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City Directs Business Incentives Toward Sustainability, Creative Enterprises and Innovation
FOR IMMEDIATE RELEASE
August 2, 2011
For more information: Danise Alano-Martin, Economic & Sustainable Development Director, City of Bloomington, 349.3477, [mailto:alanod@bloomington.in.gov] Jared Schlemmer, Communications Director, City of Bloomington, 349.3406, [mailto:schlemmj@bloomington.in.gov]
Bloomington, IN - Mayor Mark Kruzan announced today that the City of Bloomington Economic & Sustainable Development Department has created two grant programs and a forgivable loan program intended to incentivize sustainability and arts-related enterprises.
Funded from the Department's Promotion of Business budget, the three new pilot programs are the Sustainability Partnership Grant Program, the Arts Partner Grant Program and the Bloomington Entertainment and Arts District (BEAD) Forgivable Loan Program.
"This is another step in building a new tradition of economic development," said Kruzan. "Our strategy is not to make Bloomington bigger, but to make Bloomington better by diversifying and strengthening our local economy while protecting the unique character of Bloomington and our natural and human resources."
Economic and Sustainable Development Director Danise Alano-Martin said the goal was to offer a set of local incentives that are well integrated with the City's larger economic development philosophy.
"By focusing on projects of sustainability and arts enterprises, these pilot programs are intended to attract and support efforts that contribute to our city's livability while also creating new economic opportunities," said Alano-Martin.
A total of $15,000 will be available through the pilot Sustainability Partnership Grant Program (SuPAR) to encourage collaborations toward implementation of bold ideas for increasing Bloomington's sustainability. Areas of focus may include green building and energy efficiency, multi-modal transportation, waste reduction and recycling, or local food and urban gardening. The maximum grant is $5,000, and both not-for-profits and for-profit businesses in Bloomington are eligible.
"We want more and more partners joining in community sustainability efforts," said Jacqui Bauer, the City's Sustainability Coordinator. "Through stronger collaborations between enterprises in the private and nonprofit sector, we hope to expand opportunities for all businesses while increasing the sustainability and prosperity of Bloomington."
The Arts Partner Grant Program will provide $20,000 in matching funds for arts-related projects that will enhance the overall arts economy and/or seed projects that add to Bloomington's attraction as an arts destination. Priority will be given to enterprises located in the Bloomington Entertainment & Arts District (BEAD), but projects anywhere within the City limits can apply. Eligible uses range from support for exhibits or concerts to consultant fees for marketing, planning, board development and more. A total of $20,000 is available in 2011 through this competitive grant process, with a maximum award of $5,000 per recipient. Applicant businesses or enterprises don't have to be arts-related themselves, but the proposed project has to be an arts project.
The City will provide a total of $30,000 through the BEAD Forgivable Loan Program, focused primarily on new investment and development in the Arts Row section and other selected areas inside the District. Depending upon the project's location within BEAD, the maximum loan amount per project is $5,000, or $10,000 and can be used to support the development of retail, gallery or arts space (or restaurant space if located within Arts Row itself). The loan requires a two-to-one match and offers a 5-year term at 0% interest. The borrower will make monthly loan repayments, but at the end of each year, if the project is on target and meeting the agreed-upon goals, 20% of the loan may be forgiven and returned to the borrower.
"If all goes as planned," said Miah Michaelsen, Assistant Economic Development Director for the Arts, "Borrowers will have received the full amount of their repayments back at the end of five years. They can then reinvest that in the project and ensure the community continues to have a new enterprise with new jobs and another key attraction to bring visitors to our downtown."
Details of each program, including guidelines, applications and deadlines can be found at [http://bloomington.in.gov/incentives|http://bloomington.in.gov/incentives].
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For more information: Danise Alano-Martin, Economic & Sustainable Development Director, City of Bloomington, 349.3477, [mailto:alanod@bloomington.in.gov] Jared Schlemmer, Communications Director, City of Bloomington, 349.3406, [mailto:schlemmj@bloomington.in.gov]
Bloomington, IN - Mayor Mark Kruzan announced today that the City of Bloomington Economic & Sustainable Development Department has created two grant programs and a forgivable loan program intended to incentivize sustainability and arts-related enterprises.
Funded from the Department's Promotion of Business budget, the three new pilot programs are the Sustainability Partnership Grant Program, the Arts Partner Grant Program and the Bloomington Entertainment and Arts District (BEAD) Forgivable Loan Program.
"This is another step in building a new tradition of economic development," said Kruzan. "Our strategy is not to make Bloomington bigger, but to make Bloomington better by diversifying and strengthening our local economy while protecting the unique character of Bloomington and our natural and human resources."
Economic and Sustainable Development Director Danise Alano-Martin said the goal was to offer a set of local incentives that are well integrated with the City's larger economic development philosophy.
"By focusing on projects of sustainability and arts enterprises, these pilot programs are intended to attract and support efforts that contribute to our city's livability while also creating new economic opportunities," said Alano-Martin.
A total of $15,000 will be available through the pilot Sustainability Partnership Grant Program (SuPAR) to encourage collaborations toward implementation of bold ideas for increasing Bloomington's sustainability. Areas of focus may include green building and energy efficiency, multi-modal transportation, waste reduction and recycling, or local food and urban gardening. The maximum grant is $5,000, and both not-for-profits and for-profit businesses in Bloomington are eligible.
"We want more and more partners joining in community sustainability efforts," said Jacqui Bauer, the City's Sustainability Coordinator. "Through stronger collaborations between enterprises in the private and nonprofit sector, we hope to expand opportunities for all businesses while increasing the sustainability and prosperity of Bloomington."
The Arts Partner Grant Program will provide $20,000 in matching funds for arts-related projects that will enhance the overall arts economy and/or seed projects that add to Bloomington's attraction as an arts destination. Priority will be given to enterprises located in the Bloomington Entertainment & Arts District (BEAD), but projects anywhere within the City limits can apply. Eligible uses range from support for exhibits or concerts to consultant fees for marketing, planning, board development and more. A total of $20,000 is available in 2011 through this competitive grant process, with a maximum award of $5,000 per recipient. Applicant businesses or enterprises don't have to be arts-related themselves, but the proposed project has to be an arts project.
The City will provide a total of $30,000 through the BEAD Forgivable Loan Program, focused primarily on new investment and development in the Arts Row section and other selected areas inside the District. Depending upon the project's location within BEAD, the maximum loan amount per project is $5,000, or $10,000 and can be used to support the development of retail, gallery or arts space (or restaurant space if located within Arts Row itself). The loan requires a two-to-one match and offers a 5-year term at 0% interest. The borrower will make monthly loan repayments, but at the end of each year, if the project is on target and meeting the agreed-upon goals, 20% of the loan may be forgiven and returned to the borrower.
"If all goes as planned," said Miah Michaelsen, Assistant Economic Development Director for the Arts, "Borrowers will have received the full amount of their repayments back at the end of five years. They can then reinvest that in the project and ensure the community continues to have a new enterprise with new jobs and another key attraction to bring visitors to our downtown."
Details of each program, including guidelines, applications and deadlines can be found at [http://bloomington.in.gov/incentives|http://bloomington.in.gov/incentives].
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