The office's FY 2006 budget includes up to $16 million to beinvested in economic and community development activities incertain neighbors. Those funds will be matched by over $100 millionin transportation, streetscape, and transit improvements throughthe District Department of Transportation.
The targeted corridors designated as "Great Streets" includes:7th Street--Georgia Avenue NW (Mount Vernon Square to EasternAvenue); H Street NE (North Capitol Street to 17th Street NE);Benning Road NE (Bladensburg Road to Southern Avenue) and MartinLuther King Jr. Avenue SE + South Capitol Street (East of theAnacostia River--Good Hope Road to Southern Avenue.) Others includePennsylvania Avenue SE (2nd Street SE to Southern Avenue),Minnesota Avenue (Good Hope Road to Sheriff Road) and Nannie HelenBurroughs Avenue NE (Ward 7.)
Development assistance for these areas include site location,gap financing on planned projects, site acquisition, property taxabatements and zoning. Neighborhood retail tax increment financingis in the pipeline.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
