ball state university education redefined historic preservation as an economic development tool dr....

BALL STATE UNIVERSITY EDUCATION REDEFINEDBALL STATE UNIVERSITY EDUCATION REDEFINED

Historic Preservation as an Economic Development

ToolDr. Mary Ann Heidemann, Director

Graduate Program in Historic PreservationBall State University


Preservation and Economic Development? Are you

Kidding?• Those preservationists

want to stop all new development, right?

• Those are the folks who stand in front of the bulldozer, right?

• Purpose of my ED Talk:• Dump your Historic

Notions Preservationist?


Preservation is Actually aDevelopment Tool Kit

• Revitalize downtowns• Support entrepreneurs• Attract creative talent• Increase real estate

investment and profits• Create jobs • Incentivize

development


PRESERVATION TOOL #1: THE MAIN STREET PROGRAM

Started by the National Trust for Historic Preservation in 1977

TOOLS OF THE TRADE


Main Street Program In Indiana• Madison IN original pilot

community in 1977• IN one of largest Main

Street programs in US • 106 communities

enrolled• 19 nationally accredited• Had funding problems

during the meltdown, but• Still the most successful

downtown revitalization tool available to date


Main Street is Built on Four Pillars• Organization

– Paid Manager– Committee Structure

• Promotion & Marketing– Positive Image

• Design– Improve physical space

• Economic Restructuring– Analyze business market– Suit today’s consumers

Wait, doesn’t that sound like an Economic Developer’s Job?


Main Street Success to 2012• Dollars Reinvested: $55.7 Billion• Net gain in businesses: 109,664 • Net gain in jobs: 473,439 • Number of bldg. rehabs: 236,201 • Reinvestment Ratio: $18 to $1

Indiana Results in 2012• Private investment: $38.5 Million• Public investment: $16.6 Million• Businesses added: 161• Jobs created: 775• Building rehabs: 248


PRESERVATION TOOL #2:SUPPORT ENTREPRENEURS

Small business is key to community economic health


New Findings from the Trust’s

Preservation Green Lab


Why do Entrepreneurs Benefit from Older, Smaller

Buildings?“Analysis of data from three major Americancities shows that areas with a mix of older,smaller buildings perform better than districts with larger, newer structureswhen tested against a range of economic,social, and environmental outcome measures.” – Green Lab, Older, Smaller, Better, 2014


Study Findings onAdvantages of Older &

Smaller • 37% more jobs per

building sq. ft.• 2X women & minority

business owners• More local businesses

compared to chains• Lower median age• Day and night activity• More foot traffic


PRESERVATION TOOL #3:ATTRACT CREATIVE TALENT

What does your local talent pool look like?


Creative Trends In San Francisco:

Young tech-savvy professionals do not want to live in the outskirts near big suburban tech parks

They want the vitality of the older, more diverse center city neighborhoods

So Google busses them to work in a modern version of reverse commuting Artist’s Rendition of a Google Bus &

Protester Armed with a Fly Swatter


Creative Class Trends HereOur businesses follow creative talentTalent is attracted to places with character

• Live/Work space• Mixed uses• Business incubators• Work from home• Active street life• Walkability• Diversity of

residents

Indy’s own Fountain Square Historic District


PRESERVATION TOOL #4:INCENTIVIZING REAL ESTATE INVESTMENTS

What do you know about historic rehabilitation tax credits?


Historic Rehab Tax Credits• Historic rehab tax credits

have been around for 35 yrs.• They can cover up to 20% of

eligible rehabilitation costs• Note: rehab creates more jobs

than new construction• Owners can increase their real

estate profit potential• Rehab activates vacant &

underutilized properties• Combine with other incentives


PRESERVATION TOOL #5:WE DON’T WASTE A NICKEL

Preservation is applied, practical Green Development


Preservation Captures Both Up Front and Operational

Savings• Lower purchase costs• Infrastructure savings• Transit in place• Existing neighborhood

services & amenities• Materials recycling• LEED energy retrofits• Community-based ROI


Bottom Line:If you aren’t using preservation tools, you are leaving client and

community cash on the table

Sources of Assistance:

Indiana LandmarksIndiana Main Street Program

DNR Division of Historic PreservationBall State Historic Preservation Program

BALL STATE UNIVERSITY EDUCATION REDEFINED

BALL STATE UNIVERSITY EDUCATION REDEFINED

Thanks for your Good Work!

Send questions or comments to:[email protected]

ball state university education redefined historic preservation as an economic development tool dr....

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