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URBAN RENEWAL THROUGH B&O TAX CREDITS Presented by Tim Gentilozzi 2009 Candidate for Clarksburg City Council Read more at my website: www.clarksburg.com.

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Presentation on theme: "URBAN RENEWAL THROUGH B&O TAX CREDITS Presented by Tim Gentilozzi 2009 Candidate for Clarksburg City Council Read more at my website: www.clarksburg.com."— Presentation transcript:

1 URBAN RENEWAL THROUGH B&O TAX CREDITS Presented by Tim Gentilozzi 2009 Candidate for Clarksburg City Council Read more at my website: www.clarksburg.com

2 GOALS OF PROGRAM Create an incentive for families, investors and business people to invest in Clarksburg Create an incentive for families, investors and business people to invest in Clarksburg Protect the areas around our schools and parks Protect the areas around our schools and parks Reinvest in and renovate blighted areas Reinvest in and renovate blighted areas Revitalize our downtown and protect our historical structures/landmarks Revitalize our downtown and protect our historical structures/landmarks Change the perception of Clarksburg Change the perception of Clarksburg

3 Create an Incentive Reward investors who take risks. Reward investors who take risks. Provide a $1 for $1 tax credit for every $1 invested into remodeling or building structures/ starting businesses within certain parts of our city (exclude major shopping areas located on I-79 as THF Realty already benefited from a similar program not yet offered to others). Provide a $1 for $1 tax credit for every $1 invested into remodeling or building structures/ starting businesses within certain parts of our city (exclude major shopping areas located on I-79 as THF Realty already benefited from a similar program not yet offered to others). Provide a $2 for $1 tax credit for every $1 invested into remodeling or building structures/businesses within designated blighted areas and around schools and parks. Provide a $2 for $1 tax credit for every $1 invested into remodeling or building structures/businesses within designated blighted areas and around schools and parks. Provide a $3 for $1 tax credit to investors who purchase dilapidated or condemned structures as defined by Clarksburgs Code Enforcement and either raze, remodel or build new. This will save the city significant money in razing, administrative, legal and maintenance expense. Provide a $3 for $1 tax credit to investors who purchase dilapidated or condemned structures as defined by Clarksburgs Code Enforcement and either raze, remodel or build new. This will save the city significant money in razing, administrative, legal and maintenance expense. Exclude the purchase price of the property when calculating the tax credit so only purchases of property in need of significant renovation/investment would really benefit from the program. This would also eliminate the practice of shell sales where owners would conduct sales amongst related entities in order to get the tax credit. Exclude the purchase price of the property when calculating the tax credit so only purchases of property in need of significant renovation/investment would really benefit from the program. This would also eliminate the practice of shell sales where owners would conduct sales amongst related entities in order to get the tax credit.

4 Protect our Schools and Parks An American Institute of Architects report in 2005 Schools as Catalysts for Community Development wrote that schools play a critical role in rebuilding Americas cities. They state that no public or private building type is as important as a school. An American Institute of Architects report in 2005 Schools as Catalysts for Community Development wrote that schools play a critical role in rebuilding Americas cities. They state that no public or private building type is as important as a school. Create a special zone around schools and parks increasing the tax credit ($2 for $1) similar to blighted areas will help ensure that we protect these designated areas from becoming eyesores like the area around WIMS. Create a special zone around schools and parks increasing the tax credit ($2 for $1) similar to blighted areas will help ensure that we protect these designated areas from becoming eyesores like the area around WIMS. Perception that Bridgeport schools are superior is part of the reason that Clarksburg is not drawing young families and investment into its neighborhoods. Making a conscious effort to protect our schools and parks will only help change that perception. Perception that Bridgeport schools are superior is part of the reason that Clarksburg is not drawing young families and investment into its neighborhoods. Making a conscious effort to protect our schools and parks will only help change that perception. We need to change this perception immediately by being aggressive in our demolition efforts around schools and parks, and also by offering a tax incentive to invest in these areas. We need to change this perception immediately by being aggressive in our demolition efforts around schools and parks, and also by offering a tax incentive to invest in these areas. A combined plan of demolition along with tax credits may create headlines Clarksburg Working to Improve Areas Around Local Schools and Parks. A combined plan of demolition along with tax credits may create headlines Clarksburg Working to Improve Areas Around Local Schools and Parks.

