Community: Owosso
Population: 10,000+
The Armory Project was designed to be a historic rehabilitation of a 103 year old armory in Owosso. The project used multiple financing sources, including an MEDC CRP grant, brownfield credits, and the first ever Nation Trust Community Investment Corporation Small Deal fund use of New Market and Federal Historic Tax Credits. The project transformed the building into a community use center that houses all the regions business and economic development resources, incubator and conference spaces, the farmer’s market, community meeting space, performance amphitheater, and the only public event restroom space in Owosso. The Armory also serves as a trail head for the CIS bike trail, and proposed Shiawassee National Water Trail. The project sits between the museum/art district and the downtown, acting as a way point, and has been as a catalyst for other historic projects in the downtown. The once abandoned armory now thrives again with purpose.
Replicability:
The project is a great example of public/private cooperation between the City of Owosso, State of Michigan, and Shiawassee Regional Chamber of Commerce. The real replication opportunities lie in the ability to say that a large project like this can actually happen, and having the type of partnerships and cooperation that can explore every aspect of financing options, finding solutions to difficult problem, and keeping the conversation moving forward. Having the right partners at the table was key and could be replicated anywhere, though each project presents its own set of challenges. The financing tools can also be replicated based on each projects specific merits.
Creativity and Originality:
The creativity and originality came from the addition of the tax credit financing piece from the National Trust Community Investment Corporation. Through our Owosso Mainstreet program, we were able to obtain this first of its kind financing of the project, as we recieved the first "Small Deal Fund" financing package in the country. The project is also original in the way the historic architecture was paired with state of the art features and technology, making the space light and usable with a robust infrastructure. The building offers the only 10GB internet service in the region, making it attractive to data driven startups.
Community Impact:
In an impoverished community such as Owosso, the impact can be measured in many ways. The community now believes that large projects like this can happen. The Armory serves as an economic development and community resource as well as an attraction tool. We were able to take an abandonded piece of Owosso's history and bring it back to life as a community center and a place that the public can utilize in many ways. Additionally, the addition of community restrooms will assist with the many events that happen in the downtown and the visitors center will act as an informational source for out of town visitors.
