PSA - Four (4) Month Recast Boost for Target Jurisdiction and Property - Recast City LLC

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have access to the strong social capital that benefits many of the larger manufacturers in the region. Additionally, local philanthropy is not yet investing in entrepreneurship as a means to address generational poverty. 4. Finding leasable or buyable space is challenging for small businesses. Obtaining leasable space in move -in condition is a problem for smaller businesses. Most buildings need extensive renovations before they can be used by small producers, and few of these businesses have the capital for those investments. A common concern was that small- scale manufacturers can't compete for commercial buildings in downtown. Small buildings in and near downtown may get sold without coming on the market. These deals may minimize the potential for owner -occupied commercial properties. Property assets sitting unused. Properties are being held off the market for a variety of reasons. Property owners receive a tax deduction on vacant buildings. This depresses activity and property values for others —especially in downtown. In some cases, potential sellers may be overvaluing their property, holding parcels for speculative reasons. For instance, the Pepsico property was cited several times as likely being over -valued by the company. In other contexts along Sample Street, ownership may not be clear. 6. No organization is bringing together small-scale production businesses, South Bend is not home to any entity working to organize or network small manufacturing business owners or small enterprises generally. No organization regularly brings producers and other local businesses together or provides access to mentors specific to small-scale manufacturing. There is a limited amount of small business help in business development, permitting for occupancy, or access to contracts with anchor institutions. Additionally, there is no stated vision for the role of small-scale manufacturing in the local economy, nor is there an asset map of the entrepreneurial and small-scale manufacturing industry. Without a coordinated effort to help build relationships among these business owners, other entrepreneurs, and the support they need, it will be difficult to grow this business sector. 7. Downtown is not there yet. The chance for small-scale manufacturing to thrive in South Bend, and especially in the Sample Street Corridor, will be directly related to the strength and vibrancy of downtown. While downtown is undergoing a rebirth due to the work of Downtown South Bend (DTSB) and public -private investment, it is still early in the process N