2010 Median Household Income Housing Unit Value

Transcription

1 Dwntwn Sheridan Business Plan August 2012 Over the next five years, the area is prjected t cntinue healthy ppulatin grwth. By 2017, the City f Sheridan s ppulatin will increase by anther 3%. $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $ Median Husehld Incme $45,036 Figure 20: Median Husehld Incme Surce: Claritas, Inc median husehld incme in Sheridan was $45,036 and lies within the lwer range f reginal incme levels. Wright and Campbell Cunty have the highest incmes. $250,000 $200, Husing Unit Value $181,900 $150,000 $100,000 $50,000 $0 Figure 21: 2010 Median Hme Value. Surce: Claritas, Inc. Sheridan s median ccupied husing value in the upper half f the regin at $181,

2 Dwntwn Sheridan Business Plan August Market Segmentatin A market segmentatin reprt fr Sheridan s primary trade area will give a better idea f the make up and spending habits f the residents living in the lcal market. This analysis breaks dwn the cunts and percentages f scial grup cluster and will help identify custmers based n their demgraphic grupings including age, gender, incme, educatin, ccupatin, and ethnic grup. By recgnizing the different segments f the market and analyzing their varius needs and requirements, a retailer can mre effectively fcus its marketing dllars r building its inventry arund the targeted market. Fr this analysis, all data cmes frm PRIZM NE cluster grups as calculated by Claritas, Inc. The PRIZM cluster grups are centered n fur grups f urbanizatin: Urban, Secnd Cities, Suburbs, and Twn and Rural. Fr Sheridan s primary trade area, there are apprximately 10,948 husehlds, 100% f which fall int the Twn and Rural categry. The Twn and Rural urbanizatin is then brken dwn int scial grup categries as shwn in the chart belw. Landed Gentry 15% Rustic Living 37% Middle America 22% Cuntry Cmfrt 26% Figure 22: Urbanizatin & Scial Grup Categries. Surce: Claritas, Inc. The fur Twn and Rural categries are: Rustic Living (37% f Sheridan s market) mdest incme families in rural cmmunities, blue-cllar jbs and lwer educatin, mix f white and black, married and unmarried. Cuntry Cmfrt (26%) middle class families and married cuples, cllege educated with mid-level incmes. Middle America (22%) middle class families, predminantly white, married cuples t large families, cnservative values and cnservative lifestyles. Landed Gentry (15%) wealthy husehlds living in smaller twns, cllege educated with prfessinal jbs and higher incmes, many cmmute r telecmmute. 35

3 Dwntwn Sheridan Business Plan August 2012 PTA Life Stage Grups: The primary trade area is then gruped by life stage categries. Claritas PRIZM Life Stage categries are based n affluence, the age f the husehlds, as well as the family type, r presence f children. There are three classes f life stage including Yunger Years, Family Life, and Mature Years. Yung Achievers, 4% Striving Singles, 24% Midlife Success, 11% Yung Accumulatrs, 3% Mainstream Families, 10% Accumulated Wealth, 0% Sustaining Families, 4% Cnservative Classics, 13% Cautius Cuples, 10% Sustaining Senirs, 15% Affluent Empty Nests, 6% Figure 23: Life Stage Categries. Surce: Claritas, Inc. The chart shws Family Life in blue, Mature Years in green, and Yunger Years in red. Sheridan s primary trade area s life stage categries breakdwn as fllws: Family Life (Blue) - 17% Yunger Years (Red) - 39% Mature Years (Green) - 44% The largest subcategries include: Striving Singles, are part f the Yunger Years life stage, and make up 24% f Sheridan s cmbined trade area. These single husehlds are typically yunger with lwer incmes and blue cllar r service jbs. They live in apartments & mbile hmes and ften rent. They enjy utdr sprts, mvies, music, and fast fd and their median husehld incme is arund $19,000. Surce: Claritas, Inc. Cnservative Classics are upper-middle class cuples withut children. They live in lder hmes and typically have tw r mre cars. They enjy gardening, reading, and public televisin. They frequent lcal museums and cultural venues, and casual dining. They make up 13% f husehlds in the primary trade areas and their median husehld incme is $58,392. Surce: Claritas, Inc. 36

