and marketing.
“Indianapolis’ Cultural Districts showcase distinct pockets of cultural opportunity in our City. They truly showcase theatre, galleries, dining, shopping, entertainment and culture that is unique to Indianapolis,” said Terry Sweeney, vice president, real estate development, IDI. “The Commercial Façade Improvement Program can provide much needed support to help entrepreneurs enhance the customer’s experience.”
Indianapolis’ six Cultural Districts were designated by the Indianapolis Cultural Development Commission in 2003. On behalf of the Commission, Indianapolis Downtown, Inc. and The Corsaro group manage the cultural districts program. Since 2003, each Cultural District has completed cultural development plans and key priorities to enhance each of the districts. IDI and The Corsaro Group are working with the Cultural Districts in 2006 to enhance wayfinding, support real estate development efforts and market the districts.
The following are the recipients of the 2006 First Round Façade Grants:
- East 10th Street Civic Association: $52,950 to assist 6 businesses.
- Near North Development Corporation: $50,000 to assist 9 businesses. Projects include assisting with the complete renovation of a vacant storefront at 1236 16th Street into a welcome center/living space for the Martindale on the Monon neighborhood development effort.
- Southeast Neighborhood Development/Fountain Square: $50,000 to assist 10 businesses. Projects include the conversion of 3 vacant buildings into new homes for a coffee shop, graphic design firm and an antique store.
- Horizon House and Mapleton Fall Creek: $1,500 to assist 2 businesses
For more information on LISC or IDI and their programs please check their respective websites at www.lisc.org/indianapolis and www.indydt.com . -end-
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