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LOCiMarket Analysis for Downtown Redevelopment <br />CONSULTN G City of Centerville Economic Development Authority <br />April 3, 2023 <br />to develop new business concepts. The space <br />provides new businesses with an opportunity to <br />test and develop their concepts without long-term <br />lease commitments. "Pop-up" shops are <br />temporary retail shops that create opportunities <br />for existing or new restaurants and retailers to <br />offer goods in a new location. Often times the <br />opening and short run of business become more <br />of a marketing event. Sometimes online -only <br />retailers use pop up shops to drive awareness in <br />trade areas with high concentrations of particular <br />customers. Potential funding sources for <br />incubator spaces can include state and federal <br />grants, institutional gifts, or private capital. <br />Examples of retail incubator spaces in Minnesota <br />are: <br />o Midtown Global Market in Minneapolis <br />o Frogtown Crossroads, Frogtown Square, <br />Frogtown Entrepreneurship Center in St. <br />Paul <br />o Brooklyn Park Small Business Center <br />Leverage local economic development tools, <br />state and federal grants and loans, and other <br />resources available for development projects. <br />Many communities use Tax Increment Financing <br />(TIF) or tax abatements as a tool for the <br />development of new housing and commercial <br />projects. Depending on the details of the proposal, <br />one or both of these tools might be appropriate <br />for redevelopment in downtown. Other <br />development programs offered by the state that <br />the city should explore include: <br />o Contamination Cleanup and Investigation <br />Grant Program <br />o Demolition Loan Program <br />o Redevelopment Grant Program <br />o Small Cities Development Program <br />o Transportation Economic Development <br />Infrastructure Program (TEDI) <br />o Housing grants and loans offered through <br />Minnesota Housing <br />■ Prioritize local entrepreneurs and pursue <br />retail concepts that would be most likely to <br />have success in Downtown Centerville. Traffic <br />counts and population density limit the types of <br />retail that would be attracted to locations in <br />Downtown Centerville. Retail operators who <br />would consider locations in Downtown <br />Centerville would be looking for the opportunity <br />to pay lower rents for retail space to get their <br />businesses started. Most of the operators will <br />likely be local entrepreneurs. Retail concepts that <br />would be the most successful in downtown <br />include: <br />o Casual restaurants <br />o Fast casual restaurants <br />o Quick service restaurants <br />o Bars <br />o Brewery/Tap room <br />o Bakery <br />o Ice cream shop <br />o Candy store <br />o Coffee shop <br />o Thrifts store <br />o Gift shop <br />o Antique store <br />o Specialty grocery store (organic, ethnic, etc.) <br />o Tax preparation <br />o Estate planning <br />o Legal services <br />Page 18 <br />