4 Dwntwn Sheridan Business Plan August 2012 PTA Market Segments: Finally, each f these scial and life stage grups can be brken dwn int detailed subcategries as identified in the chart belw. The chart represents a breakdwn f all the segments in the verall market base in Sheridan s primary trade area. Greenbelt Sprts 4% Glden Pnds 4% Bedrck America 4% Kid Cuntry, USA 4% Simple Pleasures 5% Mayberry-ville 5% Cuntry Casuals 5% Heartlanders 6% Red, White and Blues 6% Traditinal Times 13% Yung and Rustic 11% Old Milltwns 11% Crssrads Villagers 6% Big Fish, Small Pnd 6% The tp fur subcategries include: Figure 24: Segmentatin Subcategries. Surce: Claritas, Inc. Traditinal Times are upper middle-class families withut children. They are in their fifties and sixties, read Frbes magazine, and travel frequently in recreatinal vehicles. These cnservative families enjy glf n TV and drive Buick LaCrsses. Their median husehld incme is $55.498, and the grup represents 13% f husehlds in Sheridan s market. Yung & Rustic, is made up f middle-aged singles with lwer-middle incmes. They ften live in apartment units, and have service industry jbs with mdest pay. They are restless with a fast paced lifestyle centered n sprts, cars, and dating. Their median husehld incme is $32,607 and they make up 11% f Sheridan s verall market. Old Milltwn families are lder withut children. They live in lder cmmunities, are generally retired singles and cuples, and live in hmes built prir t They enjy gardening, veterans clubs and casual restaurants. They make $30,680 per year n average, and represent 11% f Sheridan s primary market. Big Fish, Small Pnd families make up 6% f Sheridan s primary market. These are lder, upper class families and are ften the leading citizens f their small twns. They are affluent empty-nesters and enjy cuntry clubs, drive cars such as a Lexus LS430, have large investment prtflis, and spend freely n technlgy. Their median husehld incme is $83,

5 Dwntwn Sheridan Business Plan August 2012 This analysis identifies the lifestyle and scial characteristics f the full spectrum f residents in Sheridan s primary trade area. Individual retailers in Sheridan each have their wn niches and intended markets, and mst likely will nt accmmdate the cmprehensive market. Hwever, understanding the true makeup f the market will help the merchants make marketing decisins including targeting specific segments, expanding prduct lines, and determining hw t maximize their advertising expenditures. The demgraphic characteristics f each segment are detailed n the fllwing page. 38

6 Dwntwn Sheridan Business Plan August 2012 PRIZM NE - Primary Trade Area Name Husehlds Pct. Pred. Inc. Traditinal Times % Yung and Rustic % Old Milltwns % Crssrads Villagers % Big Fish, Small Pnd % Red, White and Blues % Heartlanders % Cuntry Casuals % Mayberry-ville % Simple Pleasures % Kid Cuntry, USA % Bedrck America % Glden Pnds % Greenbelt Sprts % New Hmesteaders % Fast-Track Families % Big Sky Families % Blue Highways % Gd's Cuntry % Shtguns and Pickups % Cuntry Squires % Back Cuntry Flks % Age Pred HH Cmp. Pred. Tenure/Type Pred. Educatin Pred. Emplyment Pred. Race Midscale Age 55+ Married Cuples Owner / SFDU Sme Cllege WC, BC, Farm White LwerMid Age 65+ Singles/Cuples Owner / SFDU, Mbile H S Graduate WC, Service, BC White, Black, Hispanic Dwnscale Age 65+ Singles/Cuples Mix / SFDU, Mbile Elem Schl, H S WC, Service, BC White, Black Dwnscale Age <45 Married Cuples Owner / SFDU, Mbile Elem Schl, H S WC, Service, BC, Farm White Upscale Age 45+ Married Cuples Owner / SFDU Cllege Grad + Exec, Prf, WC White LwerMid Age Married Cuples Owner / SFDU, Mbile H S Graduate WC, Service, BC White LwerMid Age 45+ Married Cuples Owner / SFDU, Mbile H S Graduate WC, BC, Farm White UpperMid Age Married Cuples Owner / SFDU Sme Cllege WC, BC White Midscale Age Married Cuples Owner / SFDU, Mbile H S Graduate WC, BC, Farm White LwerMid Age 65+ Singles/Cuples Owner / SFDU, Mbile H S Graduate WC, Service, BC, Farm White LwerMid Age <45 Families w/kids Mix / SFDU, Mbile Sme Cllege WC, Service, BC, Farm White, Hispanic Dwnscale Age <35 Families w/kids Mix / SFDU, Mbile Elem Schl, H S Service, BC, Farm White, Black, Hispanic Dwnscale Age 65+ Singles/Cuples Owner / SFDU, Mbile H S Graduate WC, Service, BC, Farm White Midscale Age Married Cuples Owner / SFDU Cllege Prf, WC White Midscale Age Families w/kids Owner / SFDU, Mbile Sme Cllege WC, BC White Upscale Age Families w/kids Owner / SFDU Cllege WC White Midscale Age Families w/kids Owner / SFDU, Mbile Sme Cllege WC, BC, Farm White Dwnscale Age 65+ Mstly Singles Renter / SFDU, Hi-Rise Multi H S Graduate WC, Service, BC White, Black Upscale Age Married Cuples Owner / SFDU Cllege Grad + Exec, Prf, WC White LwerMid Age Families w/kids Owner / SFDU, Mbile H S Graduate WC, BC, Farm White Wealthy Age Families w/kids Owner / SFDU Cllege Grad + Exec, Prf, WC White Dwnscale Age 55+ Married Cuples Owner / SFDU, Mbile Elem Schl, H S Service, BC, Farm White, Black Class Median HH Incme Term Emplyment Upscale >70k WC Office white cllar UpperMid 60-70k BC Blue Cllar Midscale 45-60k Service Service Industry LwerMid 32-45k Farm Farm Dwnscale 25-32k Prf Prfessinal white cllar Figure 25: Segmentatin Subcategry Descriptins fr Sheridan s Primary Trade Area. Surce: Claritas, Inc.

