Council Member introduced a bill on Thursday, June 24th that provides tax incentives for business to either 1) occupy a vacant property on North Capitol Street or 2) make significant improvements to an existing property. In addition the business must be a qualified business, which includes but not all inclusive: art gallery, restaurant (excluding fast food), bakery, bank, artist studio, movie café, coffee shop, gym, grocery store, home furnishing, museum, and other businesses.
The bill was met with support from property developers and business owners that have struggled to attract tenants to this area because of the high rent, taxes and loitering and issues surrounding N. Capitol Street. North Capitol Main Street’s Chair Person, Pat Mitchell expressed opposition at some of the language in the bill and withheld support of the bill as written.
To reconcile the language in the bill, Council Member Thomas held a meeting on Monday, June 28, 2010 at Big Bear Café. The meeting was attended by NCMS, Nextgen Development, Erna Treto Design, Tudor Place, Geovani Bonilla and Brett Abrams. Some revision was made to the language of the bill and an updated version will be sent by Council Member Thomas to the business owners/developers, NCMS, Bloomingdale, BACA and Hanover Civic Association for review. A provision that will be made on the revision of the bill will include the 5 top business that the community would like to see come into the neighborhood.
The message from the developers (which include the property for the firehouse, Curves on N. Capitol and O ST and man others) was that this tax savings will allow them to price their properties at a much more attractive rate in order to get the business we need in this area. Currently, most businesses carry the burden of property taxes, insurance and utilities with the rental of the space. To see the current version of the bill, please click on b18-487