Downtown Cuyahoga Falls Circulation & Economic Transformation Project 2016 TIGER GRANT

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1 Downtown Cuyahoga Falls Circulation & Economic Transformation Project 2016 TIGER GRANT APRIL 14, /18/2016 CUYAHOGA FALLS CITY COUNCIL COMMITTEE MEETING 1

2 Tiger Grant Overview 4/18/2016 CUYAHOGA FALLS CITY COUNCIL COMMITTEE MEETING 2

3 Tiger Grant Overview 4/18/2016 CUYAHOGA FALLS CITY COUNCIL COMMITTEE MEETING 3

4 Tiger Grant Overview 4/18/2016 CUYAHOGA FALLS CITY COUNCIL COMMITTEE MEETING 4

5 Downtown Cuyahoga Falls Circulation & Economic Transformation Project -- Components 1. Re-Opening of the Front Street pedestrian mall into a twoway Street 2. Conversion of one-way streets to Two-way Streets North 2nd Street from Oakwood Drive to Northland Street North Front Street across State Route 8 Oakwood Drive, from Second Street to Front Street 3. Addition of bike lanes and on-street parking on 2nd Street, throughout downtown and north of Oakwood Drive 4. Addition of off-peak on-street parking on the north side of Portage Trail 5. Removal of continuous right-turn movements from Broad Boulevard to 2nd Street and on 2nd Street to Oakwood Drive 6. Construction of dedicated bike lanes and new sidewalks on South Front Street 7. Rerouting bus service to the downtown area with more convenient transit stops within project area 8. Improvement of pedestrian, bike and transit connection through the State Route 8 Highway corridor. 4/18/2016 CUYAHOGA FALLS CITY COUNCIL COMMITTEE MEETING 5

6 4/18/2016 CUYAHOGA FALLS CITY COUNCIL COMMITTEE MEETING 6

7 Downtown Cuyahoga Falls Circulation & Economic Transformation Project -- Components PROPOSED PUBLIC PARTNERS City of Cuyahoga Falls Akron METRO RTA Ohio & Erie Canalway Coalition Summit Metro Parks Northeast Ohio Four County (Planning) Organization (NEFCO) PROPOSED PRIVATE PARTNERS The Testa Companies Commonwealth Properties River Falls Development Karam Companies Coming Attractions LLC Cuyahoga Falls Community Improvement Corporation 4/18/2016 CUYAHOGA FALLS CITY COUNCIL COMMITTEE MEETING 7

8 Downtown Cuyahoga Falls Circulation & Economic Transformation Project -- Components 2016 TIGER Grant City Match 2016 TIGER Grant -- Public-Private Investment (Match) DOT-TIGER, $8,020,000.00, 7% CITY-TIGER Match, $5,380,000.00, 40% DOT-TIGER, $8,020,000.00, 60% Private Development, $108,580,000.00, 89% City, $5,380,000.00, 4% 4/18/2016 CUYAHOGA FALLS CITY COUNCIL COMMITTEE MEETING 8

9 Why Now.Conclusions 2016 DOWNTOWN CIRCULATION PLAN The timing for this project is particularly opportune. In the past 15 years, the retail marketplace has continued to evolve. Enclosed malls are no longer the preferred retail environment. In fact no new enclosed mall has opened in the United States since 2006 (The Atlantic, 2012). Retail today is all about the experience. Walkability, a mix of retail, entertainment and residential uses are in high demand. Downtown Cuyahoga Falls has an opportunity in its authenticity. It has the building character and form that are now being mimicked in outdoor malls. Reopening Front Street and repairing the surrounding street grid is a necessary first step in the rebirth of Front Street and Downtown Cuyahoga Falls DOWNTOWN MARKET ANALYSIS The consumers in the Downtown primary trade area will generate demand to support a variety of retailers. This potential will continue to increase over the next five years, sustained by an annual population growth rate of 0.02 percent and household income growth of 2.64 percent. The primary trade area is the consumer market where the downtown area has a significant competitive advantage because of access, design, lack of quality competition and traffic and commute patterns. This competitive advantage equates to a potential windfall in the capture of consumer expenditure by the retailers in the study area. 4/18/2016 CUYAHOGA FALLS CITY COUNCIL COMMITTEE MEETING 9