7 Dwntwn Sheridan Business Plan August Business Develpment Themes This Dwntwn Sheridan Business Plan fcuses n creating a fundatin f market research and data frm which the DSA and its partners can frmulate a business develpment framewrk. The strategic areas identified belw are intended t enhance the business envirnment in Sheridan, and will frm the framewrk f an ecnmic develpment strategy fr dwntwn. This framewrk will build ff f the public input as well as the cmprehensive market analysis that identified retail and business pprtunity in dwntwn Sheridan and its trade areas. The fur strategic areas include: 1. Business Develpment These tasks wuld include nging ecnmic develpment including business recruitment, business supprt, and entrepreneurial develpment. This wuld include creating activity in dwntwn Sheridan by strengthening its retail base while cntinuing t develp dwntwn as a cultural and visitr destinatin. 2. Ecnmic Develpment Market Psitining The market research details bth the extent f dwntwn Sheridan s market, as well as pprtunities fr business grwth. In rder fr dwntwn Sheridan t sustain and grw its custmer base frm the regin, it must strategically market t thse cnsumers, while targeting needed businesses. A cnsistent message is needed t market t Sheridan s citizens, dwntwn s lcal trade areas, and the six-cunty reginal trade area. 3. Prjects These are the specific prjects identified by stakehlders and the public that wuld likely require funding. They wuld include strategies related t parking management and develpment, beautificatin and urban design, as well as physical imprvements. 4. Organizatinal Capacity Prviding mre fcused ecnmic develpment activities in dwntwn Sheridan will likely require an enhanced rganizatinal structure between the DSA and its partners. There are a number f rganizatins that play a rle in ecnmic develpment and business supprt in dwntwn Sheridan. Specific tasks fr these business develpment themes will be presented in chapter 7 f this reprt. These tasks make up the Dwntwn Wrk Plan fr Sheridan. 40

8 Dwntwn Sheridan Business Plan August Dwntwn Develpment Authrity Feasibility The Dwntwn Sheridan Business Plan als seeks t determine the feasibility f a Dwntwn Develpment Authrity (DDA) fr Sheridan. This sectin will first review state statues enabling cmmunities t establish DDAs, fllwed by case studies f hw DDAs are currently being utilized in ther Wyming cmmunities. Finally, a mdel fr a ptential DDA in Sheridan will be utlined. 6.1 State Statutes DDAs are authrized in Wyming State Statues in Title 15, Chapter 9, Article 2. In general, DDAs prvide an alternative management prgram fr dwntwns that allws mre fcused ecnmic develpment initiatives as well as funding streams fr physical imprvements and peratins. Specifically, a DDA culd perfrm such ecnmic develpment activities as creating and implementing develpment plans, acquiring/dispsing f prperty, r prviding business incentive prgrams. It culd als manage and help fund physical prjects such as develping new parking resurces, r enhancing the streetscape. Key prvisins f statutes regarding the respnsibilities, structure, and establishment f DDAs include: Establishment In rder t create a DDA, a petitin must first be made by 25% r mre f persns wning nnresidential prperty within a ptential district. Upn receiving the petitin t establish the district, City Cuncil wuld hld a public hearing t receive public cmment and determine if a DDA is right fr the cmmunity. Cuncil culd then adpt an rdinance establishing the DDA. (WY ) Duties and Respnsibilities A DDA allws a cmmunity t perfrm a number f specific tasks, including: Creating plans fr develpment Pursuing capital prjects Acquiring & dispsing f prperty Creating public/private partnerships fr develpment Prviding funding streams fr develpment prjects Bard A Dwntwn Develpment Authrity is in effect a private crpratin, independent f the gverning bdy f a cmmunity. An DDA bard wuld be appinted by City Cuncil, cnsist f 5 t 11 members, and include ne member frm City Cuncil. A majrity f the members must represent prperty within the district. (WY ) 41

