On Broadway, Inc. logo. PC: Fox 11 Online
GREEN BAY, WI (WTAQ-WLUK) – On Broadway Inc. is planning for its future and it’s getting some financial help. The Green Bay non-profit has been selected to receive grant funding and coaching to help plan and solicit funds for future development.
Over the course of the last decade, On Broadway Inc. has successfully transformed a large part of the district, adding housing, retail and new commerce to the area. Ten years ago the assessable value in the Broadway District was $43.3 million, today it’s more than $101 million.
Looking to the future, On Broadway wants to double its value.
“Over the next ten years we’re proposing to raise the total assessable value here in the Broadway District to $250 million which would be an increase in $150 million. The point of that is to say, we grew it by $58.2 million without any tools, with the tools we are going to develop through this program we are committed to doubling down and accelerating that growth here in the district,” said Brian Johnson, president and CEO of On Broadway.
But OBI can’t do it alone and it won’t have to. It was recently selected as one of six organizations across the country for the inaugural “Unlocking Capital on Main Street Program.” The program is funded by the Robert Wood Johnson Foundation.
A leading U.S. philanthropy, The Robert Wood Johnson Foundation, is focused on improving health and health equity for all Americans by dismantling barriers to health, such as structural racism, and creating a “Culture of Health”. Through funding, advocacy, evidence-building, and partnerships, RWJF works to ensure everyone has a fair and just opportunity to thrive, regardless of their background or circumstances.
The 18-month program providing an initial $70,000 in grant funding, plus access to an additional $500,000 pool of money to help spur redevelopment in the Broadway District.
According to Matthew Wegner, with Main Street America, “It really came down to a strong state program here in Wisconsin with Wisconsin Main Street, legacy and performance with On Broadway, proof on concept they’ve done it and can do it again with the right framework in combination with the Main Street framework, and its wonderful partnership that exists with other organizations in the city.”
While OBI already has several irons in the redevelopment fire, it’s looking to use the initial grant money to continue mapping out the future of the district. And it plans to use an impact investment model, meaning local investors who give to a project will see a return that will then be reinvested into more projects moving forward.
Johnson said, “Instead of now creating exclusively opportunities now for large projects that have out of town investors it allows us to create opportunity for local investment, for local needs which is a far better outcome and more sustainable than always having to rely on outside capital to support your community.”
Johnson adding local investors are at the table already, OBI, with the help of the Main Street grant can now determine how best to capitalize on those funds.
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