ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENT AND PLACEMAKINGAND PLACEMAKING

TECHNOLOGY AND GLOBALIZATION TECHNOLOGY AND GLOBALIZATION HAVE CHANGED EVERYTHING!HAVE CHANGED EVERYTHING!

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

WORKFORCE, WORKFORCE, WORKFORCEWORKFORCE, 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

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

LIVABILITY AND PLACE ARE KEY!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

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 OUTCOMESAPPROACH AND OUTCOMES

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 ILLUSTRATIVE MASTER PLAN AND CATALYST PACKAGEAND CATALYST PACKAGE

Illustrative Master Plan

Veterans BoulevardA

Market Square Public PlazaB

DOWNTOWN DOWNTOWN NEIGHBORHOODSNEIGHBORHOODS

DOWNTOWN HOUSING PRIORITY AREAS

Waterfront ParkWaterfront Park

Historic CoreHistoric Core

East Downtown East Downtown Arts & Cultural Arts & Cultural

DistrictDistrict

Residential

Residential infillinfill

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 IMPLEMENTATION AND FINANCINGFINANCING

• 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

Package of Catalyst Projects

ProjectCost

($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

A C

B

D

F

F

G

H

• 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 ImplementationSuccessful Implementation