greencastle stellar communities - association of city of greencastle •depauw university...

Greencastle Stellar

Communities Indiana Association of Counties

May 13, 2014

Greencastle

• Greencastle and North Vernon – Round 1 – 2011

• Partners

• City of Greencastle

• DePauw University

• Community Organizations

• Private Sector

• Focus – Building the Next Great College Town

Projects

• Anderson Street Entrance to DePauw University

• Downtown Facades – two phases

• Bookstore/Coffee Shop/Community Room/Apartments

• Parking

• Streetscape – three phases – links to campus

• Owner Occupied Rehabilitation – two phases

• Loft Housing – one phase/multiple owners

• Community Health Clinic

• Multi-use Trail

Anderson Street

Eli’s Books & Starbucks

Owner Occupied Rehab

Facades

Disaster & Recovery

• May 17, 2013 Fire Guts Four Buildings

Streetscape 1

Parking

Lessons Learned

• Importance of Planning – Program = Reality

• Importance of Patience

• Funding promised but applications still required

• Importance of Partnerships – Today and Tomorrow

• Importance of Adaptability and Flexibility

• Context of the Larger Community

• Learning Curve for Both State Agencies and Locals

• Rally Local Resources

Results – 2012 to 3Q 2013

• $2.3 Million in City Funds Invested

• $4.9 Million in Stellar Agency Funds Invested

• $4.6 Million in Private Funds Invested – More to Come

• $96.5 Million Community Wide Investment

Product

Development Indiana Association of Counties

May 13, 2014

Community as Product

• Talent and Workforce

• Community – Quality of Life/Amenities

• Schools and Community Institutions

• Housing

• Community Infrastructure

• Utilities

• Transportation

• Inventory of Sites

• Inventory of Buildings – Focus of this presentation

IEDC Trends 2012-2014

60% 20%

20%

Type of Site Search

Building Site Building or Site


33%

67%

Requested Geography of the Site Search

Statewide Specific County(s)


38%

20%

42%

Ownership Options in the Site Search

Purchase Lease No Preferance


72%

28%

Rail Access Requested in the Site Search

Rail Not Requested Rail Requested


• Site Size – Preferences for Competitive Projects

• 6-10 Acres – 15 Requests




• These fall into the typical sites available either as stand

alone sites or within industrial parks.


• Building Size – Preferences

• 26-50,000 Square Feet – 38 Requests



• These fall within the range of typical shell buildings

• 2012-2013 Ceiling Height Requirements – 24-30 Feet

• 2014 Ceiling Height Requirements – 25-35 Feet

Why a Shell Building?

• Next step up from a shovel ready site or a virtual

building.

• Firms need to move fast! Saves 6-9 months.

• Opportunity to be a step above the competition.

• In smaller communities, the speculative developers do not

operate.

• Opportunity for new business recruitment and retention.

Greencastle

• Research – Key Findings

• 50,000 square feet is a sweet spot

• Minimum of 24 feet clear height; no floor

• Expandable to 100,000+ square feet

• Image – Not just a metal building

• Increasing requests for buildings

• Few options available in west central Indiana in 2006

• Decision to move forward in late 2006

• Finished in September 2007

• RECESSION!

Greencastle

Greencastle

• Partnership

• City of Greencastle Redevelopment Commission

• Garmong Development Company

• Greencastle/Putnam County Development Center

• Roles

• City – Site, Infrastructure, Partial Interest Subsidy

• Garmong – Construction, Ownership, Operating Costs

• G/PCDC – Marketing, Tours, Coordination

Greencastle

• Marketing

• Website

• Brochure

• Submissions to IEDC and Clients

• Tours

• Trade Shows

• Mailings/Contacts with Site Selectors & Realtors

• Coordination

• Regular building checks

• Usual economic development activities

Greencastle

• Outcomes

• Presented to over 150 clients – many projects during the

recession never materialized

• Leased in 2012 by a local company

• Completing the project did not jeopardize future options

• Now generating tax revenue

• While leased no interest subsidy required

Around the State

• Terre Haute/Vigo County – 98,000 Square Feet

• Franklin/Johnson County – 50,000 Square Feet

• Muncie/Delaware County – Several – 200,000 Sq.Ft.

• Bluffton/Wells County – 200,000 Square Feet

• North Vernon – 50,000 Square Feet

• New Castle/Henry County – 50,000 Square Feet

To name just a few around the state.

Contact Info

Thank you for your interest!

William A. Dory, Jr.

Executive Director

Greencastle/Putnam County Development Center

765-653-2474

[email protected]

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