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Taggert J. Brooks, PhDProfessor and Chair of Economics
University of Wisconsin-La Crosse
Boom-Time Building
I am an economist.
I am not a prophet, visionary, seer, oracle or a
fortune teller.
Those folks have respectable jobs.
Non-Standard Disclaimer:
As weather officer in World War II he and his team determined long range weather forecasts were no better then pulling them out of a hat.
Ken Arrow, Nobel Laureate in Economics
“The Commanding General is well aware that the forecasts are no good. However, he needs them for planning purposes…”
Ken Arrow, Nobel Laureate in Economics
Why are interest rates so
low?
Low inflation and contained expectations
Aggressive action by the Federal Reserve
(QE)
The rest of the world is struggling, leaving
the US as a safe haven for investment.
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
2007 2008 2009 2010 2011 2012 2013
Fed Agency Debt Mortgage-Backed Securities
Purch
Liquidity to Key Credit Markets
Lending to Financial Institutions
Long Term Treasury Purchases
Trill
ion
s
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
2008Q1 2009Q4 2011Q3 2013Q2
Change in GDP since Q1 2008US
France
Germany
Spain
Italy
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
$1,000,000
$1,100,000
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
1993 1996 1999 2002 2005 2008 2011 2014
Construction Spending Millions of
Dollars
Total Public Construction SpendingLeft Axis
Total Private Construction SpendingRight Axis
0
2
4
6
8
10
12
14
1974 1978 1982 1986 1990 1994 1998 2002 2006 2010 2014
Housing: Vacancy Rates for
Rental Units
1 unit
2 or more units
5 or more units
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
2000 2002 2004 2006 2008 2010 2012 2014
Foreclosure Rate per 1,000 Housing Units
La Crosse
Brown
Outagamie
Winnebago
$100,000
$110,000
$120,000
$130,000
$140,000
$150,000
$160,000
2007 2011 2015
Median Home Prices: Brown
County
$100,000
$110,000
$120,000
$130,000
$140,000
$150,000
$160,000
$170,000
2007 2011 2015
Median Home Prices: Outagamie
County
$80,000
$90,000
$100,000
$110,000
$120,000
$130,000
$140,000
$150,000
2007 2011 2015
Median Home Prices: Winnebago
County
$100,000
$110,000
$120,000
$130,000
$140,000
$150,000
$160,000
$170,000
2007 2011 2015
Median Home Prices: La Crosse
County
80.0
100.0
120.0
140.0
160.0
180.0
200.0
220.0
240.0
Jan-98 Jan-01 Jan-04 Jan-07 Jan-10 Jan-13
Case-Shiller Index of Home Prices
Phoenix
Minneapolis
7 Rivers Region
Demographics and
Development
Changing Age Profile (Boomer to
Millennials)
Changing Preferences?
Technology and Agglomeration Effects
“10,000 Baby Boomers a day will turn 65 –every single day between now and the year 2030.”
Paul Taylor – Author, The Next America
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 2012
Annual Vehicle Miles Traveled/Population
Risks to Development
State Budget
People without vision. (NIMBY)
Manufacturing Employment
Dollar Appreciation
Creating SUSTAINABLE
REDEVELOPMENT and building solutions
that foster NEIGHBORHOOD REVITALIZATION.
Randy Stadtmueller, President / Principal
Renee Torzala, Vice President / Principal
1. Listen to the
Community
2. Identify the
Opportunities
3. Manage the Process
Project for Public Spaces:
Fred Kent
ALIGNING RESOURCES WITH NEEDS
WEDC
Division of Economic and Community
Development
Division of Entrepreneurship and
Innovation
Division of Business and Industry Development
Division of International Business Development
Prospering
Communities &
Businesses
Entrepreneurial
Spirit
Specialized Industry
Leadership
Global Outlook
> > > >
DISCUSSION “TRIGGERS”
The following topics lend themselves to a discussion with
a WEDC representative about possible state assistance:
• Gap financing for a catalytic project
• Historic Preservation
• Place-making initiatives
• Brownfield issues
• Redevelopment initiatives
• Economic strategies
• Gap financing for business growth
SITE ASSESSMENT GRANT PROGRAM
Provides assistance to local governments to conduct initial activities and
investigations at environmentally contaminated properties
Grant: Up to $150,000 – 33% Match minimum
Eligible activities include:
• Phase I and II Environmental Assessments
• Remedial Action Plans
• Demolition of structures (including asbestos)
• Removal of underground storage tanks or hazardous waste containers
SAG IN ACTION
The Morgan District (Former Jeld-Wen site), Oshkosh
West Waterfront Redevelopment (former Co-op site),
Sturgeon Bay
Mirro Plant, Manitowoc
97 Ellis Street, Kewaunee
Menekaunee Harbor, Marinette
BROWNFIELD GRANT PROGRAM
Provides assistance for the redevelopment of contaminated properties
Grant: Up to $500,000 (70% match)
Eligible applicants include local governmental units and businesses (non-for-profit
and for-profit)
Eligible activities include:
• Site Investigations, Remedial Action Plans and cleanup activities
• Building demolition or renovation
• Infrastructure improvements
BROWNFIELD IN ACTION
Metreau Apartments, Green Bay
City Deck Landing, Green Bay
The Rivers II, Oshkosh
Foremost Farm Site, Appleton
COMMUNITY DEVELOPMENT INVESTMENT GRANT
Provides assistance for the catalyst project in communities and planning efforts to
support redevelopment
Grant: up to $500,000 for implementation; $50,000 for planning
75% match required, can include private and public funds
Local government is the applicant
Competitive Rounds (April 17th next due date)
Eligible expenditures include:
• Historic Preservation
• New construction
• Branding/Marketing
• Feasibility Studies
• Redevelopment Plans
CDI GRANT IN ACTION - PLANNING
Tecumseh Redevelopment Planning, New Holstein
Downtown Site Development/Recruitment, Sister Bay
Town Square Re-Use Feasibility, Green Lake
Nicolet Square Redevelopment, DePere
Downtown Planning, Sherwood
CDI GRANT IN ACTION - IMPLEMENTATION
Grand Kakalin, Kaukauna
Super Valu Grocery Store Development,
Florence and Menasha
Retlaw Theater Redevelopment, Fond du Lac
Dealerfire, Oshkosh
Northland Hotel, Green Bay
HISTORIC TAX CREDITS
20% state, 20% federal
On National Register• Listed individually
• Listed contributing to district
% based on investment to property
Credit is transferable
Work with State Historic Preservation Office
HTC IN ACTION
Dealerfire, Oshkosh
Platten Place, Green Bay
Northland Hotel, Green Bay
Legacy Architecture, Sheboygan
Lincoln School, Shawano
Grand Kaklin, Kaukauna
… and many more!
OTHER TECHNICAL RESOURCES
LocateInWisconsin.com
• Available Sites and Buildings
• Demographic data
InForce Network
Certified Sites
Marketing Materials
CONTACTS
Naletta BurrCommunity Account Manager
(608) 210-6830
Melissa HuntRegional Account Manager
(608) 210-6780
Jon BartzRegional Account Manager
(608) 210-6846