MSM Economic Impact Report 2009-10


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2009-2010 Economic Impact Report for Main Street Momence, an Illinois preservation and community development non-profit program

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MSM Economic Impact Report 2009-10

  1. 1. Community & Economic Impact Report MAIN STREET MOMENCE
  2. 2. MSM Mission To preserve & promote the historic, cultural, social & economic vitality of downtown Momence and to foster a spirit of community teamwork that will result in a vibrant & inviting downtown district. Main Street Momence is a volunteer driven, downtown preservation-based, economic development program.
  3. 3. Budget & Income <ul><li>190 Total Partners </li></ul><ul><li>55 Businesses </li></ul><ul><li>135 Individuals, </li></ul><ul><li>non-profit groups & </li></ul><ul><li>taxing bodies </li></ul><ul><ul><li>- Library District </li></ul></ul><ul><ul><li>- Momence School District </li></ul></ul><ul><ul><li>- Momence Park District </li></ul></ul><ul><ul><li>- Fire Protection Dist. </li></ul></ul><ul><ul><li>- Economic Alliance of K3 Co. </li></ul></ul><ul><ul><li>- City of Momence </li></ul></ul><ul><ul><li>- Ganeer Township </li></ul></ul>
  4. 4. Grants Awarded to MSM 2007 $1,000 Kankakee Kultivators Grant 2009 $99,000 USDA Rural Development Grant 2006 $750 Kankakee Kultivators Grant 2007 $1,000 Kankakee Community Foundation Grant 2007 $4,000 ComEd Transformation Grant 2007 & 2009 $1,000 Wal-Mart Community Grant 2006 $500 IMS Technology Grant Year Amount
  5. 5. Façade Grant Program Facts <ul><li>$10,000/year allocated </li></ul><ul><li>Funded by Van Drunen Farms </li></ul><ul><li>17 grants awarded for </li></ul><ul><li>façade rehabilitation and signage/awnings since </li></ul><ul><li>2005 program inception </li></ul><ul><li>TOTAL awarded = $26,945 </li></ul>
  6. 6. Façade Grant Recipient Breakdown Painting, window replacement, door refinishing Zeglis Building Signage, façade work Johnny Angels Replace lintel, extensive brick repair and replacement, replace window sills Travis & Christine Griggs Prepare, tuck point brick, replace brick Scott Billadeau Prepare and tuck point west stage house Momence Theatre Friends Prepare and tuck point building Jane Johnson/Jensen Drug Store Prepare, tuck point and paint building Steve & Celeste Puglise Replace storefront window Jane Johnson/Daylight Corner bldg. Painting façade, new awning & sign John Valaveris/Yanni’s Cleaning, tuck point brick, caulk windows Momence Theatre Friends Awnings & signage Pat Zugg Signage Hong Chen (China Wok) Repair brick, tuck point, wood repair, paint Bailey Brothers Removal of false front, tuck pointing, repairs and paint Mick & Nancy Porter Awnings Fox Power Equipment Restoration of 2 nd story windows Jane Johnson/Jensen Drug Store Signage & lighting Dance in the Light PROJECT RECIPIENT
  7. 7. Façade Grant Before & After
  8. 8. IHPA Design Assistance $10,000 $2,000 5 Public Design Trainings $15,500 $500 31 Site Visits $68,000 TOTAL VALUE OF IHPA DESIGN ASSISTANCE TO CITY OF MOMENCE $30,000 $1,000 30 Technical Reports $12,500 $500 25 Design Renderings TOTAL VALUE VALUE/PER NUMBER SERVICE
  9. 9. Sample IHPA Design Rendering
  10. 10. Value of Special Events *Economic Impact = Total Spending x City Multiplier (Kankakee Co. is 1.5). Source: Kankakee County Convention & Visitors Bureau.  $122,250/year TOTAL ECONOMIC IMPACT OF MSM EVENTS $15,000 $10,000 $10 1,000 Bordertown Hauntings $13,500 $9,000 $10 900/summer Cruise Nights $56,250 $37,500 $25 1,500 Dixie Daze $37,500 $25,000 $25 1,000 Christmas Gathering ECONOMIC IMPACT* TOTAL SPENDING $ SPENT/ PERSON ATTENDANCE EVENT
  11. 11. “ As a downtown business and building owner, I appreciate the efforts that Momence Main Street has made to help maintain downtown Momence. Main Street hosts a number of functions typically organized by a city or park district, including Cruise Nights, Dixie Days and the Christmas Gathering.   “ With a large number of hard-working volunteers, Main Street is able to sponsor these events at negligible cost to the city and for a great benefit to the downtown property and business owners.” - Ray Simpson, downtown building and business owner
  12. 12. Value of Promotion = Enhanced Community Image <ul><li>32,000 posters, flyers, post cards & brochures are distributed annually throughout the region </li></ul><ul><li>25-30 radio commercials </li></ul><ul><li>25-35 print ads  </li></ul><ul><li>10-15 public service announcements </li></ul><ul><li>Regular regional print media featuring stories on MSM events and programs </li></ul><ul><li>Monthly WKAN radio show </li></ul><ul><li>Internet and social media presence </li></ul><ul><li>Physical office serves as info. center </li></ul>
