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Alternative Funding Sources for Heritage Tourism PowerPoint PPT Presentation


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Alternative Funding Sources for Heritage Tourism. Presented by Bruce Green Georgia Department of Economic Development. August 21, 2006. Finance Tools. Financial Tools. Local Funds Funds derived from tax base Special Tax District CBID $ CID $$ TAD $$$. Finance Tools.

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Gdecd powerpoint template

©2006 GDEcD


Alternative funding sources for heritage tourism

Alternative Funding Sources for Heritage Tourism

Presented by Bruce Green

Georgia Department of Economic Development

August 21, 2006


Finance tools

Finance Tools

©2006 GDEcD


Gdecd powerpoint template

©2006 GDEcD


Financial tools

Financial Tools

Local Funds

Funds derived from tax base

Special Tax District

CBID $

CID $$

TAD $$$

©2006 GDEcD


Finance tools1

Finance Tools

©2006 GDEcD


Downtown dalton tax district

Downtown Dalton – tax district

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City Business Improvement District

Advertising

Promotion

Sanitation

Security

Business Recruitment & Development

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Buckhead CID

The district "has applied for $17 million in federal and state funding to begin the Peachtree Corridor Project.

The Buckhead CID and the City of Atlanta will provide an additional $7.5 million in local funds."

The CID generally covers Peachtree Road from Shadowlawn to Peachtree Dunwoody; Piedmont Road from Peachtree to Habersham; and Lenox Road (Buckhead Loop) from Piedmont to East Paces Ferry.

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Tax Allocation District


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Indirect financial incentives

Indirect Financial Incentives

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Enterprise zones

Enterprise Zones

Creates a local ad valorem tax abatement

incentive expressed over a 10 year period.

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Enterprise zones1

Enterprise Zones

  • An area must meet three out of the four following criteria:

  • Poverty,

  • Unemployment,

  • General distress; and

  • Underdevelopment

  • Must increase employment by five or more new full time jobs or create improvement 5x greater than value of land.

©2006 GDEcD


Opportunity zones

Opportunity Zones

HB 984

State's Job Tax Credit Program of "Opportunity Zone" tax credits.

DCA to designate as a "less developed area" an area that is contained by two or more census block groups with 20% or greater poverty, within an enterprise zone and where an urban redevelopment plan exists. Opportunity Zones are intended to encourage development and redevelopment in smaller geographic areas than are served by existing economic development programs. State resources are directed towards these "pockets of poverty" in a way that can be supplemented by federal programs that DCA administers.

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HB984 -- Opportunity Zones

Eligible OZ

Model from Department of Community Affairs

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Land bank authority

Land Bank Authority

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Historic rehab investment tax credits

Historic Rehab Investment Tax Credits

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Economic development

Economic Development

Cities and Towns can take charge of their own

economic development destinies if they have: 

Political will;

A plan and an implementation strategy;

Effective community organization and

Communication;

Appropriate tools and regulations;

Financial resources; and

Capable development partners.

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A plan and an implementation strategy

If the current plan is not working,

Then change it.

If there is no plan,

Then make one.

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Effective community organization and communication

Identification of the Vision

Dissemination of the Vision

Codification of the Vision

Execution of the Vision

Celebration of …

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Financial Resources

Capitalization of the Vision

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Economic Development

Sometimes the private sector can't or won't undertake development projects that the community deems important-even when development incentives are offered.

An innovative way to get these projects developed is to use community initiated development (CID).

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Preservation Economics Principle

The effective reuse of a city’s historic built environment is a significant component of any strategy that claims to be "sustainable economic development."

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… I would suggest to you that the safekeeping of a locality’s cultural assets, natural environment, and especially its historic built environment is critical to positioning a community to effectively compete on a sustainable basis in the 21st Century world economy.

Donovan Rypkema

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In market economies it is the differentiated product (community) that commands a monetary premium.

It seems to me that the heart of historic preservation is not having "the world covered by a sole Atlanta which does not begin and does not end."

Historic Preservation is a strategy that not only has aesthetic, cultural, and sociological merit. It is an effective economic development strategy as well.

©2006 GDEcD


Contact us

Contact Us

Bruce Green,

Tourism Product Development Manager

Georgia Department Of Economic Development

75 5th Street, Suite 1200

Atlanta, GA 30308

[email protected]

©2006 GDEcD


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