North Capitol Street designated as a Retail Priority Area

PRESS RELEASE
                                                 
KENYAN R. MCDUFFIE
COUNCILMEMBER WARD 5

Contact:
Corey Arnez Griffin, Chief of Staff
(202) 724-8028
cgriffin@dccouncil.us

For Immediate Release:
October 2, 2012
   
Councilmember McDuffie Moves Ward 5’s Great Streets Forward

WASHINGTON, DC – Today, Councilmember Kenyan R. McDuffie introduced, along with Councilmember Michael A. Brown, the Retail Incentive Amendment Act of 2012.
 
The Retail Incentive Amendment Act of 2012 designates Ward 5’s two Great Streets, North Capitol Street and Rhode Island Avenue NE, as Retail Priority Areas. “The designation as a Retail Priority Area will allow access to tax increment financing (“TIF”), the vehicle that has supported the revitalization of other Great Streets,” explained McDuffie.
       
The legislation focuses on the portions of North Capitol Street (bounded by New York Avenue to the south and to Rhode Island Avenue to the north) and Rhode Island Avenue NE (from 4th Street, NE to Eastern Avenue, NE). Councilmember McDuffie, a third generation Washingtonian who was raised in a home on North Capitol Street, has long recognized the need for revitalization in these two areas. “North Capitol Street is a major gateway leading to the heart of our nation’s capital,” said McDuffie. “It should mirror the grandeur of the Capitol Building.”
        
Additionally, “with a variety of mix used parcels, Rhode Island Avenue, NE has the potential to be a vibrant commercial corridor, capturing valuable tax dollars that are leaking into Prince George's County,” stated McDuffie. “With the leverage of Retail Priority Area TIF financing, we can stimulate a wave of private development on Rhode Island Avenue NE.”
     
Councilmember McDuffie believes that the creation of these two additional Retail Priority Areas will spur additional economic development, strengthen neighborhoods, increase the tax base, and create new jobs for District residents.
       
Councilmember McDuffie, a member of the Committee on Economic Development and Housing looks forward to working with Councilmember Brown to usher this legislation through the Committee.
       
The bill was co-sponsored by Councilmembers Alexander, Bowser, Cheh, Evans, Graham, and Orange.
   
-###-