The City of Richmond’s Development Corporation (DCR) took action on two items at last month’s DCR Commission meeting which will have impact on revitalizing business in downtown Richmond and spur investment into the city.
The first item approved was the Downtown Improvement Grant Program. The grant is designed to be a pilot program for enhancing the downtown area known for its unique and historic features. The program is designed to play on the area’s strength by beautifying the commercial buildings through encouraging productive uses for the one of a kind buildings. The grant program provides a 50 percent match on eligible improvements with goal to promote substantial improvements that might not otherwise be feasible for the property owner.
The second item the commission approved was the Opportunity Zone program with designation for two census tracts in Richmond. Recently created by the Tax Cuts and Jobs Act passed by Congress, the program incentivizes investment by reducing capital gains taxes of developers or business owners making investments in these zones. The program will highlight Richmond as an area prime for investment to bring quality development and high paying jobs to the community.