5 Reinvest Back in Blighted Areas Identify areas of blight and declare them as such, and include all condemned structures as areas of blight. Identify areas of blight and declare them as such, and include all condemned structures as areas of blight. Offer a $2 for $1 tax credit for every $1 spent to raze, remodel or build a structure, or start a business in these designated areas and a $3 for $1 tax credit for investments in condemned structures no matter where they are located within the city. Offer a $2 for $1 tax credit for every $1 spent to raze, remodel or build a structure, or start a business in these designated areas and a $3 for $1 tax credit for investments in condemned structures no matter where they are located within the city. Providing a $3 for $1 tax credit to investors who purchase dilapidated or condemned structures as defined by Clarksburgs Code Enforcement will save the city significant money in the razing, administrative, legal and maintenance costs associated with the demolition of these properties and provide an incentive for investors to invest in condemned properties. Providing a $3 for $1 tax credit to investors who purchase dilapidated or condemned structures as defined by Clarksburgs Code Enforcement will save the city significant money in the razing, administrative, legal and maintenance costs associated with the demolition of these properties and provide an incentive for investors to invest in condemned properties. Create a marketing plan and work with local realtors in order to market the program. List all properties owned by the City (ie: Adamston Flat Glass) or owned by private owners willing to participate in the program in order to provide a conduit for investors to find and purchase properties located in designated blighted areas. Create a marketing plan and work with local realtors in order to market the program. List all properties owned by the City (ie: Adamston Flat Glass) or owned by private owners willing to participate in the program in order to provide a conduit for investors to find and purchase properties located in designated blighted areas.

6 Revitalize Our Downtown-Protect Historical Structures/Landmarks Much of downtown still contains aging structures that need significant investment. Any investment in these structures helps preserve and revitalize our downtown. Provide a $1 for $1 tax credit for investing in the downtown business district. Much of downtown still contains aging structures that need significant investment. Any investment in these structures helps preserve and revitalize our downtown. Provide a $1 for $1 tax credit for investing in the downtown business district. Provide $2 for $1 tax credit on renovations of all designated historical structures located in the downtown like the Waldo and Robinson Grand Theater. Provide $2 for $1 tax credit on renovations of all designated historical structures located in the downtown like the Waldo and Robinson Grand Theater. Relax the fire codes on aging structures as enforcement of the current codes in impossible as it would force the closure of most of our taller(3 stories and up) buildings downtown. Relax the fire codes on aging structures as enforcement of the current codes in impossible as it would force the closure of most of our taller(3 stories and up) buildings downtown. Having these codes on the books but not enforcing them only stifles new investment as investors may be concerned these codes may be arbitrarily enforced against them. The risk of enforcement alone is enough to scare off most, prudent investors as the cost of compliance would make most of their investments unprofitable. Having these codes on the books but not enforcing them only stifles new investment as investors may be concerned these codes may be arbitrarily enforced against them. The risk of enforcement alone is enough to scare off most, prudent investors as the cost of compliance would make most of their investments unprofitable. Provide a special, increased tax credit to larger businesses who locate in the downtown area as other businesses downtown depend on the foot traffic. This is especially important due to the loss of Steptoe and Johnson the near future. Provide a special, increased tax credit to larger businesses who locate in the downtown area as other businesses downtown depend on the foot traffic. This is especially important due to the loss of Steptoe and Johnson the near future.

7 Change the perception Cleaning up our city and the areas around our schools and parks will only improve the perception people have of Clarksburg. Cleaning up our city and the areas around our schools and parks will only improve the perception people have of Clarksburg. Create an environment where investment is rewarded. Create an environment where investment is rewarded. We need a demolition program that has well defined goals and objectives like the WIMS campus expansion project. Remember some of your children and grandchildren attend or will attend these schools. We need a demolition program that has well defined goals and objectives like the WIMS campus expansion project. Remember some of your children and grandchildren attend or will attend these schools. Revitalizing and reinvesting in our downtown will only make our community more attractive to prospective business owners and their patrons. Revitalizing and reinvesting in our downtown will only make our community more attractive to prospective business owners and their patrons. Learn to work together. Have well defined goals and develop a marketing plan necessary to achieve these goals. Learn to work together. Have well defined goals and develop a marketing plan necessary to achieve these goals. We can no longer sit back, squabble and hope that something good happens in our city. We need an aggressive, bold plan that will facilitate investment in our city. We can no longer sit back, squabble and hope that something good happens in our city. We need an aggressive, bold plan that will facilitate investment in our city.

8 VOTE FOR TIM GENTILOZZI Promise to work hard to make sure our community improves in all areas. Promise to work hard to make sure our community improves in all areas. Will concentrate my efforts on economic revitalization and historic preservation. Will concentrate my efforts on economic revitalization and historic preservation. Special emphasis will be placed on efforts designed to improve the areas around our schools and parks. Special emphasis will be placed on efforts designed to improve the areas around our schools and parks. Promise to treat everyone with respect no matter what their position is on the issues presented before the City Council. Promise to treat everyone with respect no matter what their position is on the issues presented before the City Council. Please support my efforts. Call me directly at 304-669- 5826, visit my website at www.clarksburg.com or e-mail me at tg@iolinc.net. Your support is the key to our success. Thank you for your time. Please support my efforts. Call me directly at 304-669- 5826, visit my website at www.clarksburg.com or e-mail me at tg@iolinc.net. Your support is the key to our success. Thank you for your time.www.clarksburg.comtg@iolinc.netwww.clarksburg.comtg@iolinc.net


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