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MAYORS INSTITUTE September, 18, 2013

DESTINATION WHITING, INDIANA. MAYORS INSTITUTE September, 18, 2013. OUR STRATEGY. Striving for Diversified AV Growth Enhance “Business Corridors” Improve “Housing Inventory” There are different ways to do it Whiting is betting it’s through tourism related development. DISCLAIMER.

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MAYORS INSTITUTE September, 18, 2013

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  1. DESTINATION WHITING, INDIANA MAYORS INSTITUTE September, 18, 2013

  2. OUR STRATEGY • Striving for Diversified AV Growth • Enhance “Business Corridors” • Improve “Housing Inventory” • There are different ways to do it • Whiting is betting it’s through tourism related development

  3. DISCLAIMER • Luck played a bigger part in our story than talent did • Probably no surprise to you!

  4. LAY OF THE LAND • To give you a perspective of Whiting’s geography, here’s an aerial view of the city

  5. WHY TOURISM? • Whiting’s 4 Top Assets are:

  6. bp

  7. WHY TOURISM? • All 4 Assets support the theme • BP - Engaged Partner - Tax $$ - Tourism Asset (think Hershey, PA) • Main St. – Supports the visitors • Pierogi Fest – 300K visitors • Proximity to Chicago = • 9.5 million people

  8. HOW DID WE START? • We knew we needed a catalyst • Lakefront Development was the obvious place to start • With the help of American Structurepoint, we created a plan • Implementation of the Plan was estimated to cost $50M

  9. HOW DID WE START? • We then shopped the plan to anyone who would listen • It all came down to finding someone crazy enough to publicly beg for $30M

  10. LOOK NO FURTHER

  11. SECURED FUNDING • $50M Lakefront Development • $20M RDA Grant • $20M TIF Bonds (single taxpayer) • $6M Federal Grants • $3M BP Contribution • $1M Pocket Change

  12. WHAT’S BEEN COMPLETED?

  13. WHAT’S IN PROCESS NOW?

  14. WHAT’S on DECK? • BP’s $4 billion modernization project will hit the tax roles in 2014 • Will allow me to: • Issue a new bond for $$$ • Retire the $20M Lakefront bond

  15. LF - STADIUM DISTRICT • $20M Lakefront Hotel • Lakefront Restaurant • 150,000 sf mixed-use development • 3 in 1 Museum • Senior Apartments • Residential Condos – Single Family • We’re far from done …. 3 years?

  16. ICING ON THE CAKE • BP plans to build a new “ginormous” Office Campus • $$$ • Adjacent to Oil City Stadium • All in our TIF • Primary driver for location selection was our Lakefront Plan

  17. TIPs • Analyze your strengths – Assets • You must have a “Plan” & “Vision” • No one will take you seriously • You don’t have to reinvent wheel • Shamelessly promote your City until you run out of liquor, then start again

  18. TIPs • Start small • We started with acquisitions • Recruit a corporate partner(s) • Hire a grant writer • UTILIZE TIF • Be “Relentlessly Persistent” • Took me 7 years

  19. ENCOURAGEMENT • If Whiting can get this far with me steering the ship, sky’s the limit for you guys!

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