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Downtown Redevelopment

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Downtown

Redevelopment

Golden Rule – Belington, WV

Golden Rule – Partners and Process

• Working closely with Belington OnTRAC and the Belington Revitalization Committee (BRC). • Identified by the BRC as the top priority in their community.

Golden Rule – Sharing the Risk

Woodlands’ role: Primary owner and developer, project financing, pre-development coordination, National Register listing.

BRC’s role: 1st Floor Commercial space lease-up and management,initial building stabilization,fundraising to fill gap.

The Delmonte – Elkins, WV

Delmonte Market Development• Woodlands borrowed money for installation of basic infrastructure. • Operated Holiday Market in coordination with other seasonal events.• Partners include Elkins’ OnTRAC, RCHA, and local businesses.

Delmonte Market Development

Community Development Financial Institutions (CDFIs)

• Mission must be Community Development• Serving distressed and economically

disadvantaged people and/or communities

• Combines development services with financing

• Types of financing include: Housing, Business, Community Facilities, Nonprofits, and Individuals

Investing in Downtowns Thomas, WV

5 loans made to date to new downtown businesses, all involving building redevelopment.

• Working hand-in-hand with New Historic Thomas, Town Government, and Tucker EDA.

• Providing ongoing staffing support to NHT, assistance with downtown inventory, and fundraising support.

Investing in Downtowns Thomas, WV

• Redevelopment of a historic property by a local developer.

• Redevelopment plans are for a mixed-use building (retail & market-rate housing).

The Sportsman’sThomas, WV

Total redevelopment costs: $202,000Construction Financing sources:

Woodlands Community LendersNatural Capital Investment Fund

Downtown Redevelopment grant (WDG): $4,000Rural Energy for America Program (REAP) Grant:

reimbursement of 25% of eligible costs -- $18,200State & Federal Historic Tax Credits: 30% of eligible costs

The Sportsman’sProject Financing

WCL – Workforce Housing Finance

4th Street Apartments Elkins, WV

Goff House AntiquesBeverly, WV

Lessons, Lingering Questions, Next Steps

• Having a local lender willing to take the lead – even with a small commitment -- can leverage outside investment.

• A small amount of pre-development funding can make all the difference.

• How can we get better technical assistance to local developers & non-profits to explore Tax Credits?

• Is there an opportunity to develop a WV ‘community development’ tax credit program?

• CommunityWorks in WV has a membership of 30 non-profit developers around the state (www.communityworkswv.org).