2010 Downtown Plan - Fort Myers Business Development

DOWNTOWN FT. MYERS, FLORIDAPUBLIC PROGRAM IMPLEMENTATIONPUBLIC PROGRAM IMPLEMENTATIONIncreasingly, and especially in challenging economic times, downtown urban mixed-use development plans are dependent upon public incentives.Each project must be carefully evaluated, however, to determine if the project conforms to the plan and what incentives may be needed to achieve areasonable financial return. Incentives may take the form of grants, loans, marketing and promotions programs, tax and impact fee credits and othertangible and intangible benefits.Financial Incentives/ProgramsNew development and substantial rehabilitation of existing buildings in today’s economic climate is extremely difficult. Often time a gap exists betweenthe cost of developing a project and the income the project can generate to cover debt service and operating expenses. As a result the followingincentives may be required to attract new development.2 0 1 0D O W N T O W NP L A N• Tax increment rebates• Rent subsidies• Loan or grant programs• Tenant improvement subsidies• Land assembly assistance and acquisition of easements• Impact fee waivers or creditsThe involvement of the public sector in private development results in what is commonly known as a public/private partnership. Such partnerships demandthat the private developer understand the desires and goals of the public agency to encourage a particular redevelopment opportunity, to increase thelocal tax base or to enhance public services. Likewise the public sector must recognize the private sectors return on investment requirements. Thepartnership only works when both parties understand and accept each others goals.Business/Retail Retention and Recruitment StrategiesSuccessful implementation of the Plan requires a healthy retail and business mix within the downtown district. To accomplish this goal it is critical thatthe city retains the existing businesses and helps to insure their vitality so that new businesses can be successfully recruited. The following initiativesare recommended to retain and attract new businesses.Retention – Business retention strategies involve a number of potential programs and they require open communication and a high level ofcoordination between the City, the FMRA and the businesses to insure that the programs are viable and effective. The FMRA businessretention program could include the following elements:PHOTO BY: JERRY MILLERSEPTEMBER 9, 2009• The production and sponsorship of special events and promotions to attract people into downtown and the River District.• Marketing and co-op advertising programs and materials.• Branding and image making to create a unique identity for the downtown.• Banners, gateway identification, wayfinding signage, websites, printed and E-newsletters and PowerPoint and video presentations.• Assistance through rent subsidies/tenant improvements, grants and subsidy programs.Recruitment – The retail market analysis concluded that local and regional specialty businesses and restaurants that offer unique shopping anddining experiences should be recruited. Downtown should distinguish itself from the regional malls by offering an authentic, historic downtownsetting with an attractive mix of one-of-a-kind shops and restaurants. The recruitment program could include the following elements:• An up to date inventory of available commercial spaces.• Programs to encourage property owners to lease ground floor spaces to retail and restaurant tenants instead of offices.• Local, national and international marketing.PHOTO BY: JERRY MILLERSEPTEMBER 9, 2009iv