Meeting on Neighborhood Tax Increment Financing for Shaw

From Alex
Meeting on Neighborhood Tax Increment Financing for Shaw, 09/21/06

A public meeting on using Tax Increment Financing to assist in the
revitalization of Shaw’s commercial district and Georgia Avenue will be held on
Thursday, September 21, 2006, from 6:00 PM to 8:00 PM at the DC Housing Finance
Agency, 815 Florida Avenue, NW. Community residents concerned about ensuring
funding for key initiatives like parking, commercial rent subsidies, clean and
green programs, new sidewalks and street lighting, etc., should attend this
meeting and advocate for their priorities.
The Great Streets Initiative within the Office of the Deputy Mayor for
Planning and Economic Development is convening this meeting, one of a series of
four, to discuss the potential for four Neighborhood Tax Increment Financing
(TIF) sub-districts along the designated Great Streets corridors, one of which
is 7th Street/Georgia Avenue. TIF involves earmarking certain real property
and sales taxes within an area to pay for public and private investments. This
public/private partnership tool allows the District to pledge future tax
revenues–revenues not already committed to meeting citywide operational needs
or debt service–to support private investment in key redevelopment projects
in addition to supplemental infrastructure and public space improvements.
An overview of TIF and how it works as well as technical analysis about the
estimated potential revenue streams for each respective proposed TIF
sub-district will be presented to the audience. Residents, property and business
owners, developers, and neighborhood and business associations are encouraged to
attend and provide input on how the District might prioritize spending
within their sub-districts.
The proposed 7th Street/Georgia Avenue Neighborhood TIF district is roughly
bounded by O Street at the south, 5th Street at the east, Howard Place at the
north, and 11th Street at the west, and could generate approximately $3
million per year. These boundaries leave out critical portions of Shaw’s
commercial district, which extends south to K Street on the south side of Mount
Vernon Square. This will result in a failure to capture new taxes generated from
the proposed Convention Center Hotel for the benefit of the community
surrounding that major project, and ignores properties along 7th and 9th Street
that could house businesses that would benefit from amenities and services, such
as the new Green Team, that could be funded via the Neighborhood TIF. Be
sure to come to the meeting to advocate for extending the proposed Neighborhood
TIF to the south.
For more information on the Neighborhood TIF proposal and a map showing the
boundaries of the proposed Neighborhood TIF district, go to
http://dcbiz. frames.asp? doc=/dmped/ lib/dmped/ pdf/G-S_Nhood_ TIF_Flyer- Shaw-081106.pdf.
For more information on the Great Streets Initiative, visit
www.greatstreets. For more information in DC’s TIF program, go to www.dcbiz.dc. gov.

Alexander M. Padro
Commissioner, ANC 2C01
1519 8th Street, NW
Washington, DC 20001-3205
Voice: 202-518-3794
Email: PadroANC2C at aol. com
Website: www.members. 2C