Main Street Murray -Economic Restructuring Committee

Rebuilding the economic vitality of downtown Murray is our ultimate goal!

Economic Restructuring is about bottom line dollars and making sure that downtown Murray is a viable economic entity which contributes its fair share to the community. Along with initiatives from the members of the Economic Restructuring committee, Renaissance Kentucky has been a powerful resource for funding that has greatly aided the revitalization process. The goal of Renaissance Kentucky is to recognize and honor those cities that have maintained or restored their central downtown areas as safe, vibrant, efficient and functional urban cores and to provide support and assistance on development strategies for those cities who want to improve their downtowns.

In 1999 Murray was designated as a Silver Renaissance Kentucky Community. Since that time our community received $1,530,500 in Renaissance funds for downtown development.

What Is Renaissance Kentucky?

Governor Paul Patton created Renaissance Kentucky to assist communities with downtown revitalization efforts. This initiative is designed to bring together communities and resources necessary to revitalize and restore Kentucky’s downtowns. To accomplish Renaissance Kentucky goals, an alliance of state agencies, a federal agency and two private entities dedicated to assisting Kentucky’s communities has been formed. Renaissance Kentucky does not replace existing programs but is designed to enhance and coordinate existing efforts. Communities are encouraged to utilize planning and expertise created through prior, current or future participation in the Kentucky Heritage Council Main Street Program and the Kentucky Certified Community Partnership Program.

Renaissance Kentucky Representatives:

To receive maximum support and participation, Governor Paul Patton has appointed a Renaissance Kentucky liaison within each branch of state government. It is the responsibility of the Renaissance liaisons to provide technical assistance and identify resources for communities at the request of the Alliance. In addition to state government representatives, seven other private and federal entities have appointed Renaissance Kentucky liaisons within their agencies to provide technical assistance and funding resources when available.

Selection Process & Ranking:

Opportunities for communities to apply for Renaissance Kentucky designation are provided once every two years. Applications for eligibility, according to the above criteria, are reviewed by the Alliance. Communities are ranked as Phase I (Bronze), Phase II (Silver) or Phase III (Gold) depending upon the progress in each of the criteria factors. Community incentives and funding opportunities provided through the Renaissance Kentucky initiative are based on the phase designation assigned to the community by the alliance.

Criteria Factors:

The criteria to become a Renaissance community is composed of the following factors:

· Defined Downtown

· Occupancy

· Vision, Goals & Objectives

· Financial Support

· Community Organization & Management

· Historic Integrity & Preservation

· Leadership Initiatives

· Market Study/Implementation Plan

· Appearance

· Development Barriers/Impediments

· Growth Measures

· Safety

Since the inception of Murray Main Street, downtown has seen over $1,500,000 in new business and building investment with over 23 jobs created.

Grant Project Amount

1999 State RENKY Façade $37,500

1999 State RENKY Funding $100,000

1999 TEA 21 Funding $320,000

2000 State RENKY Façade $29,500

2000 State RENKY Funds $140,000

2000 TEA 21 Funds $260,000

2001 TEA 21 Funds $315,000

2001 Direct Allocation Grant $95,000

2001 Major Revitalization Funds $200,000

2001 Kentucky Heritage Council

National Register Grant $3,500

2000/01 Management Award $30,000

_______

$1,530,500

2002 (Pending) CDBG Funds $500,000

2002 (Pending) TEA 21 $457,000

(*The only way for our community to access Renaissance Funding is to have an active Main Street program that is considered to be in good standing with the Kentucky Heritage Council.)