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Old East Village: Finance Lab at the Social Finance Forum 2012
1. The Old East Village
Revitalization Initiative
2012 MaRS Social Finance Forum
Finance Lab - Developer Presentation
by Sarah Merritt, Manager, Old East Village BIA
November 9, 2012
2. Re-Establishing Value:
Old East Village Revitalization Plan â Since 2002
⢠Original Problems ⢠Original Opportunities
â Major socio economic issues â Strengthen downtown core with
supporting residential and
â Struggling business corridor commercial areas.
â Lack of opportunity for â Creative, diverse, community
employment â Active community
â Urban blight in a key central area â Central Area
â Loss of opportunity for quality â Outstanding heritage assets
urban neighbourhood â Strong cultural and arts
â Businesses no longer relate to community
residential community â Smart growth, intensification
â Deteriorating building stock â Utilization of existing
â Lack of investment infrastructure
â Strengthen downtown core
â Minimal local ownership of
businesses and buildings â Create outstanding liveable
community
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3. Re-Establishing Value:
Old East Village Revitalization â Some Outcomes
By 2013, 3 New
Developments will Investment Specifics:
bring 1,200 new
residents to the â Total Municipal, Provincial and Federal
Government Investment of $10.5 M
corridor
â Total Private Investment of $113.8 M
By 2013, 16 new â Investment has expanded from $1.5 M in
stores will be created 2003 to $20 M in 2008
on Dundas Street
â As of 2013 there will be new residential
Through the BIA developments totalling $178 M
office, 50 properties
have been, or are â But we need to do more:
undergoing renovation
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4. Next Steps:
Create a more Resilient and Sustainable Local Economy
⢠The Objective
â Mobilize new private and public investment capital for impact ventures
focused on high potential sectors: food, arts and culture, green energy.
â Link the impact venture initiatives to affordable housing, employment
training and education.
⢠The Strategy
â Create a Local Economic Development Plan (LEDP)
â Create a Neighbourhood Economic Development Corporation (NEDC)
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5. Next Steps:
A Local Economic Development Plan
1. Identified Local ⢠Agri-Food
⢠Arts and Culture 2. Identified Local
Opportunities & ⢠Green Energy Economic Drivers
Capacities
Neighbourhood
Driven
Participatory
Research
3. Identify Partners,
4. Initiate Kickstart Tools, Strategies
Impact Ventures & Metrics
⢠Food Production Live / Work Space ⢠Partnership Development
⢠Culture House Live / Work Space ⢠Neighbourhood Economic 5
⢠Green Energy Program Development Corporation
⢠Neighbourhood Loan Fund
6. Next Steps:
A Local Economic Development Plan
A Five Year Local
Economic Development Strategic Initiatives
Plan:
Capital Reserve and
Operating Fund
$5 Million
Impact Venture Impact Venture Impact Venture Impact Venture
Green Energy Food Production Culture House Neighbourhood
Initiative Live/Work Space Live/Work Space Loan Fund
Jobs, Vibrancy, Wealth Quality Sustainable Assessment Strong
Diversity Creation, of Life, Growth, Growth, Neighbourhoods
Accelerating Economic Prosperity in the Old East Village
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7. Next Steps:
A Neighbourhood Economic Development Corporation
Impact Neighbourhood
Ventures Loan Fund
⢠Neighbourhood Loan Fund
â A tool to help foster and support Community
Economic Development provide development
incentives
â Foster alternative business and investment models
such as: co-ops and neighbourhood loan funds
â Support Agri-Food and Cultural business incubation to
create a Food and Culture District
â Support Business Retention, Growth and Expansion
of social enterprises, connect with investors
â Build businesses at neighbourhood level
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8. Next Steps:
A Neighbourhood Economic Development Corporation
Impact Food Production
Ventures Live/Work Space
⢠Food Production Centre
â Increase the production capacity of existing food
production businesses
â Informal peer mentored food business acceleration
occurring at the Western Fair Market
â Support and accelerate this process
â Create entry and mid level jobs through Business
Retention, Growth and Expansion
â Develop Labour Force by supporting youth training
through the creation of entry point and mid level jobs
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9. Next Steps:
A Neighbourhood Economic Development Corporation
Impact Culture House
Ventures Live/Work Space
⢠Old East Village Culture House
â Mobilize community through arts and culture to affect
social change
â Strengthen the Old East Village Culture District by
creating a community culture house with display
space, performance venues and live-work space for
culture workers and artists
â Enhance existing cultural youth educational programs
to Develop Labour Force of the future
â Build social well-being and foster Community
Economic Development
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10. Next Steps:
A Neighbourhood Economic Development Corporation
Impact Green Energy
Ventures Initiative
⢠Green Energy Program
â Build on success of Ontario Hydro energy retrofit
program and sustainable energy developments
â Explore opportunities for profit making from
sustainable energy generation projects
⢠Aggregate buildings to install rooftop solar panels
⢠Incent geothermal installations in neighbourhood
â Develop Labour Force by creating educational
and training opportunities in sustainable energy
â Create sustainable energy jobs through Business
Retention, Growth and Expansion
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