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.
Alternative Funding Sources for Heritage Tourism
Presented by Bruce Green
Georgia Department of Economic Development
August 21, 2006
Funds derived from tax base
Special Tax District
City Business Improvement District
Business Recruitment & Development
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.
Tax Allocation District
Creates a local ad valorem tax abatement
incentive expressed over a 10 year period.
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.
HB984 -- Opportunity Zones
Model from Department of Community Affairs
Cities and Towns can take charge of their own
economic development destinies if they have:
A plan and an implementation strategy;
Effective community organization and
Appropriate tools and regulations;
Financial resources; and
Capable development partners.
A plan and an implementation strategy
If the current plan is not working,
Then change it.
If there is no plan,
Then make one.
Effective community organization and communication
Identification of the Vision
Dissemination of the Vision
Codification of the Vision
Execution of the Vision
Celebration of …
Capitalization of the Vision
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).
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."
… 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.
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.
Tourism Product Development Manager
Georgia Department Of Economic Development
75 5th Street, Suite 1200
Atlanta, GA 30308