The Washington Business Journal reports that Wells is expected to introduce legislation steering $5 million towards the Steuart development in the 300 block and another $5 million towards small businesses along the Corridor. This is part of the real property tax abatements and incentives promised on the Corridor over the past 3 years. It's supported by up to $25 million in tax increment financing bonds
("TIF") created in 2007. Of note: "Qualifying businesses must be on H and contain at least 2,500 square feet for retail space."
2 comments:
I'm glad to see that Steuart's TIF funding is coming through. It still won't be another 3 years until the Giant arrives though.
Can someone explain whether the small business TIF and Tax Abatement funding will be targeted to owners of vacant properties? The language states that the funding will be used "to assist the development of unique and local small retail development projects to generate new or improve existing retail space." It doesn't sound like existing business owners stand to receive funding. I suspect many on this blog feel existing store owners deserve a break. I, of course, do not. Spur business with more business.
Hmm, 2500 square feet. We like small business but not too small. The pug checks in at 980 sq ft. I will probably avoid any more dealings that the gov't than necessary, and knock wood, business has been good, but i find the 2500 limit interesting. Rayful, i agree with some of your musings from colorado's supermax prison, and even though right now i won't go after it, i think the money should be out there for the "small" businesses. Generally, in dc there's not a ton of help for us business folk. mostly We are met with infifference, limited understanding, and occasionally antagonism. Currently as i've stated many times, i own a business in a work zone where the contractors/gov't have done quite a few things contrary to what we were told would be done. Now it seems to me these growing pains we're gping throuhh have left us with a trolley with no juice, and no way to turn around, and utility updates that can't seem to handle the heat wave of the future. Plus i'm fairly certain that when the construction is completed, i'll quickly be assessed out of the pug. So if senor wells and the council can find some $ for the smallish businesses and they need it, i'm for it.
tonyt
the pug
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