  13. 13. MSM Awards for Momence <ul><li>National Register of Historic Places Designation </li></ul><ul><li>Illinois State Historical Society Award – </li></ul><ul><li>Drivin’ the Dixie </li></ul><ul><li>Midwest Living Magazine – </li></ul><ul><li>Hometown Pride Award Honorary Mention </li></ul><ul><li>Illinois Main Street Awards of Excellence in Downtown Revitalization (3) </li></ul><ul><li>Kankakee County Convention & Visitors Bureau Partnership Award </li></ul>
  14. 14. Value of Research, Statistics & Resources <ul><li>Greenburg Development Study ($5,000) </li></ul><ul><li>Downtown reinvestment stats resource </li></ul><ul><li>Preservation library site </li></ul><ul><li>Preservation contractors data source </li></ul><ul><li>Local history resource </li></ul><ul><li>Preservation tax credits resource </li></ul><ul><li>Source for locating historic materials </li></ul><ul><li>Economic development resource to other small communities in Kankakee County </li></ul>
  15. 15. “ As a new business owner, the Main Street executive director and staff proved to be invaluable resources when starting up my business. When we purchased the business, Jack Dorn sent me to Main Street, and I am glad he did. They helped me find an architect, which moved my project along. We also received a facade grant and took advantage of their new low-interest loan program.”                            - Mike Caspers, Johnny Angels Restaurant
  16. 16. “ Main Street Momence had laid much of the groundwork necessary to be considered for the U.S. Rural Development Grant. Their investment in the Greenburg Development Study and their pursuit of a National Register of Historic Places designation placed them in serious contention for this competitive funding. “ One of Kankakee County’s most active, engaged and effective non-profit organizations, Main Street Momence is a vital partner in the regional economic development landscape.” -Mike Van Mill, Economic Alliance of Kankakee County
  17. 17. Value of Beautification <ul><li>Improved quality of life </li></ul><ul><li>More attractive surroundings </li></ul><ul><li>Increased levels of civic pride and community involvement </li></ul><ul><li>Increased property values </li></ul><ul><li>Increased retail sales </li></ul><ul><li>Increased tourism </li></ul><ul><li>Improved community image </li></ul><ul><li>Decreased vandalism </li></ul>
  18. 18. Volunteer Hours (2005-09)
  19. 19. Value of Volunteers! <ul><li>22,749 volunteer hours = </li></ul><ul><li>$479,784.68 </li></ul><ul><li>Investment over the past 5 years </li></ul><ul><li>*As prescribed by </li></ul><ul><li>In 2008, the average value of a volunteer was calculated to be $20.25/hour. </li></ul>
  20. 20. NEW Low-interest Loan Program! <ul><li>In August 2009, Main Street Momence was awarded a $99,000 USDA Rural Development Grant. Kankakee County provided $50,000 as the local match for the revolving loan fund. </li></ul><ul><li>Goals of the Main Street Momence Revolving Loan Program will be: </li></ul><ul><ul><li>To serve as an incentive to further economic development in the downtown core. </li></ul></ul><ul><ul><li>To serve as a low-interest, gap financing source. </li></ul></ul><ul><ul><li>To retain employment in the downtown district. </li></ul></ul><ul><ul><li>To stimulate commercial activity in the downtown district. </li></ul></ul><ul><ul><li>To provide financing to business owners for a variety of needs, including repairs, equipment and building maintenance. </li></ul></ul><ul><ul><li>To recruit business and create jobs in the downtown commercial district. </li></ul></ul><ul><li>Results to Date </li></ul><ul><ul><li>3 loans approved </li></ul></ul><ul><ul><li>11 full-time jobs created/saved </li></ul></ul><ul><ul><li>16 part-time jobs created/saved </li></ul></ul>
  21. 21. Cost of Failure to Invest Downtown <ul><li>Neglect & blight </li></ul><ul><li>Loss of property values </li></ul><ul><li>Reduced customer base </li></ul><ul><li>Job loss </li></ul><ul><li>Sales tax revenue decline </li></ul><ul><li>Reduced economic development </li></ul><ul><li>Increased crime </li></ul><ul><li>Residential flight </li></ul><ul><li>Lost potential to leverage largest commercial district in Momence </li></ul>
  22. 22. “ SkillSET” Continuing Education Scholarship Fund <ul><li>NEW 2010 Initiative </li></ul><ul><li>Goal: To boost district sustainability and reduce storefront turnover by funding business-related continuing education classes for proprietors and eligible employees in Momence’s downtown commercial district. Business retention and enhancement are the anticipated results. </li></ul><ul><li>Qualifying coursework: Includes marketing, bookkeeping, food service, merchandising, computer/software, etc. </li></ul><ul><li>Funding limits: $400 max. annually for business owners and full-time employees; $200 max. annually for part-time employees </li></ul><ul><li>Procedure: Application review by Economic Restructuring Committee, funding awarded following class completion </li></ul><ul><li>Currently seeking founding program donors </li></ul>