Transcript Document
SILVER CITY BUSINESS PLAN COMPETITION LAYTON BOULEVARD WEST NEIGHBORS MISSION: TO STABILIZE AND REVITALIZE SILVER CITY, BURNHAM PARK AND LAYTON PARK SILVER CITY, BURNHAM PARK, LAYTON PARK LBWN ECONOMIC DEVELOPMENT • Over $7,048,231 in public and private investment • 28 building improvements • 167 events and business workshops • 31 new businesses • 116 new jobs created BUSINESS PLAN COMPETITION BACKGROUND LBWN Rent-To-Own Homes: Renovating 24 foreclosed properties in the Layton Boulevard West, Clarke Square and Muskego Way neighborhoods with Impact Seven and several other partners. BUSINESS PLAN COMPETITION GOALS • Generate excitement for businesses interested in locating in a historic, mixed-use building • Innovate business recruitment approach • Generate news that promotes positive perceptions of the corridor • Provide incentives that attract businesses • Unique, place-based approach FUNDING & INCENTIVES • Important to leverage resources from multiple partners to add value to the project. • Total incentive package: $13,000 $5,000 business start-up grant Pro-bono legal and accounting assistance Business startup marketing package Rent incentives, development partners, judges Development Partners INDICATORS OF SUCCESS • Number & Variety of Applicants • Strength of Business Plans • Success of Business • Media Coverage • Replicated in two other neighborhoods WINNER: OUR DAILY SALT • Strength of business plan • Business that matched construction / renovation framework of LBWN Rent-To-Own Homes • Demonstrated commitment to integrating the business as part of the neighborhood 3519 W NATIONAL AVENUE BEFORE 3519 W NATIONAL AVENUE AFTER OUR DAILY SALT BEFORE OUR DAILY SALT AFTER LESSONS LEARNED • Partnerships are key both in developing competition and recruiting businesses • Continue to assist business afterward • Letter of intent is important • Factor in appropriate amount of time for business to establish LEARN MORE ABOUT LBWN • www.lbwn.org • www.facebook.com/LaytonBoulevardWestNeighbors • Twitter: @laytonblvd • Tour of Homes – Saturday, June 6th 10am-12:30pm • FREE Bus Tour • Starts/Ends at Urban Ecology Center (3700 W Pierce St) • Register: www.lbwn.org/buyhome QUESTIONS?