ECONOMIC DEVELOPMENT AND PLACEMAKING

TECHNOLOGY AND GLOBALIZATION HAVE CHANGED EVERYTHING! Industrial era based on attracting capital investment in production of goods-- factories.

Industrial era based on attracting capital investment in production of goods-- factories.

Attracting capital and lowering the cost of doing business are no longer enough to ensure long-term economic growth. Owensboro unprepared for changes taking place with the shifting economy

Attracting capital and lowering the cost of doing business are no longer enough to ensure long-term economic growth.

Owensboro unprepared for changes taking place with the shifting economy

WORKFORCE, WORKFORCE, WORKFORCE A Federal Reserve Bank Study analyzed economic growth over 75 year period. Attracting and retaining a skilled workforce is top predictor of economic growth is cities, regions, and states

A Federal Reserve Bank Study analyzed economic growth over 75 year period.

Attracting and retaining a skilled workforce is top predictor of economic growth is cities, regions, and states

Declining Workforce Population Companies and communities competing for talent Fewer young people

Declining Workforce Population

Companies and communities competing for talent

Fewer young people

To grow and prosper in the future communities and regions must focus on EDUCATION QUALITY OF PLACE

To grow and prosper in the future communities and regions must focus on

EDUCATION

QUALITY OF PLACE

LIVABILITY AND PLACE ARE KEY! Develop Place-Based Assets to make communities more attractive to people Attractive, inviting communities have a better chance of attracting commerce Visual character and amenities are essential to long-term economic vitality

Develop Place-Based Assets to make communities more attractive to people

Attractive, inviting communities have a better chance of attracting commerce

Visual character and amenities are essential to long-term economic vitality

A public-private initiative Building on prior public input and visioning Market-based and community driven Building on community heritage Building-scale design in context of neighborhoods Leveraging community assets Implementing a public package of catalytic investments to attract private investment APPROACH AND OUTCOMES

A public-private initiative

Building on prior public input and visioning

Market-based and community driven

Building on community heritage

Building-scale design in context of neighborhoods

Leveraging community assets

Implementing a public package of catalytic investments to attract private investment

The starting point- the cultural arts, festivals and education , the heart of downtown

The new Smothers Park, a key opportunity on which to build

ILLUSTRATIVE MASTER PLAN AND CATALYST PACKAGE

Illustrative Master Plan

Veterans Boulevard A

Market Square Public Plaza B

Waterfront Before

Market Square and Waterfront After

DOWNTOWN NEIGHBORHOODS

DOWNTOWN HOUSING PRIORITY AREAS Waterfront Park Historic Core East Downtown Arts & Cultural District Residential infill

Downtown Owensboro Transportation Plan Streets as the greatest public space and gathering place Image courtesy of Urban Advantage

Veterans Boulevard (Special Pedestrian Priority Street) A

IMPLEMENTATION AND FINANCING

Approximately 300 to 500 residential units 350,000 sq. ft. of office space 137,000 sq. ft. of retail/restaurants 225 - 250 hotel rooms Summary of Initial Market Demand

Approximately 300 to 500 residential units

350,000 sq. ft. of office space

137,000 sq. ft. of retail/restaurants

225 - 250 hotel rooms

Package of Catalyst Projects A C B D F F G H Project Cost ($2008) “ Finish-Out” of Smothers Park $15.0 million Market Square Public Plaza $4.8 million Street Improvements (not including streetcar on Frederica) $12.9 million Multi-Purpose Indoor Facility ($350 per SF gross area) $21.0 million Parking Garage ($15K per space) $7.5 million Arts Academy $5.0 million Sub-Total $66.2 million 20% Contingency $13.2 million TOTAL $79.4 million

Fund catalyst project package Establish downtown housing funding mechanisms Provide for next steps engineering and planning Anticipate maintenance funding needs Secure town architect and other staffing needs Revise ordinances to implement vision Reform governance system to realize results Waterfront and Market Square Plaza Successful Implementation

Fund catalyst project package

Establish downtown

housing funding mechanisms

Provide for next steps

engineering and planning

Anticipate maintenance

funding needs

Secure town architect and

other staffing needs

Revise ordinances to

implement vision

Reform governance

system to realize results