Community and Business Development - Sept. 30, 2013
The Community and Business Development Department has started a Commercial Property Listing Service and incentive program designed to spur economic development by promoting existing commercial property that is for sale or lease along select thoroughfares in the city’s Neighborhood Revitalization Strategy Area.
The program includes a listing service through the CBD webpages and cash incentives that will be paid to licensed real estate agents and chartered community development corporations that facilitate the sale or lease of property listed through the service. A business must open on the property within a year of the sale or lease for an incentive to be paid.
The incentives range from a minimum of $1,000 to a maximum of $2,000. Federal Community Development Block Grant guidelines and guidance from the City Council exclude some types of businesses and uses from being eligible for incentives. The CDBG guidelines restrict the use of these funds to the NRSA.
Only North Carolina-licensed real estate brokers and incorporated CDCs are eligible for incentives. This initiative is a pilot program to be reviewed by City Council after six months.
Properties must be located along eligible thoroughfares and must be listed on the city’s NRSA Commercial Listing Service to be eligible for the incentives. However, properties may also be listed elsewhere, such as a multiple listing service or broker website.
The Neighborhood Revitalization Strategy Area is an area designated by the City Council in need of focused assistance.
Eligible thoroughfares are:
- Martin Luther King Jr. Drive between Cleveland Avenue and Waughtown Street.
- Patterson Avenue between Indiana Avenue and Liberty Street.
- Northwest Boulevard between University Parkway and Liberty Street.
- Liberty Street between Akron Drive and Patterson Avenue.
- New Walkertown Road between Martin Luther King Jr. Drive and Carver School Road.
- Waughtown Street between Mock Street and Reynolds Park Road.
- Peters Creek Parkway between US 421/ Business Interstate 40 and Link Road.
- Indiana Avenue between Patterson Avenue and 28th Street.
- Cherry Street between Reynolds Boulevard and Brownsboro Road.
- Akron Drive between Indiana Avenue to the west and Liberty Street to the east.
For more information, go to Development.CityofWS.org or call CityLink 311.