The city of Delaware is producing a video about its growth in a bid to improve its standing with investors and to add another tool for marketing and economic development purposes.
The video will cost $4,900 to produce, including the cost to hire Powell-based Infinite Impact, which operated a drone to capture video of downtown Delaware Wednesday afternoon.
“Visual storytelling is at the center of communicating how Delaware stands apart,” said city spokesman Lee Yoakum in an email to The Gazette. “Drones offer a different perspective that captures people’s attention, and we will use the video in multiple ways.”
The video will be completed within the next two weeks, Yoakum said. The city will make its case with with Moody’s Investor Services in early April to upgrade its credit rating to Aa1 rating from Aa2.
Aa1 is a grade below Aaa, the highest rating offered.
“The higher the city’s credit rating, the less expensive it becomes to borrow money to finance infrastructure and capital projects,” Yoakum said. “Our strategy when we meet with Moody’s will be to focus on Delaware’s economy and our economic development efforts. To do that and make the strongest case possible, a video component will be very impactful as part of the presentation on the Delaware’s growth and development.”
The city of Delaware approved about 300 residential permits in 2016, including more than 200 for single-family units. Last year’s permits were the highest level for the city since 2005, which had 258. Based on building permits only, the city has a population of about 38,863 in 2016, representing 20 percent growth over a decade and 12 percent since 2010.
Additionally, the video will be used as an economic development and marketing tool to promote Delaware and the opportunities it provides, Yoakum said.
The city has highlighted about $764,000 in public and private investments to improve the building stock of the historic downtown with revolving loan funds. Since 2012, the city has awarded 25 grants from its Downtown Facade Program to improve the appearance of businesses’ storefronts. Downtown has a first-floor occupancy rate of 95 percent.
“We can’t wait to see the finished product and share it with the community,” Yoakum said.