1 AICUP AICUP Economic Development Economic Development How to Approach Private and How to Approach Private and Public Public Partners Partners “Lessons Learned” “Lessons Learned” June 3, 2010 June 3, 2010 Franklin & Marshall College Franklin & Marshall College Keith A. Orris Vice President for Administrative Services and Business, Government and Community Relations [email protected]
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AICUP Economic Development How to Approach Private and Public Partners “Lessons Learned”
AICUP Economic Development How to Approach Private and Public Partners “Lessons Learned”. June 3, 2010 Franklin & Marshall College. Keith A. Orris Vice President for Administrative Services and Business, Government and Community Relations [email protected]. College Row. - PowerPoint PPT Presentation
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AICUPAICUPEconomic DevelopmentEconomic Development
How to Approach Private and How to Approach Private and PublicPublic Partners Partners
“Lessons Learned”“Lessons Learned”
June 3, 2010June 3, 2010
Franklin & Marshall CollegeFranklin & Marshall College
Keith A. OrrisVice President for Administrative Services and Business, Government and Community [email protected]
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College RowCollege Row
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College Hill Children’s CenterCollege Hill Children’s Center
Substantial community institutions with Substantial community institutions with generational staying power and leadership generational staying power and leadership capacitycapacity
Return on investments – short term vs. long Return on investments – short term vs. long termterm
Beneficial to host communityBeneficial to host community
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Lessons Learned #2Lessons Learned #2“Create a Clear Vision”“Create a Clear Vision”
Comprehensive, multi-disciplined Comprehensive, multi-disciplined vision - no silver bulletsvision - no silver bullets A strategic plan for the neighborhood A strategic plan for the neighborhood
not the entire citynot the entire city
Bring in the best expertise available to Bring in the best expertise available to drive initiatives – avoid poorly planned drive initiatives – avoid poorly planned projectsprojects
Long term commitment from the BoardLong term commitment from the Board
Lessons Learned #3 Lessons Learned #3 “Find A Partner”“Find A Partner”
Joint ventures are highly desirable - capital Joint ventures are highly desirable - capital is scarceis scarce
• Establish and leverage key institutional Establish and leverage key institutional partnerships - it’s all about relationships – partnerships - it’s all about relationships – private and publicprivate and public
• Prove your commitment through financial Prove your commitment through financial equity and pre-development workequity and pre-development work
• Communicate often and thoroughlyCommunicate often and thoroughly
• Prepare marketing plan in advance to Prepare marketing plan in advance to address neighborhood issuesaddress neighborhood issues
• Prepare a “war room” strategyPrepare a “war room” strategy
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Lessons Learned #5Lessons Learned #5“The Power of Momentum”“The Power of Momentum”
Nothing beats the power of momentumNothing beats the power of momentum
• Launch strategically and get early Launch strategically and get early successessuccesses
• Take reasonable risksTake reasonable risks
• Significant commercial development Significant commercial development opportunities exist - “college town” opportunities exist - “college town” market is growingmarket is growing
• Stay focusedStay focused
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Scalable Action PlanScalable Action Plan
1.1. Transform neighborhood into visually attractive Transform neighborhood into visually attractive and safe area through “clean and safe initiatives”and safe area through “clean and safe initiatives”
2.2. Promote home ownership to improve housing Promote home ownership to improve housing stockstock
3.3. Invest in neighborhood public schools so new Invest in neighborhood public schools so new home buyers are attractedhome buyers are attracted
4.4. Provide neighborhood retail amenities and Provide neighborhood retail amenities and servicesservices
5.5. Promote local economic and community Promote local economic and community development through strategic projectsdevelopment through strategic projects
Summary of Lessons Summary of Lessons LearnedLearned
1.1. It’s in Our Own Self-InterestIt’s in Our Own Self-Interest
2.2. Create a Clear VisionCreate a Clear Vision
3.3. Find a Partner – RelationshipsFind a Partner – Relationships
4.4. Communicate ConstantlyCommunicate Constantly
5.5. Build Momentum and Stay Build Momentum and Stay Focused Focused
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Closing ThoughtsClosing Thoughts
Colleges and universities can be great Colleges and universities can be great anchors for livable communities because anchors for livable communities because of unique resourcesof unique resources
Academic institutions must be encouraged Academic institutions must be encouraged to come “off the hill” and become long to come “off the hill” and become long term community partnersterm community partners
Colleges and universities can make a Colleges and universities can make a difference - all initiatives can be difference - all initiatives can be appropriately scaled for any size appropriately scaled for any size institution and communityinstitution and community