Vancouver’s Downtown Association has received a new round of funding to continue its ambitious plan to attract new businesses and draw visitors into the city’s core.
Work to promote, revitalize and spruce up the area got a boost this week when the downtown group learned it had landed $133,000 in funding. The money was donated by six local businesses, Riverview Community Bank, Biggs Insurance Services, Phoenix Industrial, Schwabe Williamson & Wyatt, DSP Architecture and Albina Fuel Co.
“It felt very good to us to have the kind of affirmation from the business community that we are doing something they support,” said Lee Rafferty, a downtown property owner and chair of the group’s economic development committee.
The six donor businesses will each receive a 75 percent refund of their contribution, which can be applied to their Washington state Business & Occupation tax obligations. The program is part of the Main Street Tax Credit Incentive, a state program to help economically depressed downtown areas.
o What: A volunteer Vancouver business group representing downtown business and property owners.
o Membership: 111.
o Annual operating budget: $175,000.
o President: Lee Coulthard.
o What's new: The association has secured $133,000 in funding through Washington's Main Street Tax Credit Incentive program.
o What's next: The group expects to hire a salaried executive director within the next two months.
In Vancouver, the new funding will make up the bulk of the downtown association’s 2010 budget, said Lee Coulthard, the group’s president.
o What: A volunteer Vancouver business group representing downtown business and property owners.
o Membership: 111.
o Annual operating budget: $175,000.
o President: Lee Coulthard.
o What’s new: The association has secured $133,000 in funding through Washington’s Main Street Tax Credit Incentive program.
o What’s next: The group expects to hire a salaried executive director within the next two months.
He said the funding would go a long way in helping the group promote and revitalize the sector. Prior projects include Turtle Place, a $250,000 urban plaza that opened last year as a replacement for C-Tran’s vacated Seventh Street bus mall. Refurbishing the space gave the group an unexpected membership boost.
“After we opened Turtle Place, we had a lot of unsolicited people join up,” Coulthard said.
Membership grew to 111 members through 2009, up from 91 members one year ago and 70 members in 2006.
Group members pay dues of between $100 and $300 per year.
“We have a lot of businesses that are interested in increasing the value of downtown and it’s our job to do that,” Coulthard said.
But first, the growing, all-volunteer group must hire a new executive director to replace Rebecca Ocken, who stepped down in December after eight months in the position. Volunteers have been staffing the association’s downtown office at 811 Main St.
“But she (Ocken) left us very well organized, so it’s no disappointment. The work is going to go on,” said Rafferty, former co-owner of Spanky’s consignment store, which formerly operated downtown.
Rafferty and her partner, Sandy Kramer, closed the downtown store in 2008. Its east Vancouver operation was sold to a new owner in 2009.
Spanky’s former downtown location at 812 Main St., and the shuttered Koplan’s Home Furnishings store at 1012 Washington St., contribute to the area’s high rate of vacancy, according to Pam Lindloff, an associate vice president and retail expert with NAI Norris Beggs & Simpson in Vancouver.
Approximately 28 percent of all retail space is vacant in the downtown core, significantly higher than the 6 percent vacancy rate considered healthy for the sector, Lindloff said.
She acknowledged the high vacancy rates reflect the economic slowdown, closed shops and restaurants and consumers who are still reluctant to spend.
On the other hand, Lindloff speculated the downtown group’s marketing efforts could couple with the $38 million library under construction downtown to generate new interest in the area.
“You could spin that and say that’s a positive for downtown. There is energy, there is vacant space and there are people who are willing to help businesses succeed,” Lindloff said.
