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DRC selected to participate in Main Street America program

From The Journal Times.com:

Caroline Neal

RACINE — Downtown Racine Corporation has been selected to participate in a program aimed at helping local communities establish systems for healthy development.

The Unlocking Capital on Main Street Program is the result of a partnership between Main Street America, an organization dedicated to strengthening communities through preservation-based economic development, and the Center for Community Investment.

It’s goal to help local downtowns implement CCI’s Capital Absorption Framework, which helps communities strengthen investment strategies to achieve long-term goals.

DRC is one of six communities in the country selected for the program.

Main Street America selected the statewide groups in Virginia and Wisconsin as Coordinating Programs. From there, six local organizations in cities with populations between 30,000 and 500,000 were selected as sub-grantees.

Others participants in Wisconsin include Downtown West Allis Inc. and On Broadway Inc. in Green Bay.

Each local group will have access to workshops, grant money and technical assistance.

DRC Executive Director Kelly Kruse said the Capital Absorption Framework will help ensure that investments align with community priorities, which include attracting and retaining high-quality retail stores and grocery or food stores, continuing to support local businesses, and promoting economic development that does not displace current residents or businesses.

“By taking control of our investment narrative, we can prevent unwanted or misaligned development and instead focus on initiatives that reflect the needs of those who live, work and invest here,” Kruse said.

DRC will utilize the program to develop “a pipeline of investable commercial and mixed-use projects focused on filling vacant storefronts and converting underused upper floors into residential units,” according to Main Street America.

As part of the program, DRC will have access to in-person and virtual workshops to help communities seek and deploy investment capital.

The first training, Kruse said, is in May.

“Most of all, I hope to strengthen our systems so we can work more efficiently with partners, stakeholders, and funders, ensuring that the great work already being done in our district is not only sustained — but amplified,” she said.

The framework also will allow DRC to achieve its long-term goals by offering “tools and guidance for developing a shared vision, building an investable project pipeline, and improving the policies and systems that support lasting impact,” she said.

According to Kruse, those goals include stimulating economic development, preserving historic buildings, creating a pedestrian-friendly downtown, modernizing the parking system and expanding year-round programming.

“As a small nonprofit, this structured approach will allow us to scale our impact, coordinate stakeholders more effectively, and unlock funding that directly supports our downtown vision,” Kruse said.

From: https://journaltimes.com/news/local/business/article_3e5dd3a6-81f0-484a-94f4-11716a930378.html#tracking-source=home-top-story

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