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TheWord (or in this case, words): Tax Increment Grants (TIGs) — also known as Project Development Financing — are public funds allocated to support private development projects that are expected to attract significant investment in the area. |
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How does it work?
A local government will typically borrow funds as a loan and allocate financing toward public improvements. According to the UNC School of Government, “the debt incurred by funding the public improvements is both secured by and repaid from the additional property tax revenue resulting from the area’s new private development.” Per NC general statute 159-103(a), funds can only be used toward the capital costs of a development — including demolition of existing buildings, construction equipment or machinery, the securing of land or water rights, and survey data. For answers to other frequently asked questions re: TIGs, click here.
In recent news:
Kane Realty has applied for a tax increment grant to provide upfront public funds to support the $2 billion Downtown South development in return for incrementally-increased property taxes. This type of funding has been used for projects in Charlotte and other NC cities, but has never been issued in Raleigh or Wake County.
Fast facts:
Mayor Mary Ann Baldwin has expressed support for issuing the TIG. The local volunteer organization Liveable Raleigh has expressed opposition.
Key takeaways:
The TIG formula that Raleigh would use follows one used in Charlotte. Effectively, developers are reimbursed between 50% and 75% of property taxes they would otherwise owe, incrementally over a 25–30 year period. In exchange, they must deliver certain community improvements — such as affordable housing units. Since current subsidies are capped at 2%, it is estimated the developers of a project such as Downtown South would save around $5 million.
What’s next: The City Council has tasked staff with developing a community engagement group to advise on what types of amenities the Downtown South development would need to include in order to be compliant with a TIG. According to Mayor Baldwin, this advisory group would be appointed by the current City Council later this year. ProTip: you can tune into the council's weekly work sessions + view agendas here.
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Weather
○ 52º | Partly cloudy | 0% chance of rain 🌤️
Closed
○ The Snoopy’s located at 600 Hillsborough St. near Glenwood South — a fixture in Downtown Raleigh since 1990 — has officially sold its last hotdog. The owners have hinted the property will be sold to developers, however three other locations (including the one near Meredith College) remain open. 🌭(The News & Observer)
Development
○ Raleigh firm Atlas Stark recently shared plans for a new 55,000 sqft. medical office building, located at 3700 Barrett Dr. near North Hills. The developer has yet to acquire this property — valued at $1.6 million — but has purchased several nearby and adjacent parcels. 🏗️(Triangle Business Journal)
Community
○ Yesterday evening, the Wake County Board of Commissioners voted unanimously to rename the Cameron Village Regional Library to the Village Regional Library — aligning with the recent renaming of Village District. Did you know this location is the county’s largest branch, with 36,000 square feet? 📘
Civic
○ Spring is almost here, and the City of Raleigh is currently working through Phase 2 of its seasonal leaf collection — servicing Zones 3–5. ProTip: the City does not pick up bagged leaves, but instead vacuums loose debris raked into piles by the street curb. 🍂
Film
○ Hayti Heritage Center is hosting its 27th annual festival — titled The Hero’s Journey — now through Sat., March 6. The event will commemorate Black Southern film through virtual + in-person programming, including panel discussions, movie screenings, and live performances. 🎥
Cause
○ Registration is now open for Second Chance Pet Adoptions’ Racing for Rescues 5K, which will take place virtually April 30–May 9. Participants can run, walk, or roll the race at their leisure with opportunities to win raffle and fundraising prizes. 🐶
Family
○ Pullen Park is celebrating Pi Day now through Sun., March 14 with a self-guided, math-orientated scavenger hunt ideal for kids ages 8–13. The park will distribute free Pi Day packets with the first clue + give out prizes to those who finish the hunt. 🔍
Coronavirus
○ NC hospitals will be receiving thousands of doses of the new, emergency-approved Johnson and Johnson COVID-19 vaccine. Wake County has been allotted 5,200 doses, which require only one shot per person and will be distributed to eligible persons in Groups 1, 2, and 3. 💉(CBS 17)
Dish
○ Fig’s Market recently launched a new Easter Sunday and Passover menu to help you stress less about the upcoming holidays. The dinners serve 6-10 people and include a vegetarian option, appetizers + dessert. Place an order by March 31 for pickup or delivery through April 3. Ⓟ
DYK
○ Friendship — an unincorporated community near Apex — was one of NC’s first integrated towns, beginning nearly 20 years prior to the Civil War. According to a recent story from WRAL, the community saw Black, Indigenous, and white residents living + working together. You can read about Friendship’s history here. 💛
ICYMI
○ UNC men’s basketball coach Roy Williams celebrated his 900th win last Saturday, in the Tar Heels’ matchup against Florida State. You can catch the team’s next game against Duke, this Sat., March 6 at 6 p.m. — limited tickets are now available for fans + you can watch the game live on ESPN. 🏀
TheBuy
○ Why are so many people switching to Harry’s? They recently released their sharpest blades ever, backed by 100 years of German blade manufacturing expertise and a 100% quality guarantee online. And yet, Harry's kept the price exactly the same: $2 per blade for an 8-pack. Ⓟ
Click the button below for local resources regarding the coronavirus. ⬇️ |
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Civic
○ City Council Meeting | Tues., Mar. 2 | 1 p.m. + 7 p.m. | Virtual | Free | Raleigh City Council will meet for afternoon and evening regular sessions. Agenda topics include affordable housing, the sale of surplus property in Emerald Isle + the Community Climate Action Plan. 🌳
ForKids
○ Virtual STEMville: Astronomy Avenue | Tues., Mar. 2 | 2–2:45 p.m. | Virtual | $20 | Morehead Planetarium and Science Center will be sharing stories + facts about astronomy while using planetarium software to observe the night sky. This program is ideal for kids in grades 3–12. 🔬
Health
○ Minding Your Mental Health During Covid-19 | Tues., Mar. 2 | 7:30–9 p.m. | Virtual | Free | The National Alliance for Mental Illness + Raleigh-Cary Jewish Family Services will provide participants with advice on how to maintain mental wellness amidst social isolation. 🧠
Biz
○ Reach More E-Commerce Customers with Expert Online Marketing Tips | Tues., Mar. 2 | 1–2 p.m. | Virtual | Free | FedEx Sales Director Jason Blickhan will share his tips + tricks on how to run an effective online store. 📊
PlanAhead
○ (re)Imagining Our Jewish Community | Tues., Mar. 16 | 7 p.m. | Virtual | Free | A group of panelists will weigh in on the current state of the Jewish community amidst COVID-19 vaccine distribution and efforts to return to normalcy. ✡️
○ Tumbao | Fri., Mar. 5 | 7 p.m. | The Pour House, 224 S. Blount St. | $30+ | The Raleigh-based Latin band is performing the venue’s first live event since pandemic restrictions began last year. 🎤
○ First Time Homebuyers Webinar | Sat., Mar. 6 | 10 a.m.–12 p.m. | Virtual | Free | Now that Spring is coming, are you thinking about buying for the first time in the Wake County Area? Join Veronica Saccoh as she shares her guide to buying your first home including negotiation tactics and housing assistance programs. Ⓟ
Find even more of this month's local events in our March PlanAhead. Click the button below to mark your calendars. ⬇️ |
| Disclaimer: It is up to readers’ discretion to determine whether they feel comfortable participating in any mentioned events based on COVID-19 protocols and precautions. If you have questions, please contact the event’s organizers directly.
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#RALcurrent: What we’re reading — Carly just started Outlawed by Anna North + Erin is in search of her next great read. 📚
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