Could Tax Credits Revitalize Waynesboro's Downtown?

By: Sonia Randev
By: Sonia Randev

It's in the preliminary stages and there aren't a lot of details, but Waynesboro Downtown Development Incorporated has presented the city council with a multimillion dollar plan that could change the landscape of downtown forever.

Committee chairman Jim Snead says it’s a win-win situation for everybody, because at no point will your money be used. "It's all done with private money, a little assistance from the new market tax credits, fairly significant. Thirty-nine percent on a hundred million dollar project is $39 million in tax credits, so that's what makes it really doable," says Jim Snead

The city qualified for the federal new market tax credit program based on 2000 census. But, members are worried, that they may not qualify in the future and want the city to take advantage of it now. And $17,000 has been spent on a feasibility study to see if a project like this could economically work in Waynesboro.

Once it's developed, then Waynesboro has a significantly enhanced tax base to carry out some of the other things it needs to do. City Manager Doug Walker says a project like this makes Waynesboro attractive to private investors.

"To have an opportunity to use a program like the tax credit program, to really sweeten the pot," says Walker.

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