Economic Revitalization of the Midtown Neighborhood Jackson, Mississippi

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1 Economic Revitalization of the Midtown Neighborhood Jackson, Mississippi

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3 Mississippi Arts Commission and the Mississippi Development Authority is developing and implementing a strategy to pilot Mississippi s goals of building the creative economy in three locations in the state. This is an overview of what that strategy will entail in the Midtown neighborhood of Jackson. This pilot would be a 3 year commitment by all partners to work together to grow Midtown s creative economy. Funding committed by MAC, Midtown Partners, Millsaps, and MDA will leverage numerous other resources from current and new partners and investors.

4 The goals of Midtown s creative economy strategy are as follows: Facilitate the expansion of opportunities for businesses, entrepreneurs, and artists; Promote entrepreneurship and small business growth among creative firms and individuals; Create a more creative and vibrant Midtown community; Build and retain creative talent and innovation amongst all ages; and Integrate art, creativity, and innovation into Midtown s overall revitalization plan. Midtown s creative economy strategy has four major areas of focus economic development, education, health and wellness, and community and culture. The envisioned business development center and incubator will not only provide specific economic outcomes in the Midtown community; it will have a multiplier impact on the other three complementary initiatives.

5 COMMUNITY DEVELOPMENT TRADITIONAL MARKETING People Places (The 3 rd space) Products Partnerships Product Price Place. Promotion

6 Midtown Partners- 501-c-3 Millsaps College; Else School of Management MS Arts Commission (MAC) MS Development Authority (MDA) Midtown Neighborhood Association Business Association of Midtown Entergy Public Utility company University of Mississippi Medical Center

7 Across the Street Midtown

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10 Recruit Existing Businesses

11 Developing existing

12 Pop up Plus size consignment store Coffee house (third space) Food Truck center (acquired 20,000 sqft building) including commercial kitchen Catering business Unique Art studios, book binding, stained glass,

13 Midtown has been a sort of incubator for artists, without the support and technical assistance required for commercial success. The Business Incubator and Development Center will build on that incubator spirit by creating a place that develops and grows creative entrepreneurship. A 10,000 square foot donated warehouse 2 blocks from the heart of the Midtown Arts District. It will provide affordable space for creative entrepreneurs, and connect Midtown artists and businesses with: Technical Assistance: One on one business planning, strategic planning, ongoing operational coaching, and financial reporting assistance provided by business school graduate assistants. Marketing: Assistance in developing strategies for selling the products made in Midtown. Access to Capital: Connecting businesses with access to low interest business loans and existing grant programs. Also, fundraising for a Midtown Loan Pool that will be accessible to qualified businesses who receive training and TA.

14 GRANTS Public companies Entergy Foundations Walker Hearing Micro-investments Millsaps College GOVERNMENTAL FUNDING MDA NEA MAC Tax incentives New Market tax credits LiTec Outside Private Investments

15 New Venture start up MDA Else School of Management, Millsaps College Existing business Beer and Learn series-area professionals Tax, Legal organization, Social media marketing Direct individual counseling Early entrepreneurial education - middle school Millsaps College- educational programs

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17 Building Relationships

18 Increase property values Add an additional 10 start up businesses Attract 5 additional businesses Ongoing entrepreneurial education starting in elementary school Attract outside investors to diversify the housing stock. Functioning business development incubator