1. What is the vision of this project?
The Norfolk Area Chamber of Commerce and Visitors Center will be a new first impression for the city of Norfolk. Located at the beginning of the downtown area, the new facility will create a gateway to downtown, the heart of our community. It will serve as a resource center for visitors and a one-stop shop for few new and existing businesses. The new facility will house economic development partnership organizations in one central location and provide business incubator space.
2. Who will office in this new facility?
This new facility will be a partnership in economic development for the Norfolk area. Partners in the facility will include the Norfolk Area Chamber of Commerce, the Elkhorn Valley Economic Development Council, SCORE, Norfolk Area Recruiters, Vehicle Parking District, Builder’s Exchange, and the Madison County Convention and Visitor’s Bureau. In addition, this facility will have dedicated “incubator” space.
3. What is incubator space?
Incubator space is the physical space, essential business services, and support emerging business and non-profits need to move quickly from fragile startups to resilient, commercially successful enterprises. Helping entrepreneurs helps increase the chance for success and the creation of new jobs.
Incubator space usually comes complete with an existing phone system, shared conference space, photocopiers and, often, a receptionist. While most commercial landlords want at least a three-year lease and often five years or more, incubators will allow tenants to stay for short periods of time while they are establishing business.
Important research, conducted by Grant Thornton for the Economic Development Administration last year, proves that business incubators provide communities with significantly more jobs at far less cost than do any other public works infrastructure projects. According to “Construction Grants Program Impact Assessment Report,” business incubators provide up to 20 times more jobs than community infrastructure projects at a fraction of the cost.
4. How will the new facility be funded?
These funds will be provided by private donors, foundations, and grants. Tenants in the building will provide the ongoing operational costs for their space in the building.
5. When will the new facility be completed?
The successful completion of the capital campaign is required prior to construction of the new facility. Based on successful completion of the campaign, the ground breaking for the facility may be in April 2010, with a grand opening scheduled for June 2011.
6. Where will the building be located?
The new Norfolk Area Chamber of Commerce and Visitors Center will be located on the southeast corner of 7th Street and Norfolk Avenue.
7. Why is the project needed?
This project is needed to provide a welcoming, impressive one-stop shop for new and existing businesses and visitors to our community. It will showcase our proud past and vibrant future and create a better collaboration among economic development entities. It will also provide an innovative way to assist in job creation for our area through the business incubator program.
8. How will the community benefit as a result of these efforts?
The community will benefit from having a new welcoming visitors center, an appealing gateway to the downtown, and a sense of pride in a community that is putting its best foot forward. The new facility will enhance the image of Norfolk and the partner organizations, which means greater success in economic development efforts. Incubator space will provide a cutting edge approach to growing businesses and supporting entrepreneurs in our area. All these efforts lead to future sustainability and growth for our community.
9. What is the benefit of this project to me as a business community member?
Current and future businesses will benefit from having all the economic development partners under one roof. This one-stop shop approach creates better collaboration and communication among economic development efforts. Incubator space will provide a cutting edge approach to growing businesses and supporting entrepreneurs in our area. All these efforts lead to future sustainability and growth for our community.
10. What makes this project unique from the other projects in our community?
This project is unique because it will provide our area with a comprehensive economic development focused facility. The inclusion of incubator space provides a fresh, innovative approach to building our businesses and jobs for the future. This facility will be the front door of our community that will welcome people and showcase our economic development efforts.
11. What can I do to make this vision a reality?
You can help by supporting this project and by talking to your friends and colleagues about its importance and how to get involved. You can also help with a monetary donation. Please contact Campaign Coordinator Tammy Day at 379-7322 or via email at tammy@daycos.com for more information.
More Than Just a Building ... A Key to Our Future
