Community Council Receives $500,000 to Upgrade E. 7th Business District
The Dayton’s Bluff Community Council received funding from the City of St. Paul’s Neighborhood STAR program to provide loan/grant money to business owners for investment in capital improvements to support business growth. A $500,000 STAR investment in E. 7th Street demonstrates the City’s commitment to the area business owners. All city funding requires a 1:1 match of private investment dollars, making this a $1,000,000 investment in this important Dayton’s Bluff business district. The availability of such a significant investment in a targeted area will create a flurry of simultaneous and strategically coordinated investment that decisively impacts the economic future of the district.
A March 2012 marketing study shows that Dayton’s Bluff annually has $15 million in unmet demand for food/drink and $11 million in unmet demand for general merchandise. Market research supports our premise that significant demand exists for local business growth, which is currently stifled by severe lack of capital investment. One important tool in successful local economic development strategies is significant and targeted public investment paired with motivated private investors. The result can be transformative – bringing new businesses, local and regional customers, to strengthen the sense of pride and opportunity on the East Side.