Economic Development
Overview of Projects Commercial Redevelopment in Blighted Areas: $2,000,000 Economic Development Sites/Infrastructure: $10,000,000 Liberty Street Redevelopment - Phase 1: $2,500,000 Total: $14,500,000 Economic Development Sites / Infrastructure: $10 million City staff, in conjunction with the Utility Commission and Winston-Salem Business Inc, have identified potential sites where future industrial or business parks could be located or infrastructure developed, including Wake Forest Innovation Quarter, Union Cross Business Park, Brookwood Business Park and Whitaker Park.
Funds could be used to purchase land and for park development and infrastructure, including grading, water and sewer construction, and road construction. Development of business parks has proven to be a successful tool for creating jobs and expanding the tax base.
Liberty Street Redevelopment - Phase I: $2.5 million Funds for this project would be used to address urban blight along the Liberty Street corridor. Phase I activities could include streetscape enhancements, property acquisition, demolition and clearing, land banking, and new construction.
Commercial Redevelopment in Blighted Areas: $2 million This project would fund site improvements for businesses in targeted urban commercial areas as part of the city's Revitalizing Urban Commercial Areas (RUCA ) Program. Funds for site improvements would be provided in the form of grants and low-interest loans to small business owners. Of the 27 total RUCA areas identified in Tiers 1, 2 and 3, only 11 have received funding.
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