Overview presentation on Old East Village Community Development Corporation impact investing initiative by OEV BIA Manager Sarah Merritt.

1. The Old East Village
Revitalization Initiative
2012 MaRS Social Finance Forum
Finance Lab - Developer Presentation
by Sarah Merritt, Manager, Old East Village BIA
November 9, 2012

2. Re-Establishing Value:
Old East Village Revitalization Plan – Since 2002
• Original Problems • Original Opportunities
– Major socio economic issues – Strengthen downtown core with
supporting residential and
– Struggling business corridor commercial areas.
– Lack of opportunity for – Creative, diverse, community
employment – Active community
– Urban blight in a key central area – Central Area
– Loss of opportunity for quality – Outstanding heritage assets
urban neighbourhood – Strong cultural and arts
– Businesses no longer relate to community
residential community – Smart growth, intensification
– Deteriorating building stock – Utilization of existing
– Lack of investment infrastructure
– Strengthen downtown core
– Minimal local ownership of
businesses and buildings – Create outstanding liveable
community
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3. Re-Establishing Value:
Old East Village Revitalization – Some Outcomes
By 2013, 3 New
Developments will Investment Specifics:
bring 1,200 new
residents to the – Total Municipal, Provincial and Federal
Government Investment of $10.5 M
corridor
– Total Private Investment of $113.8 M
By 2013, 16 new – Investment has expanded from $1.5 M in
stores will be created 2003 to $20 M in 2008
on Dundas Street
– As of 2013 there will be new residential
Through the BIA developments totalling $178 M
office, 50 properties
have been, or are – But we need to do more:
undergoing renovation
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4. Next Steps:
Create a more Resilient and Sustainable Local Economy
• The Objective
– Mobilize new private and public investment capital for impact ventures
focused on high potential sectors: food, arts and culture, green energy.
– Link the impact venture initiatives to affordable housing, employment
training and education.
• The Strategy
– Create a Local Economic Development Plan (LEDP)
– Create a Neighbourhood Economic Development Corporation (NEDC)
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5. Next Steps:
A Local Economic Development Plan
1. Identified Local • Agri-Food
• Arts and Culture 2. Identified Local
Opportunities & • Green Energy Economic Drivers
Capacities
Neighbourhood
Driven
Participatory
Research
3. Identify Partners,
4. Initiate Kickstart Tools, Strategies
Impact Ventures & Metrics
• Food Production Live / Work Space • Partnership Development
• Culture House Live / Work Space • Neighbourhood Economic 5
• Green Energy Program Development Corporation
• Neighbourhood Loan Fund

6. Next Steps:
A Local Economic Development Plan
A Five Year Local
Economic Development Strategic Initiatives
Plan:
Capital Reserve and
Operating Fund
$5 Million
Impact Venture Impact Venture Impact Venture Impact Venture
Green Energy Food Production Culture House Neighbourhood
Initiative Live/Work Space Live/Work Space Loan Fund
Jobs, Vibrancy, Wealth Quality Sustainable Assessment Strong
Diversity Creation, of Life, Growth, Growth, Neighbourhoods
Accelerating Economic Prosperity in the Old East Village
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7. Next Steps:
A Neighbourhood Economic Development Corporation
Impact Neighbourhood
Ventures Loan Fund
• Neighbourhood Loan Fund
– A tool to help foster and support Community
Economic Development provide development
incentives
– Foster alternative business and investment models
such as: co-ops and neighbourhood loan funds
– Support Agri-Food and Cultural business incubation to
create a Food and Culture District
– Support Business Retention, Growth and Expansion
of social enterprises, connect with investors
– Build businesses at neighbourhood level
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8. Next Steps:
A Neighbourhood Economic Development Corporation
Impact Food Production
Ventures Live/Work Space
• Food Production Centre
– Increase the production capacity of existing food
production businesses
– Informal peer mentored food business acceleration
occurring at the Western Fair Market
– Support and accelerate this process
– Create entry and mid level jobs through Business
Retention, Growth and Expansion
– Develop Labour Force by supporting youth training
through the creation of entry point and mid level jobs
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9. Next Steps:
A Neighbourhood Economic Development Corporation
Impact Culture House
Ventures Live/Work Space
• Old East Village Culture House
– Mobilize community through arts and culture to affect
social change
– Strengthen the Old East Village Culture District by
creating a community culture house with display
space, performance venues and live-work space for
culture workers and artists
– Enhance existing cultural youth educational programs
to Develop Labour Force of the future
– Build social well-being and foster Community
Economic Development
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10. Next Steps:
A Neighbourhood Economic Development Corporation
Impact Green Energy
Ventures Initiative
• Green Energy Program
– Build on success of Ontario Hydro energy retrofit
program and sustainable energy developments
– Explore opportunities for profit making from
sustainable energy generation projects
• Aggregate buildings to install rooftop solar panels
• Incent geothermal installations in neighbourhood
– Develop Labour Force by creating educational
and training opportunities in sustainable energy
– Create sustainable energy jobs through Business
Retention, Growth and Expansion
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