How to finance the process of heritage development was the subject of a third group, moderated by Bob Skerker, with expert advice from Ana Koval and Linda Neal. Laura Vahue took notes.
The public sector is an important source of funding for heritage development, the experts advised, but even the most intensive involvement by the National Park Service is likely to bring only modest amounts of money. The bigger impact of public intervention is in terms of legitimacy and helping leverage other funds.
Private sector funding is crucial, particularly corporate support, the visitors said. Start with local philanthropies, but also seek out sponsorships that will allow area companies to demonstrate they are part of the community. Corporations that favor “site specific” projects, or educational enterprises, include Kodak, Canon, Target and others.
At the bottom of it, however, fund raising will involve direct appeals: “the right people asking the right people.” That work has to begin at home. National foundations and sponsors will only be ready to contribute when they see that the local community cares enough about the project to write its own checks.
Attracting adequate financing also requires having one’s house in order – business-wise as well as interpretively. Everyone – not just corporate sponsors – wants to fund projects that are self-sustaining, so economic feasibility analysis is vital. Development should also be organized in phases so that successful completion of one phase can help generate funder enthusiasm for the next. Just as important, project organizers have to be clear and strong about what story or stories they want to tell.
Participants seemed well aware of the many intersections between heritage development projects and the surrounding communities. Canal District development could be helped by the larger market that a new convention center might draw. Adjoining property owners will likely benefit from heritage investments in terms of enhanced property values and improved attitudes. But residents of poorer neighborhoods may beskeptical about economic benefits that will accrue to them. Projects need to deliver benefits to these communities, too.