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Tag: Funding

O.1.1 Municipal Support

O.1.1 Municipal Support

Action

Build municipal support for and investment in your district’s revitalization.

Why

Municipal support is crucial for a unified vision and support structure.

How

Municipal government should demonstrate an active commitment to the district via dedicated funding and/or dedicated personnel dedicated to the district. Every local context may vary depending on the community’s history and political environment. Building strong municipal support may take some time. Develop a strong case as to why district revitalization is important and the impact it makes. Be ready to share key talking points consistently with municipal leaders as frequently as possible. Keep leaders updated regularly with progress.

Resources

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D.6.1 Building Façades

D.6.1 Building Façades

Action

Develop initiatives and/or programs to improve the appearance of building façades.

Why

Many downtown districts have historic and older buildings that need façade improvements and renovations.  Ensuring that buildings are well maintained, restored and safe for access and occupancy should be the goal.  In addition, keeping the buildings restored and updated according to standards and guidelines will add equity to the building, enhance the downtown visual appearance and experience and promote more development and investment. The process, however, could at times be cumbersome and costly.  To encourage responsible stewardship of district buildings, façade rehabilitation and improvement programs should be enacted.  This should include the allocation of dedicated funds, derived from various sources, that can be used as matching grants to encourage building owners to act.

How

When dealing with historic buildings, it will be necessary to refer to the Secretary of Interior Standards and Guidelines for rehabilitating historic buildings.  Also, a specific application process should be created that includes a review and approval process and clear instructions on building owner requirements.

Resources

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O.6.2 Diversity of Funding Streams

O.6.2 Diversity of Funding Streams

Action

Increase the number of diverse funding streams.

Why

Having a diverse source of funds is key to sustaining the organization and related programs to achieve strategic goals and objectives.  In addition, as a 501©3 not for profit organization, it is necessary to demonstrate fund development from multiple sources than can be used as leverage for grant applications and other donor solicitations.

How

The Board of Directors should form a fund committee to oversee the development of a plan for cultivating funding sources.   

Resources

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O.6.1 Fund Development Strategy

O.6.1 Fund Development Strategy

Action

Develop a fund development strategy that aligns with and supports the strategic plan.

Why

Once a budget is established that includes expenses for work plans derived from the strategic plan as well as operational costs, it’s important to know how revenues will be raised to underwrite the costs. 

How

Working with the Board of Directors and related committees, all potential and applicable revenue sources need to be explored and determined.  Revenue sources can include but not be limited to donations and contributions, fundraising activities, Government and Community Foundation grants, fees for service, municipal support, and merchandise sales.

Resources

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O.5.2 Financial Administration

O.5.2 Financial Administration

Action

Improve or develop financial oversight and management practices.

Why

When dealing with the finances of a not-for-profit organization with a Board of Directors and private and public monies involved, it’s important to ensure the fiscal integrity of the program and prevent any financial malfeasance.  This comes with having a good checks and balances system and includes third party monitoring and reporting. 

How

Board roles and responsibilities need to be clearly defined including that of the Treasurer regarding monthly reporting and related organizational finances.  Accounts payable and receivable process needs to be established as well as protocols for check signing and payment authorizations. 

A third-party accounting firm should be employed for annual audit and/or financial statements as well as federal and state tax filings.

Resources

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O.5.1 Program Budget

O.5.1 Program Budget

Action

Develop a budget that adequately supports your district’s revitalization.

Why

The management and maintenance of a downtown district, main street, or city center typically comes with associated costs for paid professional staffing, related projects derived from work plans and strategic planning, as well as other related fees and costs associated with resources and memberships.  Having an established, attainable, and approved budget is the pathway to accomplishing program goals and managing a successful program.

How

The first step is to make an itemized list of all the possible expenses and costs that would be associated with operations, management, and projects. This might include items such a payroll, insurance, rents, utilities, supplies, communications, project costs, and other related expenses. 

Next is to identify and itemize all possible revenue sources such as municipal support, fundraising, grants, and donations.  Ideally, the goal would be to balance expenses with revenue.

Resources

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CMSC Webinar: CT Humanities Grant Funding for Main Street Projects

Are you looking for support for your public humanities projects on Main Street? Has your community started thinking how it will participate in the commemorations, celebrations, and reflections of the United States’ 250th anniversary? 

Join CMSC and the CT Humanities Grant Team for an overview of the grants they offer, what types of projects are eligible, the application process, as well as other resources available for our 250th anniversary.

 

About CT Humanities

Founded in 1974, Connecticut Humanities (CTH) is an independent, non-profit affiliate of the National Endowment for the Humanities. CTH connects people to the humanities through grants, partnerships, and collaborative programs. CTH projects, administration, and program development are supported by state and federal matching funds, community foundations, and gifts from private sources.

 

Pullman & Comley, LLC

Pullman & Comley, LLC

Pulling Together, Succeeding Together

For more than 100 years, Pullman & Comley has earned a reputation as a leading provider of legal services, serving clients throughout Connecticut, the Northeast, and internationally.

Services

Services include: legal services in downtown revitalization, community & economic development, mixed-use development, Tax Increment Financing, and more

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Contact

Michael J. Andreana, Attorney
850 Main Street, 8th Floor
Bridgeport, CT 06601
203.330.2235
mandreana@pullcom.com

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Sagers & Associates LLC

Sagers & Associates LLC

assess. strategize. implement

Our goal is to help you increase your revenue potential and reduce your cost of doing business through operational and technology change.

Sagers & Associates has developed an integrated approach to help you strategize and execute organizational, process and technology transformation, to meet the demands of your new world.

Services

Services include: Economic development & equity in Greater Hartford

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Contact

Dave Sagers, Owner
178 Four Mile Road
West Hartford, CT 06107
860.965.7124
dsagers@sagersassociates.com

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Mainvest

Mainvest

The investment platform for Main Street.

Mainvest supports local small business ecosystems by allowing the community to invest directly into local small businesses while providing access to capital on friendly terms for entrepreneurs. proven Four Point Main Street Approach: sustainable and inclusive development practices; project management; and community engagement.

Services

Services include: Fundraising, Community & Economic Development, Small Business Development

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Contact

Nicholas Mathews, CEO / CoFounder
54 Ashland Street
Newburyport, MA 01950
978.815.6037
nick@mainvest.com

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