Downtown District Tax Incentive Program

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10 Salem Street, Thomasville NC | 336-475-4210

 

City of Thomasville Downtown District Tax Incentive Program

Plan for provision of revitalization - ยง160A-537(b)(3). The tax incentive which would be provided in the proposed municipal service district would attract investment in the commercial and industrial properties in the district displayed in the attached map, and would reduce downtown blight, increase the property value of the subject properties and also of nearby prosperities, and would support locally owned businesses and contribute to control of urban sprawl. Further, low income and moderate income citizens who live adjacent to the downtown would receive additional commercial services and employment opportunities by the increase in business in the downtown area. Finally, it is contemplated that the creation of the District would improve the aesthetic character of the business district and would provide restoration and preservation of the historic downtown.

 

The City and property owner would enter into a contract wherein the owner would provide tax documentation of their property in the district before any improvements are made. Then after renovations are made the property owner would provide the City with the new tax bill and a receipt of the taxes paid. The City would grant back to the owner the additional taxes paid for five years. Each year the property owner would provide documentation each year to receive the grant.

 

Business Improvement District