CEO Nancy Bird talks Greater Iowa City Inc.’s newest venture

Greater Iowa City Inc. has launched a new economic growth venture with its strategic investment districts.

The hyper-local districts, which include a portion of Cherry Street in North Liberty, Fifth Street in Coralville and part of the Sycamore area in Iowa City, will be the focus of targeted economic growth efforts by the nonprofit network of business and public-sector leaders.

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Greater Iowa City Inc. plans to build on and work with existing economic development partners and plans, while also coordinating with local government staff and officials.

The new effort, which doesn’t have a firm timeline, was developed and will be implemented by Greater Iowa City Inc. staff including Cady Gerlach, Evan Doyle, Mackenzie Deroo, Mary Willie, Lexie Rudolph, Jason Schrock and Maria Schussler.

Greater Iowa City Chief Executive Officer Nancy Bird sat down with The Gazette to talk about the new effort. This interview has been edited for brevity and clarity.

Q: Why are strategic investment districts a focus for Greater Iowa City Inc.?

A: As an organization, I think one of the key pieces we recognize is that we can't do everything. So how do we focus investment? How do we focus resources that supports businesses, builds additional opportunity, that helps create a stronger quality of life for residents? That approach allows us to target investments that come into the organization and work with our local governments to do that.

It's another piece of why our organizational model is really about public-private partnerships, because you can't do these things alone. Our nonprofit, Greater Iowa City Inc, now has a really strong foundation of both public and private sector interests that are sitting at the table together to have these conversations, make sure that the work that we're going forward is achievable, that there's support for it and that we're not combating one another.

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The strategic investment districts are great opportunities for us to look at things like our commercial lending. What does that look like to support additional investment in a certain area? What does it look like if you know this emerging neighborhood had additional spaces for businesses to open? What does it look like if there was more attainable or affordable housing? There's a lot of things that can help and support a thriving ecosystem and livability that are kind of targeting all three of our mission points, which are to really elevate businesses, invest in strategic initiatives that work and advocate for economic resiliency.

In these different emerging neighborhoods where the market has stalled out for some reason, there needs to be some sort of intervention. So how do we work on it? That's where our public, private partnerships come together to make sense.

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Q: What are the priorities when identifying each district?

A: We want to make sure that the investment district is in the strategic or the comprehensive plan of the municipality. We also wanted to make sure that we understood all of the market parameters in those areas. Were there existing assets? And probably the biggest one is that we weren't interested in doing green development where it's new. But really looking at places that the market for whatever reason isn't really responding. Why are big vacant spaces sticking around for a long period of time and not moving? Where is there, you know, underestimated or underserved businesses or residents? How can we put investment there so that we're kind of bringing more neighborhoods up to that level that can support a small kind of commercial node? We're not targeting residential neighborhoods; each district has to have some sort of business interest, and there's a lot of great opportunities.

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Q: How is Greater Iowa City Inc. going to work with local governments and existing stakeholders in the investment districts?

A: In the coming year, we’ll look to through a planning process whereby you're bringing your stakeholders together, which can be residents, designers, it can be people on the municipal staff that have critical information, together to think about space and the place. It does require stakeholder engagement process. It requires technical expertise and some kind of envisioning of what it could be.

Our goal is to look at all three of those areas and just see what comes of it. A lot of times you give a little attention to certain areas, and you're drawing in opportunity just by focusing there and recognizing that something's going to happen here. We're in places where the perception that something can change isn't there. It just doesn't happen. If you can focus on areas and start to give people some belief that there'll be some support here, you really do draw in opportunity.

Q: What could work in the strategic investment districts look like?

A: I think that's where you kind of have to get the plan set as you start working through because each of these areas is really unique. The programs that we develop to support them will be fitting towards that area, and you can really only understand what those things will be once you walk through the process. We're not there yet but that's kind of the goal.

In many places across the country, a space has been developed a certain way, and then it's kind of that way. To intervene and make it more walkable takes additional resources. Sometimes it takes different technical expertise to change the pattern of what's happening in that area; sometimes it requires property assembly; sometimes it requires different ways to think about pathways. We have to walk through the unique aspects of each area and our intentions are to just start the process and then engage your community into doing it together, so that you're kind of really bringing an authentic element to that space.

Comments: megan.woolard@thegazette.com