Councilman Goode Champions CDC Tax Credit Program Expansion

Through leadership by Councilman Wilson Goode, Jr., City Council’s Committee on Commerce and Economic Development favorably reported by unanimous vote Councilman Goode’s CDC Tax Credit Program legislation with amendments proposed by PACDC on October 5^th, and City Council gave final approval to the ordinance on a unanimous 17-0 vote on October 13^th.  The bill is on the Mayor’s desk awaiting his signature.

James White, PACDC’s Policy Coordinator, testified at the hearing in favor of the amended bill, as did Karen Fegely from the City’s Commerce Department.  PACDC crafted the proposed amendment based on a meeting with twenty of its members currently or interested in participating in the City’s CDC Tax Credit Program.  The amended ordinance:

• Expands the program from 30 to 35 partnership slots;
• Maintains the 100% tax credit for participating businesses; and  
• Reduces the annual contribution to participating non-profits from $100,000 to $85,000 a year for ten years.
  

These changes will keep the annual program outlay within the current $3 million, but would allow both current partnerships reaching the end of their ten year cycle to renew and add five new slots, including up to three intermediaries.  Existing partnership agreements will not be affected.

Renewal applications for existing partnerships are due November 15^th, an a briefing will be held for new applicants and groups seeking to begin a second ten year term on October 31^st.

Briefing:

When:         10/31
Time:          1 PM - 3 PM
Where:  One Parkway Building, 1515 Arch Street, 18th floor, Room 022