Economic Development Commission

DeKalb Municipal Building PLEASE NOTE LOCATION Council Chamber, Second Floor 200 South Fourth Street DeKalb, Illinois 60115 AGENDA Economic Development Commission March 3, 2017 8:00 a.m. A. Roll Call B. Approval of Agenda – Additions / Deletions C. Approval of Minutes – February 3, 2017 Meeting D. Public Participation E. New Business 1. Summary of Session One (February 3, 2017) 2. Overview of EDC Project Scoring Survey Results 3. Discussion of economic development strategies 4. Additional information on high scoring projects 5. Evaluate and prioritize projects as a group 6. Next steps F. Adjournment  Working Draft-Not for Distribution 3-25-17 DeKalb EDC 2025 Plan-Economic Development Strategies Prioritization-Summary Scoring 3-25-17 Project Score 1 Score 2 Score 3 Score 4 Score 5 Total (Out of 135) Market City owned vacant properties 24 18 27 27 18 114 Develop pipeline of skilled employees 24 24 21 24 18 111 Market the airport 27 18 27 21 18 111 Identify retail, commercial & service needs 24 24 18 18 24 108 Develop living wage jobs 27 18 21 24 18 108 Residential growth 21 21 21 21 21 105 New commercial development 21 21 18 24 18 102 Additional Projects Suggested Score NIU/DeKalb collaboration 21 24 18 15 24 102 Food, beverage and entertainment focused on 24 Support business owner initiatives 21 18 18 18 24 99 Beautifying downtown and adding attractions 18 Recruitment and retention strategies 21 18 24 15 18 96 More events, concerts, markets, etc with marketing 18 Arts, Culture and Entertainment Corridor (ACE) 24 27 12 12 21 96 Long term vision for Peace Rd 15 Communication channels using social media 0 Streetscape/NIU Connector 21 21 9 18 21 90 Revitalize S. 4th St. & E. Lincoln corridors 24 18 15 18 12 87 Virtual Incubator 27 9 18 12 15 81 Additional Comments NIU/DeKalb technology initiative 24 21 12 12 12 81 Project Comments Co-working Space 18 12 21 12 15 78 Support business owner initiatives Consider expanding the effort to businesses outside of the downtown area. Egyptian Theatre 21 15 15 6 21 78 Streetscape/NIU Connector With emphasis on development west of 1st to convo center STEAM Learning Center 18 18 9 12 21 78 Egyptian Theatre Puplic attraction, Great cost is attraction, we needconcern such attractions for residents and visitors to energize local Traditional Small Business Incubator 18 12 12 15 12 69 STEAM Learning Center economy Hotel/Conference Center 15 15 12 9 9 60 Arts, Culture and Entertainment Corridor (ACE) That ACE area is very vital and can be a great attraction to visitors and businesses alike. Traditional Small Business Incubator Cost can vary greatly. CRITERIA SCORE VALUE Co-working Space Costs? Is the project/program doable? 0 points: none of the criteria are reasonably attainable Egyptian Theatre Costs? Is this a low cost project relative to other projects on the 3 points: one or two of the criteria are reasonably attainable Hotel/Conference Center Costs? Can it be funded? 6 points: three or four of the criteria are reasonably attainable STEAM Learning Center Costs? Can significant progress be made in the next 12 months? 9 points: all of the criteria are reasonably attainable Revitalize S. 4th St. & E. Lincoln corridors Costs? Is the talent available? Residential growth Can't force it Do regulations allow it? What is the economic impact? 0: not measurable or impact assessable IsIf itnot measurable? measurable, is there another way to know if we 3: non-quantifiable impact can be determined succeeded? 6: somewhat quantifiable 9: clearly quantifiable Is Arethere City and leaders community willing to actively support?the 0: weak support from both City and community project/program? 3: moderate to strong support from either City or community Is there leadership to take ownership of it? 6: moderate support from both City and community Is there significant opposition? 9:strong support from both City and community Is it inclusive?