City of Ellensburg Capital-Unity Park Shade Tents

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4.2.3 llost an investmentforam in the community. The Downtowners should collaborate to conduct an investment forum in the community for potential investors. This forum can provide potential business owners with a profile of the market in Ellensburg, available properties in the community, guidance on support services available to potential businesses through a variety of partners. The event should last no longer than two hours, offer refreshments, and give a brief overview of the following: r Representatives of the Downtowners should present findings of this market study and recommendations. . City staff can share the support services that the City of Ellensburg can provide. n Ellensburg Downtown Association can discuss its program of work and assistance. o Private Sector Property Owners/Commercial Real Estate Representatives should provide an oveliew of the space available in Ellensburg, a brief synopsis of leasing basics, and if possible, any incentives they have to promote local business. o The Kittitas County Chamber of Commerce and the Ellensburg Business Development Authority can provide information on the overall economy of the county, services provided by each group, and resources for business start ups. r The Small Business Development Center andlor a SCORE Association chapter should provide information on business plan support, start-up assistance, and additional services they provide. Ideally, the organizations should promote a follow-up consultation day in Ellensburg so attendees can sign up for appointments. o Existing businesses should provide an overview of their personal experiences doing business in downtown Ellensburg (with a focus on the positives and helpful hints). The Downtowners should leverage these parfners to help promote the event. The goal is to reach out to anyone interested in investing or starting a business in Ellensburg. 4,2,4 Create an investment "club" for Ellensburg Ellensburg should also explore a funding program that could incorporate a modest return on investment for participating in an investment club for buildings and sites in the community. The JOBS Act, signed into law by President Obama, requires that the SEC create some parameters for this type of investing. The SEC has just released those parameters. There is also nothing to preclude local investors to create a more traditional investment program or a property renovation company with the expectation that there will be a return on investment to the partners. In some cases these operate independently of the city an in others there is a partnership stmcture to implement a plan such as this. It is important to understand that this ftinding recommendation is designed to augment existing funding options that vary fi'om traditional bank financing to state and federal tax credits. Any investment fund is best used to leverage other financial tools available for a project. 33