DC "neighborhood" TIF is only for the largest property owners
I keep meaning to complain about the orientation of the recent trumpeted "neighborhood retail" initiative by DC, because it is structured in such a way as to exclude at least 90% of the properties in the typical neighborhood commercial district. See "$95 Million in Tax Incentives Offered to 6 Areas" from the Washington Post.
As the agenda for tonight's ANC6A Economic Development and Zoning Committee states:
TIF funding for H Street. TIF, or tax increment financing, is a program where special tax districts are created on commercial corridors to raise money to promote economic development. H Street's TIF district is slated to raise $25 million and proposals to spend the money are currently being solicited by the city. However a property owner needs to have 10,000 square feet of property to be eligible for the TIF fund. This minimum lot area excludes all but the largest lots (e.g. H Street Connection, 600H, Steuart Property (200H)). Discuss whether to recommend changes to the TIF program.
I don't feel as if the DC program is structured in a way to yield significant improvements.
1 Comments:
Thanks for the great giveaway.
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