Downtown Area Secures $1.2M for Revitalization

The $1.2 million grant is part of a broader strategy to combat rising storefront vacancy rates, which have increased to 10.91% in the last year, up from 9.9% during the first year of the pandemic. The project aims to reverse this trend by making the downtown area more attractive to both new businesses and consumers. This initiative is part of a multi-phase investment focusing on the nine-block area surrounding the historic city courthouse. The plan includes upgrades to utilities, streets, sidewalks, landscaping, and lighting, all designed to enhance pedestrian safety and support long-term growth for downtown businesses. The focus on pedestrian-friendly infrastructure is backed by studies showing that such improvements can increase the number of people entering shops by up to 40%. Investments in bicycle and pedestrian infrastructure have also been found to have positive or non-significant economic impacts on local retail and food service businesses. To further incentivize new businesses, the city is offering a tax credit program. Eligible businesses locating in designated downtown areas can receive a 90% credit on B&O taxes in their first year, 75% in the second, and 50% in the third. This is coupled with grants of up to $20,000 for property improvements. Nationally, similar downtown revitalization projects have shown a significant return on investment. For every $1 invested in local Main Street programs, an average of $33 in additional investment is generated. Infrastructure projects that focus on walkability and bike lanes also create more jobs per million dollars spent than road-only projects. The construction, set to begin this spring, is part of a phased approach expected to conclude in the summer of 2027. This timeline is designed to minimize disruption to existing businesses while progressively opening improved areas to the public.