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©2006 GDEcD Page 1 Heritage Tourism August 2006
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Alternative Funding Sources for Heritage Tourism
Presented by Bruce GreenGeorgia Department of Economic Development
August 21, 2006
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©2006 GDEcD Page 3 Heritage Tourism August 2006
Finance Tools
Grants - State & Federal
Loans – State & Federal
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©2006 GDEcD Page 4 Heritage Tourism August 2006
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Financial Tools
Local FundsFunds derived from tax base
Special Tax District CBID $
CID $$TAD $$$
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Finance Tools
Indirect Financial Incentives
Enterprise Zone
Opportunity Zones
Land Bank Authority
501-C3 Charitable Org Investment Tax Credits
Deferred Property Tax
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Downtown Dalton – tax district
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City Business Improvement District
Advertising
Promotion
Sanitation
Security
Business Recruitment & Development
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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.
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."
Buckhead CID
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Tax Allocation District
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©2006 GDEcD Page 11 Heritage Tourism August 2006
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Indirect Financial Incentives
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Enterprise Zones
Creates a local ad valorem tax abatement
incentive expressed over a 10 year period.
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©2006 GDEcD Page 14 Heritage Tourism August 2006
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.
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Opportunity Zones
HB 984State'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 2 or more Census Blocks > 20% Poverty
Redevelopment AreaState Enterprise Zone
Eligible OZ
Model from Department of Community Affairs
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Land Bank Authority
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Historic Rehab Investment Tax Credits
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Economic Development
Cities and Towns can take charge of their owneconomic development destinies if they have: Political will;A plan and an implementation strategy;Effective community organization andCommunication;Appropriate tools and regulations;Financial resources; andCapable 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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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).
Economic Development
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The effective reuse of a city’s historic built environment is a significant component of any strategy that claims to be "sustainable economic development."
Preservation Economics Principle
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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.
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Contact Us
Bruce Green, Tourism Product Development ManagerGeorgia Department Of Economic Development75 5th Street, Suite 1200Atlanta, GA [email protected]