The Homecoming: Gary Ex-Patriates Investment and Development Update
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1 The Homecoming: Gary Ex-Patriates Investment and Development Update Joseph Van Dyk, Executive Director, Gary Redevelopment Commission Brian Watkins, Advisor to the Mayor, Volte Strategy, LLC. Gary Redevelopment Commission Gary Economic Development Corporation Karen Freeman-Wilson, Mayor
2 Questions Joe Van Dyk, Executive Director Gary Redevelopment Commission (219) (o) (219) (c) Brian Watkins, Advisor Volte Strategy (313) Gary Redevelopment Commission Gary Economic Development Corporation Karen Freeman-Wilson, Mayor
3 Purpose 3 Provide information on the City of Gary s progress Economic Development Matters Real Estate Large and Small Business Development Entrepreneurship Covered Topics Investment Areas Catalytic Development Areas Business Initiatives Questions
4 Investment Area Opportunity Zones 4 Opportunity Zones were established by the Tax Cuts and Jobs Act on December 22, 2017 to stimulate economic development and job creation in distressed communities. Highly favorable tax treatment on invested capital and future gains provides a meaningful incentive for investors to deploy assets within Qualified Opportunity Zones (QOZs).
5 Investment Area Opportunity Zone Map 5 1. Downtown/Broadway Corridor 2. US Steel Corporation 3. Buffington Harbor Port/Casino 4. Gary/Chicago Airport 5. Brunswick 6. Miller Beach/Lakefront 7. Aetna 8. University Park
6 Investment Area Maiaco 6 Established to serve as the City s strategic private partner Investing resources and solutions that will allow for land control and unlock land value creating a positive impact on the future of Gary residents. Will invest in Gary with the upfront funding to create larger parcels of land and encourage redevelopment in Gary.
7 Investment Area Gary/Chicago Airport 7 General aviation, corporate, commercial and cargo New U.S. Customs Center 2 Full Service FBOs: Gary Jet Center and B. Coleman Aviation Surrounding Commercial Development Opportunities
8 Investment Area Port Buffington Harbor 8 Casino Site Majestic Casino recently sold Legislation to move inland Decommissioned NIPSCO Site Parcel 5 Unoccupied Industrial Site Potential Project(s)
9 Retention Effort US Steel, Inc. 9 City of Gary secures the expansion over other potential sites Total Development Value $500M - $1 Billion 3800 Retained Jobs Community-Based Efforts
10 Catalytic Development Alliance Steel Attraction from Illinois Total Development Value of $19.7M $4M Real Property 130 Total New Jobs by 2023 ($31/hr.) Supplemental business attraction Carmeuse Trucking Co. 10
11 Catalytic Development Project O Leary 11 Business Attraction Project Fortune 100 Equity Investors Port Location Bio-Feedstock to Fuel Processing Total Development Value $557M 163 New jobs ($29/hr.)
12 Catalytic Development Starbucks 12 Corporate Urban Initiative Gary Site Selection Total Development Value TBA Jobs Incremental uses
13 Catalytic Development Broadway Lofts Units of New Housing Near Downtown Corner of Broadway & 7 th Avenue Total Development Value $10.5 Million Market Rate and Senior Housing Moving Forward 3.0 Funding
14 Catalytic Development Amazon Fulfillment Center 14 Logistics Spoke for Northwest Indiana E. 15 th and I-65 Area Approximate Development Value $4.09M Approximately 200 new jobs
15 Questions Joe Van Dyk, Executive Director Gary Redevelopment Commission (219) (o) (219) (c) Brian Watkins, Advisor Volte Strategy (313) Gary Redevelopment Commission Gary Economic Development Corporation Karen Freeman-Wilson, Mayor
16 Small Business Initiatives What we re doing 16 Three things: Engaging Stakeholders Business Community Encouraging Entrepreneurship
17 Gary Microenterprise Initiative 17 8-Week Small Business Training Course Curriculum Modules Business Planning Capital Requirements Credit Readiness Accounting Marketing Web presence Phase II Indiana University Northwest Connection to financial partner
18 First Financial Bank City of Gary Microloan Fund 18 $100,000 Microloan Fund $10,000 increments up to $20,000 per business Small, minority and at-risk businesses within the Gary community Businesses that may not qualify for traditional bank financing due to loan size or other terms 9-Member Local Loan Committee Renewable yearly
19 Questions Joe Van Dyk, Executive Director Gary Redevelopment Commission (219) (o) (219) (c) Brian Watkins, Advisor Volte Strategy (313) Gary Redevelopment Commission Gary Economic Development Corporation Karen Freeman-Wilson, Mayor
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