mayors institute september, 18, 2013
DESCRIPTION
DESTINATION WHITING, INDIANA. MAYORS INSTITUTE September, 18, 2013. OUR STRATEGY. Striving for Diversified AV Growth Enhance “Business Corridors” Improve “Housing Inventory” There are different ways to do it Whiting is betting it’s through tourism related development. DISCLAIMER. - PowerPoint PPT PresentationTRANSCRIPT
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MAYORS INSTITUTESeptember, 18, 2013
DESTINATIONWHITING, INDIANA
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• Striving for Diversified AV Growth
• Enhance “Business Corridors”
• Improve “Housing Inventory”• There are different ways to
do it• Whiting is betting it’s
through tourism related development
OUR STRATEGY
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• Luck played a bigger part in our story than talent did
• Probably no surprise to you!
DISCLAIMER
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• To give you a perspective of Whiting’s geography, here’s an aerial view of the city
LAY OF THE LAND
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WHY TOURISM?• Whiting’s 4 Top Assets are:
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bp
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• All 4 Assets support the theme• BP - Engaged Partner - Tax $$ -
Tourism Asset (think Hershey, PA)
• Main St. – Supports the visitors
• Pierogi Fest – 300K visitors• Proximity to Chicago =• 9.5 million people
WHY TOURISM?
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• We knew we needed a catalyst• Lakefront Development was
the obvious place to start• With the help of American
Structurepoint, we created a plan
• Implementation of the Plan was estimated to cost $50M
HOW DID WE START?
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• We then shopped the plan to anyone who would listen
• It all came down to finding someone crazy enough to publicly beg for $30M
HOW DID WE START?
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LOOK NO FURTHER
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• $50M Lakefront Development• $20M RDA Grant• $20M TIF Bonds (single
taxpayer)• $6M Federal Grants• $3M BP Contribution• $1M Pocket Change
SECURED FUNDING
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WHAT’S BEEN COMPLETED?
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WHAT’S IN PROCESS NOW?
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WHAT’S on DECK?• BP’s $4 billion modernization
project will hit the tax roles in 2014
• Will allow me to:• Issue a new bond for $$$• Retire the $20M Lakefront
bond
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LF - STADIUM DISTRICT• $20M Lakefront Hotel• Lakefront Restaurant• 150,000 sf mixed-use
development• 3 in 1 Museum• Senior Apartments• Residential Condos – Single
Family• We’re far from done …. 3
years?
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• BP plans to build a new “ginormous” Office Campus
• $$$• Adjacent to Oil City Stadium• All in our TIF• Primary driver for location
selection was our Lakefront Plan
ICING ON THE CAKE
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• Analyze your strengths – Assets
• You must have a “Plan” & “Vision”• No one will take you
seriously• You don’t have to reinvent
wheel• Shamelessly promote your City
until you run out of liquor, then start again
TIPs
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• Start small• We started with acquisitions
• Recruit a corporate partner(s)• Hire a grant writer• UTILIZE TIF• Be “Relentlessly Persistent”• Took me 7 years
TIPs
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• If Whiting can get this far with me steering the ship, sky’s the limit for you guys!
ENCOURAGEMENT