What's in Your Toolbox?

How many times have the words "What's in your wallet?" been pounded into your mind by the Capital One commercials as you watch television? Through the repetitive advertisements, Capital One works hard to make you, the consumer, feel as if it is an unsafe world out there if your wallet does not contain their credit card. It is, in the minds of Capital One, an essential component of all wallets carried by consumers today, with a promise to bring financial peace and security to those who carry it.

For those striving to achieve a resurgence in the development of their downtown, "What's in your toolbox?" is a question worthy of being pounded into the minds of economic developers, public leaders, and citizens within that community. Just as stock portfolio's are stronger when diversified, a financial incentive toolbox is stronger when diversified - not to mention simply available - to those interested in investing in downtown. With all of the challenges that truly do arise when investing in a historic building or opening up a small business in a struggling downtown, "What's in your toolbox?" becomes a credible question to those city leaders interested in seeing their downtown succeed.

What are some things that should be in your toolbox? Tax increment financing, downtown redevelopment loan programs, facade grant programs, Payment In Lieu of Taxes (PILOT) programs, and other investment programs are just a few of the tools that could help your community achieve a marketable incentive toolbox. While such tools may not deliver financial peace and security to all involved in downtown development, it will bring the promise of the community's commitment to public-private partnerships created to exhibit a true dedication and effort into the overall success of the property and businesses within the gates of its historic downtown commercial area.

So, what's in your toolbox?