1 / 27

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. Financial Tools. Local Funds Funds derived from tax base Special Tax District CBID $ CID $$ TAD $$$. Finance Tools.

blue
Download Presentation

Alternative Funding Sources for Heritage Tourism

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. ©2006 GDEcD

  2. Alternative Funding Sources for Heritage Tourism Presented by Bruce Green Georgia Department of Economic Development August 21, 2006

  3. Finance Tools ©2006 GDEcD

  4. ©2006 GDEcD

  5. Financial Tools Local Funds Funds derived from tax base Special Tax District CBID $ CID $$ TAD $$$ ©2006 GDEcD

  6. Finance Tools ©2006 GDEcD

  7. Downtown Dalton – tax district ©2006 GDEcD

  8. City Business Improvement District Advertising Promotion Sanitation Security Business Recruitment & Development ©2006 GDEcD

  9. 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. ©2006 GDEcD

  10. Tax Allocation District

  11. ©2006 GDEcD

  12. Indirect Financial Incentives ©2006 GDEcD

  13. Enterprise Zones Creates a local ad valorem tax abatement incentive expressed over a 10 year period. ©2006 GDEcD

  14. 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

  15. 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. ©2006 GDEcD

  16. HB984 -- Opportunity Zones Eligible OZ Model from Department of Community Affairs ©2006 GDEcD

  17. Land Bank Authority ©2006 GDEcD

  18. Historic Rehab Investment Tax Credits ©2006 GDEcD

  19. 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. ©2006 GDEcD

  20. A plan and an implementation strategy If the current plan is not working, Then change it. If there is no plan, Then make one. ©2006 GDEcD

  21. Effective community organization and communication Identification of the Vision Dissemination of the Vision Codification of the Vision Execution of the Vision Celebration of … ©2006 GDEcD

  22. Financial Resources Capitalization of the Vision ©2006 GDEcD

  23. 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). ©2006 GDEcD

  24. 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." ©2006 GDEcD

  25. … 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 ©2006 GDEcD

  26. 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

  27. Contact Us Bruce Green, Tourism Product Development Manager Georgia Department Of Economic Development 75 5th Street, Suite 1200 Atlanta, GA 30308 Bgreen@georgia.org ©2006 GDEcD

More Related