Linda Kunze will present the Downtown Management Corp 2008 Q1 Report report to council Tuesday April 15th.
Couple things are notable:
- Retail space occupancy in the CBD is very high. 99% high.
- Office space occupancy in the CBD is very high. 99% high.
- For both, rents are at all time highs.
All good news. Nothing broken here.
2006 EAV, according to stats supplied by the village, has grown to $37,624,286.00 from a 1997 TIF baseline of $16,606,373.00. While this looks impressive, keep in mind DG borrowed around $50 million to spend on the CBD, mostly for infrastructure and developer giveaways thinly disguised as bad real estate deals. At some point it will be acknowledged that the CBD TIF was never going to be a money maker anyway. The CBD added 14 businesses since 2000, including 5 restaurants. There’s 6 banks downtown, same now as in 2000.
So, no surprises here either. Looks like a healthy downtown, with Ms. Kunze continuing to work making it even better.
The last quarterly EDC report was also positive, and showed DG recovering from subprime mortgage mills suddenly closing shop and dissappearing, leaving a noticeable chunk of empty office space.
In February, Greg Bedalov, Director of the EDC, has rolled out the first installment of the “In” Campaign, which is a collaborative marketing effort between the Village, Library, Schools, Park District and business community. For use at trade shows, convention and visitors’ bureaus, and on sales calls, it will be web-linked to other websites for marketing and overall education about the Village and what we offer the outside world. Mr. Bedalov said there would be subsequent segments focusing on specific areas of interest. More than one council member said it was a fabulous production.
All of this effort on the part of organizations created to help market Downers Grove. I’m thinking if they are marketing Downers Grove to the outside world, they may have some insight into who we are, and who we want to be, what we want to look like to others’ eyes.
To morph an old saying; does the left hand know what the right hand is doing?