Maximizing Potential ROI for Our Community:
Investing now in this downtown streetscape project is prudent and well-timed due to the potential return that we, as Bloomingtonians, could derive from the project’s intentional, strategic, forward-looking planning. The return on our investment has strong potential to come in the form of additional economic activity from both private and public sectors:
- Spurring Potential Private-Sector Investment: Buoyed by the streetscape project, additional private-sector investment in our community could come in the form of both business investment and consumer spending. A well-designed and maintained streetscape can increase foot traffic, making it more enticing for businesses to locate in the area. What’s more, when people enjoy spending time in a particular area, they are more likely to patronize local businesses and services, leading to potential increases in economic activity.
- Reinforcing Our Community’s Livability and Desirability: Additionally, these improvements can make Bloomington an even more desirable place to reside, which can lead to increased population and thereby more revenue to maintain and enhance our community. What’s more, potential property-value increases stemming from this infrastructure investment could support the bolstering of Bloomington residential real estate, further enhancing desirability of our community for current and prospective residents.
- Positioning Bloomington for Potential Public-Sector Investment: Due to this project’s alignment to current federal priorities – for infrastructure resilience, equity, and safety, along with public transit – it positions Bloomington well for federal infrastructure grant funds now directly available to local communities.
Building Upon Our Community Assets:
Intentional investment in the continued elevation of our downtown as a well-maintained and aesthetically pleasing area has strong potential to strengthen our united identity as Bloomingtonians and our shared pride in our beloved community.
- Advancing Our Shared Sense of Place: With its focus on accentuating sense of place in our downtown, the streetscape project has high potential to underscore all the things that make Bloomington uniquely Bloomington – proving beneficial for businesses and residents alike.
- Enhancing Community Pride: Building pride in our community is a virtuous circle: When people feel that their environment is appealing and cared for, they are more likely to take pride in their community and to work together to maintain it. This project has the potential to continue deepening the pride each and every one of us have to be residents of our fine community.
Driving Demonstrated Results:
Findings From Safer Streets, Stronger Economies: Complete Streets Project Outcomes From Across the Country Report by the National Complete Streets Coalition (2015)
Background
- The National Complete Streets Coalition (NCSC) conducted a study on several Complete Street projects and found 37 projects with transportation and/or economic data available from both before and after the project’s completion.
Results
- Higher Employment Levels: The team looked at change in employment two years prior and at least one year after the project’s end, within 1-2 blocks of the projects.
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- Of the 11 communities with relevant data available, seven reported employment increases over that timeline.
- Net New Business: Of the six communities with relevant data available, all six reported increases in businesses following their Complete Streets projects’ completion.
- One of the communities was Bloomington-adjacent Normal, IL.
- Higher Property Values:
- Of the 10 communities with relevant data available, eight reported an increase in property values; the remaining two reported no change.
- Significant Private Investment Following Project Completion: Eight communities with relevant data reported private investment figures ranging from $500,000 to $5.8 billion.
- The Normal, IL, Uptown District’s Complete Streets project saw $160 million in private investments following its completion.
Significance
- The study indicates that Complete Streets projects have been found to be an integral component of a holistic, multi-pronged approach – including infrastructure investment, business recruitment, marketing, event programming – to effective economic development.
- When looking at the results of this study, the Bloomington Streetscape plan could render similar positive impacts to the city, all while preserving its historic character and maintaining its unique culture and identity.