9 Dwntwn Sheridan Business Plan August 2012 Funding There are tw distinct funding mechanisms assciated with DDAs, ne that can fund peratins, and the ther fr capital prjects. DDAs can pursue ne, bth, r neither f these mechanisms. In fact, as the next sectin will detail, existing Wyming DDA s utilize these methds in a number f ways, r nt at all. Tax Increment Financing (TIF) is an innvate tl that can fund capital prjects such as parking imprvements, stream restratin, streetscape enhancements, r ther physical prjects in the public realm. TIF allws increases in the verall tax base due t new develpment r grwth in within the district t be used t fund prjects within the district. TIF is NOT a new tax. Special Assessments are an additinal mill levy r tax that can be assessed n nnresidential prperties within a designated district. The resurces prvided by a special assessment wuld primarily be used t fund the peratins f a DDA. Statutes allw between 5 and 30 mils t be assessed n prperty. Additinal funding cnsideratins: Establishing a DDA des NOT create an assessment r TIF. Bth mechanisms cannt be established withut an additinal public prcess, including a special electin f the cmmunity s vters. In the case f a special assessment, it has t be vted n by the public again every fur years. 42

10 Dwntwn Sheridan Business Plan August Existing DDAs in Wyming There are fur Dwntwn Develpment Authrities that currently exist in the State f Wyming. Each DDA is very distinct in its structure, funding mechanisms, and the prjects that it cmpletes. Cheyenne The Cheyenne Dwntwn Develpment Authrity was created in 1985 with an 11-member bard appinted by City Cuncil. The peratins f the DDA are funded thrugh City resurces and fund raising. Capital prjects are funded thrugh a sales tax based TIF district that generates apprximately $500,000 per year t fund physical imprvements. Cheyenne des nt have a special assessment. The Cheyenne DDA cnducts bth physical imprvements and enhanced prgramming including beatificatin, ecnmic develpment, marketing, and design. Specific prjects range frm prviding design assistance t prperty wners, t remving snw frm sidewalks. Cheyenne has als cnstructed and managed a parking garage in dwntwn thrugh the DDA s TIF. A prgram f interest in Cheyenne is the Clean & Safe prgram funded by the City and the DDA. In 2010, the DDA budgeted $135,000 fr the prgram, which emplys a full-time crew t pick up trash, maintain dwntwn parking, and remve snw frm sidewalks, amng ther things. Figure 26: Cheyenne DDA Prjects. Pht surce: 43

11 Dwntwn Sheridan Business Plan August 2012 Laramie Laramie s dwntwn management structure is unique when cmpared t ther Wyming agencies. It merges the structures f bth a Main Street-type dwntwn revitalizatin rganizatin with the ecnmic develpment capabilities f a DDA. The verall prgramming f dwntwn activities, business supprt, and prmtins falls within the wrk plan f the Laramie Main Street rganizatin. As a Main Street Agency, the rganizatin has fur cmmittees that fcus n Ecnmic Restructuring, Design, Prmtins, and Organizatin. Laramie s DDA serves as the Ecnmic Restructuring cmmittee fr the Main Street Grup. This essentially creates tw separate bards. Laramie Main Street is the wrking arm f dwntwn revitalizatin, while the DDA serves as the ecnmic restructuring arm. Laramie Main Street in turn cntracts with the DDA bard t prvide these functins. In ding s, it allws the Main Street grup t remain autnmus serving the business and prperty wners within dwntwn, while the DDA bard appinted by Cuncil prvides the higher level ecnmic develpment functins permitted by DDA statutes. Laramie s DDA and Main Street prgram are bth currently funded entirely by City apprpriatins, fundraising and grants. Laramie des nt have a special assessment nr any type f TIF district. Jintly, Laramie s DDA and Main Street prgrams generally fcus n planning and prgramming. They have recently cmpleted a dwntwn master plan, and wrk t market and prmte the businesses in dwntwn. The DDA specifically has cmpleted a cmprehensive market analysis, Develpment Feasibility Reprt, and facilitates wrkshps and training fr independent business wners. Figure 27: Laramie Dwntwn Master Plan. 3-D mdeling and pht-rending shwing new develpment. 44

