Old East Village: Finance Lab at the Social Finance Forum 2012


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Overview presentation on Old East Village Community Development Corporation impact investing initiative by OEV BIA Manager Sarah Merritt.

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Old East Village: Finance Lab at the Social Finance Forum 2012

  1. 1. The Old East VillageRevitalization Initiative 2012 MaRS Social Finance ForumFinance Lab - Developer Presentation by Sarah Merritt, Manager, Old East Village BIA November 9, 2012
  2. 2. Re-Establishing Value: Old East Village Revitalization Plan – Since 2002• Original Problems • Original Opportunities – Major socio economic issues – Strengthen downtown core with supporting residential and – Struggling business corridor commercial areas. – Lack of opportunity for – Creative, diverse, community employment – Active community – Urban blight in a key central area – Central Area – Loss of opportunity for quality – Outstanding heritage assets urban neighbourhood – Strong cultural and arts – Businesses no longer relate to community residential community – Smart growth, intensification – Deteriorating building stock – Utilization of existing – Lack of investment infrastructure – Strengthen downtown core – Minimal local ownership of businesses and buildings – Create outstanding liveable community 2
  3. 3. Re-Establishing Value: Old East Village Revitalization – Some OutcomesBy 2013, 3 NewDevelopments will Investment Specifics:bring 1,200 newresidents to the – Total Municipal, Provincial and Federal Government Investment of $10.5 Mcorridor – Total Private Investment of $113.8 MBy 2013, 16 new – Investment has expanded from $1.5 M instores will be created 2003 to $20 M in 2008on Dundas Street – As of 2013 there will be new residentialThrough the BIA developments totalling $178 Moffice, 50 propertieshave been, or are – But we need to do more:undergoing renovation 3
  4. 4. Next Steps:Create a more Resilient and Sustainable Local Economy• The Objective – Mobilize new private and public investment capital for impact ventures focused on high potential sectors: food, arts and culture, green energy. – Link the impact venture initiatives to affordable housing, employment training and education.• The Strategy – Create a Local Economic Development Plan (LEDP) – Create a Neighbourhood Economic Development Corporation (NEDC) 4
  5. 5. Next Steps:A Local Economic Development Plan 1. Identified Local • Agri-Food • Arts and Culture 2. Identified Local Opportunities & • Green Energy Economic Drivers Capacities Neighbourhood Driven Participatory Research 3. Identify Partners, 4. Initiate Kickstart Tools, Strategies Impact Ventures & Metrics • Food Production Live / Work Space • Partnership Development • Culture House Live / Work Space • Neighbourhood Economic 5 • Green Energy Program Development Corporation • Neighbourhood Loan Fund
  6. 6. Next Steps:A Local Economic Development PlanA Five Year LocalEconomic Development Strategic InitiativesPlan: Capital Reserve and Operating Fund $5 Million Impact Venture Impact Venture Impact Venture Impact Venture Green Energy Food Production Culture House Neighbourhood Initiative Live/Work Space Live/Work Space Loan Fund Jobs, Vibrancy, Wealth Quality Sustainable Assessment Strong Diversity Creation, of Life, Growth, Growth, Neighbourhoods Accelerating Economic Prosperity in the Old East Village 6
  7. 7. Next Steps:A Neighbourhood Economic Development Corporation Impact Neighbourhood Ventures Loan Fund • Neighbourhood Loan Fund – A tool to help foster and support Community Economic Development provide development incentives – Foster alternative business and investment models such as: co-ops and neighbourhood loan funds – Support Agri-Food and Cultural business incubation to create a Food and Culture District – Support Business Retention, Growth and Expansion of social enterprises, connect with investors – Build businesses at neighbourhood level 7
  8. 8. Next Steps:A Neighbourhood Economic Development Corporation Impact Food Production Ventures Live/Work Space • Food Production Centre – Increase the production capacity of existing food production businesses – Informal peer mentored food business acceleration occurring at the Western Fair Market – Support and accelerate this process – Create entry and mid level jobs through Business Retention, Growth and Expansion – Develop Labour Force by supporting youth training through the creation of entry point and mid level jobs 8
  9. 9. Next Steps:A Neighbourhood Economic Development Corporation Impact Culture House Ventures Live/Work Space • Old East Village Culture House – Mobilize community through arts and culture to affect social change – Strengthen the Old East Village Culture District by creating a community culture house with display space, performance venues and live-work space for culture workers and artists – Enhance existing cultural youth educational programs to Develop Labour Force of the future – Build social well-being and foster Community Economic Development 9
  10. 10. Next Steps:A Neighbourhood Economic Development Corporation Impact Green Energy Ventures Initiative • Green Energy Program – Build on success of Ontario Hydro energy retrofit program and sustainable energy developments – Explore opportunities for profit making from sustainable energy generation projects • Aggregate buildings to install rooftop solar panels • Incent geothermal installations in neighbourhood – Develop Labour Force by creating educational and training opportunities in sustainable energy – Create sustainable energy jobs through Business Retention, Growth and Expansion 10