HomeMy WebLinkAboutIR 7277 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 7277
To the Mayor and Members of the City Council Apri 1 19, 1988
Subject: PROPOSED USE OF CD1BG -YEAR XIV FUNDS FOR COMMERCIAL REVITALIZATION
PURPOSE
purpose of this Informal Report is to provide information on the intended use
of $100,000 allocated for Commercial Revitalization in the Year XIV Community
Development Block Grant (CDBG) budget.
BACKGROUND
For the past eight years, the City of Fort Worth has pursued revitalization of
economically declining inner-city commercial areas through a combination of
intensive staff support and use of CDGB funding. The first initiative of this
type was the Magnolia Avenue Streetscape Improvements Project, now entering its
third phase. The second was the Polytechnic Main Street Project, which is
currently in progress along five blocks of East Rosedale Street across from Texas
Wesleyan College. Both of these projects have been characterized by the infusion
of a limited amount of City funds in order to leverage proportionately large
amounts of private investment. For example, a $1 million City investment in the
Magnolia Avenue project in the past eight years has produced over $15 million in
private investment.
In response to the demonstrated value and need for this type of urban investment,
the promotion of economic revitalization activities has assumed a high priority
among staff. In addition, the overall priorities for CDGB Year XIV funding from
the ten Neighborhood Advisory Councils (NAC's) listed job training, placement and
development as their #3 priority and 'commercial revitalization and redevelopment
as their #6 priority . Over the past year there has also been growing interest in
developing commercial revitalization activites in other parts of the City similar
to the Magnolia Avenue and Polytechnic Main Street projects . Several
neighborhoods have approached city staff to request technical assistance for
commercial revitalization in their areas.
DESCRIPTION OF THE PROPOSED INITIATIVE
The Fort Worth Commercial Revitalization Program is intended to assist in
revitalization of a selected neighborhood commercial area with preference given to
the CDGB Special Emphasis Areas (SEAS) and Target Areas. The goals for Commercial
Revitalization program activities in this selected commercial area are as follows:
To establish and foster partnerships among local business and financial
institutions, the community and government to plan , finance and market
improved goods and services;
To improve local retail sales volumes and tax base;
To improve personal safety for both merchants and customers;
To increase local merchant ownership of the businesses, particularly minority
and female ownership;
To improve personal safety for both merchants and customers;
To create new retail and service sector jobs; and
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 7277
Apri 1 19, 1988
gfo)?? To the Mayor and Members of the City Council
0
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Subject: PROPOSED USE OF CBDG YEAR XIV FUNDS FOR COMMERCIAL REVITALIZATION
To furnish necessary modern amenities and conveniences to attract more
shoppers.
Specific uses for the proposed allocation of $100,000 in CDGB funds for this
initiative will depend upon the unique profile of needs of the area selected .
Examples of possible uses for these funds may include undertaking of market
feasibility studies and preparation of commercial revitalization plans; initiation
of another urban Main Street project similar to that in the Polytechnic Heights
project; creation of a revolving loan fund to assist businesses ; or purchase of
amenities such as street furniture and landscaping to enhance the commercial area.
If the Year XIV funding is approved, a public request for applications will be
made to identify local commercial areas desiring to be selected for the program.
City Planning staff has been working with a subcommittee of the Community
Development Council to develop an application package which will be sent to those
expressing interest. This package will specify the criteria which characterizes a
successful project and will include an application form on which candidates may
detail how, in their judgement, their respective commercial area best fits those
criteria. Applicants may include business associations, merchants desiring to
form a business association, or other interested groups desiring to participate.
The CDBG funds will be available for use only within the city' s existing CDBG
Target Areas.
If more detailed information on this commercial revitalization initiative is
desired, it will be furnished upon request.
Z—��ouglas �arm'n
City Manager
Ile,
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS