HomeMy WebLinkAboutCaleb Wilson - SD rent subsidy+Southgate
M P A N I E C O S
DEVELOPMENT • CONSTRUCTION
HOMES • PROPERTY MANAGEMENT
Statement of Interest for Inclusive Economic Development Support
for Underestimated Businesses and Entrepreneurs
May I st, 2023
City Manager's Office
410 E. Washington St.
Iowa City IA 52240
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Lead Applicant:
South District Market - Caleb Wilson, Manager
Co-applicant(s):
Contact Information:
(o) 319-337-4195; em — cwilson@southgateco.com
Lead Organization:
South District Investment, LLC
Mailing Address:
755 Mormon Trek Blvd, Iowa City IA 52246
Project Site Address:
947 Hwy 6 E, Iowa City IA 52240
General Description —purpose, benefits, and specific goals of the project. Demonstrate the
community benefit of the project using qualitative & quantitative measurements. How will the
project accomplish the goals outlines in the Inclusive Economic Development Plan and City
Council Strategic Plan?
We would like to apply for ARPA funds for business support programs of the following:
• Rent Subsidy Program for South District Market tenants: This would provide the ability to
continue rent subsidies to the South District Market vendors for 3 years. The plan to
become sustainable is that after 3 years of assistance to keep rents low, the businesses
would be established, have efficient and well run operations, would have regular clientele,
etc, and would be self-sustaining and able to pay market rents that sustain the operating
costs of the space.
• Increase marketing for the whole South District shopping area (Pepperwood Plaza and
surrounding businesses)
O update the monument sign along Highway 6
o build a website promoting the vendor's businesses
o monthly advertising
We intend to partner with Action Coaching to provide coaching support our vendors. We are not
applying for direct funds for this, but are supporting Action Coaching's application as a critical
partner on this project.
755 MORMON TREK BLVD I P.O. BOX 19071 IOWA CITY, IA 52244-1907 1319.337.4195 1 SOUTHGATECO.COM
Southgate
M P A N I E C O S
DEVELOPMENT • CONSTRUCTION
HOMES • PROPERTY MANAGEMENT
Describe how the project builds Community resilience following the pandemic (covid-19
resiliency) by building capacity to serve residents of the community:
The South District Market (SDM) is a new business HUB for the entire South District of Iowa
City. Its success is critical to continuing to build redevelopment traction in the South District. A
thriving multi -tenant space that provides the amenities SDM offers the South District
neighborhood will continue to spur development which will help the whole South District business
ecosystem. Conversely, it's failure, would discourage further investment like this from other
entrepreneurs.
1. Estimated Budget (Big Picture) public & private estimations including how much in City
assistance you are requesting. ID proposed sources and uses of funds for the total
project. ID if each funding source has committed funds.
We (South District Investment) have invested nearly $750,000 into the buildout and construction
of the South District Market space, including providing interior and exterior furnishings,
restaurant equipment, and all of the buildout. We are requesting investment from the City in the
form of $100,000 of ongoing support over the next 3 years to provide business support services
of a rent subsidy program as well as extensive marketing and promotion for the South District
shopping areas.
Preliminary Timeline for project execution. All grant funds should be expended by 12131126. If
not possible, detail the estimated draw -down timeframe.
3 years of ongoing funding for this program will create a sustainable long term business HUB
that can thrive and support the South District.
Track Record and/or Statement of Abilities of organizations ability to perform appropriate grand
and financial management, including related experience managing city, state, or federal grant
funds. Provide 3 years of financial statements of the lead organization if available. Indicate what
type of technical assistance may be needed to help prepare the organization for grant
management responsibilities.
SouthGate Companies developed much of the South District and has been in business since 1962
in Iowa City. We have extensive administration abilities and will be able to support running this
program with this additional investment from the City ARPA program.
Statement of Work Completed to Date including any secured funding, contracted professional
services, property, land acquisition, grant, or loan activity, etc.
To date, expenses have been incurred to redesign the space (Graham Construction info), for
furniture and support to businesses by purchasing needed equipment, and we are receiving
ongoing rents well below market from the existing tenants.
755 MORMON TREK BLVD I P.O. BOX 19071 IOWA CITY, IA 52244-1907 1319.337.4195 1 SOUTHGATECO.COM
Southgate
M P A N I E C O S
DEVELOPMENT • CONSTRUCTION
HOMES • PROPERTY MANAGEMENT
Any Other Supporting Information — letters of support excluding those from City of Iowa City
staff or elected officials.
We have support from numerous other businesses but I did not have time to gather support letters
from them. If our statement of interest is advanced to the next stage, we will gather those
quickly.
Thank you very much for this opportunity. We look forward to seeing SDM thrive and be an
incredible HUB of new businesses forming in the South District of Iowa City!
Sincerely,
Caleb Wilson
South District Investment, LLC
755 MORMON TREK BLVD I P.O. BOX 19071 IOWA CITY, IA 52244-1907 1319.337.4195 1 SOUTHGATECO.COM