12 Dwntwn Sheridan Business Plan August 2012 Rawlins Rawlins created its DDA in The DDA in dwntwn Rawlins was designated as a Wyming Main Street in The DDA/Main Street prgram has ne bard and fur cmmittees. Rawlins emplys neither a special tax assessment fr peratins nr a TIF fr capital prjects. The rganizatin and its functins are capitalized thrugh City apprpriatins, fund raising, and grants. The DDA/Main Street prgram fcuses entirely n prgramming and planning. This includes a recently cmpleted dwntwn master plan, as well as a prject t update dwntwn s design guidelines. The agency prvides a wealth f marketing infrmatin fr prmting businesses, shpping, dining, and dwntwn parking. This includes a recently cmpleted prject t create a cmmunity brand identity and marketing strategy t prmte dwntwn mre effectively. One f Rawlins mre interesting prjects is the Rainbw Te-Tn Entrepreneur Center that the DDA/Main Street wns and perates. The DDA and City cntributed apprximately $165,000 fr the facility, receiving a Cmmunity Readiness Grant fr $1.5 millin fr develpment f the center. The facility is used t prvide nging business supprt activities and classes fr independent businesses in dwntwn. Figure 28: Cmmunity Branding and Marketing cllateral fr Rawlins DDA/Main Street. 45

13 Dwntwn Sheridan Business Plan August 2012 Casper Casper s DDA was als established in The authrity absrbed the existing Main Street dwntwn rganizatin creating a single bard. It did hwever cntinue t fllw the fur-pint Main Street mdel thrugh its cmmittees. The bard has 7 appinted members. Casper is the nly DDA in Wyming that currently uses a special assessment in dwntwn, applying a 16-mil tax t nn-residential prperty. The assessment is used t fund peratins f DDA. Casper is cnsidering pursuing the establishment f a TIF district similar t Cheyenne. With its current funding cming thrugh a special assessment and ther apprpriatins, Casper s prjects are fcused n planning and peratins, as ppsed t capital prjects. They have recently cnducted a strategic plan fr dwntwn, prduce varius marketing and prmtinal activities, ffer façade grants fr prperty wners, and prvide assistance fr sidewalk imprvements. Key prjects include marketing dwntwn prperty fr lease and sale thrugh a partnership with area realtrs. If a TIF district were established in Casper, the DDA wuld pursue capital prjects such as dwntwn restrms, cnference center, and plaza imprvements. Figure 29: Casper DDA Business Inventry. Directry map and image frm 46

