Community Revitalization Desktop Guide

step one: market community to investors To attract private investors, it is important to market both individual developable sites and the community as a whole. There are a number of fairly low cost marketing methods that have worked for core communities. These range from issuing RFP’s to marketing the potential advantages of each potential site through a site location assistance program. By proactively getting the word out about the opportunities their community offers, local governments can gain an edge in the competition for new development and new business. Invite Developers to Invest in the Project by Issuing a Detailed RFP or RFQ By issuing a Request for Proposals (RFP) or Request for Qualiﬁcations (RFQ), the City issues a written invitation to the private sector to come forward with proposals for the Mayor’s and Council’s consideration. A clear, detailed RFP describes the site, permitted uses, investment and proposed investment in the surrounding area and other relevant information. Municipalities should avoid an overly burdensome RFP process in order to make it easier for a developer to express interest and begin a conversation with a municipality. It is also essential that an RFP contain a clear path toward ownership that will ensure full site control by the selected developer. RFPs that do not clearly describe the process for buying the property or do not clearly indicate whether the property is for sale, will receive a relatively low response. Publicizing an RFP or RFQ does not commit the municipality to accept any of the proposals. If the initial RFP is unsuccessful in ﬁnding the right proposal, it could be issued again, at a later date, when market conditions have improved even further. Put Together a Marketing Kit to Share with Realtors, Prospective Developers and Tenants: 57 A marketing kit that includes descriptions and pictures, economic information and news clips, can be very effective. A marketing kit should typically include: • A letter from the Mayor or City Council President welcoming the developer/business to the town • A description and photographs of the community and individual developable sites • Media clippings and other evidence of progress • Demographic and economic data including community buying power • Descriptions of current and planned investment and improvements • Available ﬁnancial incentives, loans and grants • Testimonials from current owners • Descriptions of any recent development projects and their success in selling or leasing the space Create Dynamic Website: Studies show that most businesses interested in relocating begin their search on the internet. A developer who wants to learn more about a possible opportunity will do the same. Providing information online about developable sites and the community’s assets is an important method to reach out to developers. The most effective municipal websites include information on the characteristics of individual available parcels, zoning and regulation, available ﬁnancial incentives, and background data on demographic and economic characteristics of the locality. Websites, like marketing kits, can also include testimonials from existing business leaders and messages from city leaders indicating the support ﬁrms receive in their municipalities. 58 SEE CASE STUDY THIRTEEN List the property with real estate agents: When Mrs. Smith’s Pie Company wanted to sell their substantial property in Pottstown, they listed the property with a real estate agency that had experience with large industrial and commercial sites. All over the country, cities and private owners are beginning to use the existing real estate agent network to ﬁnd new owners/developers for properties. To be effective, real estate agents must understand the potential of the site and the assets of the community. Some towns gather real estate agents from the region together annually for a breakfast or luncheon where they discuss what is new in town, improvements to the community and properties available. Rent a booth at a conference on revitalization/brownﬁelds/ historic preservation to tell the community’s story: Developers, builders, architects, and contractors attend professional conferences, such as the U.S. Environmental Protection Agency’s (EPA) annual Brownﬁelds Conference, to keep their companies up to date on changes in policy and practice. 59 Hearing a pitch on the availability of a site in a nearby town and its potential may not be the reason developers attended but it may be a great bonus. Two developers approached by local elected ofﬁcials with a persuasive cold call sales pitch recounted very different outcomes. The ﬁrst developer was intrigued and visited the town. The site was just as described but the town did not have site control and had not even researched the possibility of acquiring the land – that ended the discussion. In the second instance, the developer was a low level employee with his company. He was so impressed with how he was treated and what he saw that he convinced the President of his ﬁrm to visit within the month and the company invested millions in the community. Pennsylvania Site Finder The state of Pennsylvania has developed an interactive, GIS-based Web site (http://www.pasiteﬁnder.state.pa.us) where a potential investor can ﬁnd a site that meets speciﬁc criteria, such as location, parcel size, price, or acreage, to buy or lease. Likewise, a property owner can list a property site on the Web site, which is accessible to all potential investors and enables viewers to learn about the speciﬁc features of a property (e.g., acreage, square footage of building, contamination). 39 GOAL THREE: WELCOME INVESTMENT step one: market community to investors

Table of Contents Feed for the Digital Edition of Community Revitalization Desktop Guide

PA Community Revitalization Desktop Guide Table of Contents How To Attract High Impact Investment to Core Communities Goal One: Choose One Asset-Rich Redevelopment Area Interviews with Pennsylvania Mayors Goal Two: Prepare Redevelopment Area for Market Interviews with Developers who Have Invested in Pennsylvania Cities and Towns Goal Three: Welcome Investment Interviews with Developers who Have Invested in Pennsylvania Cities and Towns Goal Four: Apply Strategies That Work Conclusion

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