Capital Improvement Plan
The Economic Action Group has recognized the need to focus attention and resources on showcasing successes and the impact investment has on Downtown. One tool that would assist in coordinating efforts to leverage investment would be a Capital Improvement Plan (CIP). A CIP is a five-to-six year schedule of capital projects. Capital projects include reconstruction and improvements to facilities such as city hall and fire stations, streets, parking facilities, utility systems, bridges, parks, heavy equipment, sewer and water mains, land purchases, and lighting.
A CIP is beneficial because it helps staff plan and provide advice to coordinating departments and agencies to take advantage of federal and state grant and loan programs. Other advantages include that it is a transparent public process that uses taxpayer’s dollars wisely while focusing on community needs and capabilities in a comprehensive manner. In order to create a CIP for Youngstown, the City must identify needs and costs and perform a financial analysis for adopting a program. A CIP can assist Downtown revitalization by pinpointing specific investments and potential public-private partnerships.
Next Steps
- Assemble feasibility study for a CIP
- Review contracts up for renewal including lighting and parking
- Identify capital improvements for Downtown, and corridors connected to it
- Prepare immediate capital improvement analyses for Wick Avenue, Phelps Street, Federal Plaza, fiber optic cable, and centralized parking
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Coordinate capital improvements with YSU, Eastern Gateway, and other anchors
Convene Downtown Visioning Team regularly
Team:
Center for Urban and Regional Studies,, Eastgate Regional Council of Governments, Economic
and Community Development Agency, Finance Department, Ohio Department of
Transportation, Western Reserve Port Authority, Youngstown/Warren Regional Chamber,
Youngstown State University
Funding
To achieve the initiatives outlined in this plan, understanding and coordination of available
funding resources is key. Funding opportunities should be leveraged to achieve the goals of
connecting innovation by strengthening education and employment, enhancing the urban
landscape with inviting public spaces, creating economic diversification through business
development and retention, and mobilizing public, private, and nonprofit partnerships. These
goals should be tracked and monitored to evaluate performance and encourage coordination
with regional economic development partners.
Below is a list of available funding opportunities:
LOCAL
Business Improvement District, Hotel Bed Tax, Property Assessed Clean Energy Financing, Tax Increment Financing
STATE
Clean Ohio Fund, Ohio Development Services Agency, Ohio Department of Public Safety, Ohio
Department of Transportation, Ohio Public Works Commission, Ohio Third Frontier, Team NEO
FEDERAL
Appalachian Regional Commission, Army Corps of Engineers, Department of Agriculture,
Department of Commerce, Department of Energy, Economic Development Administration,
Environmental Protection Agency, Federal Highway Administration, Federal Transit
Administration, General Services Administration
Health and Human Services, Housing and Urban Development, National Endowment for the
Arts, Small Business Administration
FOUNDATIONS
Community Foundation of the Mahoning Valley, The Dominion Foundation, FirstEnergy
Foundation, The Fund for our Economic Future, The Hines Foundation, Home Savings
Charitable Foundation, Huntington Grants, Mill Creek MetroParks Foundation, The Raymond
John Wean Foundation, The Rotary Foundation, The Youngstown/Warren Regional Chamber
Foundation, Youngstown Area Jewish Foundation, The Youngstown Foundation, Youngstown
State University Foundation
Next Steps:
- Convene City departments and economic development partners regularly
- Monitor success with annual reports on capital investments and grants Team: Eastern Gateway Community College, Eastgate Regional Council of Governments, Economic and Community Development Agency, MVEDC, Finance Department, Western Reserve Port Authority, Youngstown/Warren Regional Chamber, Youngstown State University