14 Dwntwn Sheridan Business Plan August Observatins fr Sheridan Each f the fur DDAs that currently exist in Wyming is quite different as shwn abve. A ptential DDA in Sheridan culd fllw any f thse, r have a cmpletely different mdel based n the flexibility f Wyming statutes. The case studies abve d lead t a number f cnclusins that are relevant t Sheridan. The Dwntwn Sheridan Assciatin has a strng track recrd in Sheridan specifically related t planning, beautificatin, prmtin, and event activity. Hwever, the current management mdel limits Sheridan in what it can d specifically related t ecnmic develpment. Similarly, Dwntwn Sheridan, its bard, staff, and vlunteer base has develped a successful wrk plan, have a number f successful revitalizatin prjects under their belts, and have develped credibility and strng partnerships with bth the private and public sectrs. A DDA in Sheridan wuld prvide pprtunity t d mre fcused ecnmic develpment including capital prjects, parking creatin and management, and create develpment prjects. Establishing a DDA in Sheridan wuld require the supprt f bth private sectr prperty wners, as well as the municipal gverning bdy. If a DDA is pursued in Sheridan, statutes require it t fllw a public prcess, with a cntinued high level f cmmunity engagement. A DDA creates the ability t implement specific ecnmic develpment activities, but mst imprtantly prvides alternative funding streams in the frm f tax increment financing and special assessments. A TIF prgram is NOT an additinal tax. TIF is used primarily fr capital prjects. A special assessment IS an additinal tax n prperty within a district. Assessments are used primarily t fund nging peratins and prgramming. Creating a DDA des nt create either f thse tw funding mechanisms. It des allw the cmmunity t perfrm the ecnmic develpment activities utlined abve. If Sheridan were t create a DDA and pursue either f the tw funding mechanism, there is an additinal public prcess that wuld have t be fllwed. In bth cases, TIF r special assessment, there wuld have t be a special electin cnducted f Sheridan vters t apprve the mechanism. Of the fur established DDAs in Wyming: Only 1 (Casper) has the additinal special tax assessment. Only 1 (Cheyenne) currently has a TIF, which funds prjects thrugh the increase in sales tax cllect due t increased business in dwntwn. The ther 2 (Rawlins and Laramie) d nt have either f the tw funding mechanisms. It is imprtant t nte that in all fur cases, the DDAs cntinue t rely n municipal apprpriatins and ther funding fr their peratins. The creatin f a DDA des nt eliminate the need fr City financial supprt. This is particularly the case fr Cheyenne, Laramie, and Rawlins, where the special assessment stream is nt utilized. In cnclusin, a Dwntwn Develpment Authrity in Sheridan wuld be beneficial in that it wuld allw the DSA t perfrm mre cmplex develpment prjects. It must have the supprt f lcal prperty wners befre being established by Cuncil. Similarly, any new funding mechanism wuld require supprt f prperty wners and area vters thrugh a separate public prcess. 47

15 Dwntwn Sheridan Business Plan August Ptential Sheridan Dwntwn Develpment Authrity The 2010 Dwntwn Sheridan Ecnmic Develpment Strategy was very thrugh in its analysis and recmmendatins, particularly as it related t Dwntwn Develpment Authrities. Like this study, the 2010 plan detailed the prvisins f Wyming State Statutes related t DDAs, including case studies n the existing prgrams in the state. That plan went further t utline hw each prvisin (structure, assessment, TIF funding, etc.) wuld be relevant t Sheridan. The study cncluded with a recmmendatin that Sheridan pursue a Dwntwn Develpment Authrity. This plan is the implementatin f that recmmendatin, and mre specifically, is an effrt t specify the structure f a DDA in Sheridan, the prjects it wuld pursue, and the funding it wuld use. 7.1 Sheridan DDA Stakehlder Input This prcess began with engagement f stakehlders and citizens t learn their thughts n ecnmic develpment pprtunities in Sheridan as well as their cncerns abut a ptential DDA. Stakehlder bservatins were presented generally in chapter tw f this reprt, while the DDA specific cnsideratins are summarized belw: Mst peple were generally supprtive f the idea f a DDA. Hwever, with s many variables related t structure, prjects, and funding, they were eager t knw what a Sheridan DDA wuld be befre they culd determine their pinin. Prperty and business wners were very cncerned abut creating an additinal tax burden in dwntwn. Sme felt that a DDA had the ptential t result in a mre centralized authrity with less invlvement and engagement frm dwntwn prperty wners, businesses and citizens. These cmment related t the fact that a smaller bard wuld be appinted by City Cuncil t manage the develpment f dwntwn. This small grup may then be able t push agendas and prjects thrugh, it was thught. Similarly, all interviewees agreed that a DDA culd nt be a cmpeting rganizatin in terms f missin, funding, and membership. Sheridan has a number f rganizatins that perfrm great wrk in the cmmunity, hwever the public can be smewhat cnfused between the different agencies and their respnsibilities. At the end f the day, a DDA in Sheridan cannt add t this cnfusin, nr take away resurces frm ther rganizatins. It was felt that a special assessment r tax levy wuld nt be acceptable in Sheridan, but that TIF district wuld be mre apprpriate t fund prjects fr dwntwn. There was discussin abut whether a prperty tax r sales tax based TIF wuld be mre beneficial t Sheridan. There was a questin f whether r nt the entire Nrth Main crridr shuld be included in a DDA district, r if there were alternatives fr that area. It was nted that regardless f the existing DSA r a future DSA & DDA, each entity culd be affected by budget cuts at the City level. 48