Georgetown has had a state-designated Downtown Development District since 2016, and the ten year limit on that state designation ends this year.
The state began creating these districts in 2014, seeking to spur employment and growth in private neighborhoods while improving housing opportunities.
Georgetown’s current district is about 90 acres, according to Georgetown’s community development director Brian Olszak. He says for the renewal, they’re looking to remove seven of the larger properties in the district.
“Two of them are actually owned by the town of Georgetown- this building and the building next door. Three of them are owned by the state, and the two other properties that were proposed to be taken out of the district are owned by the First State Action Agency.” he said.
The district offers property owners within its boundaries investment rebates from the county and state. Georgetown also offers those property owners fee reductions and waivers to further incentivize investment.
Olszak says all of these properties are not well suited to be in a Downtown Development District, noting First State Action Agency is unlikely to receive the county and state issued rebates due to their public service-oriented work.
“Taking them and the other properties out of district allows us to reallocate that acreage elsewhere in town, particularly to the east of the current boundaries. It’s larger portions of Kimmy Town, as well as parts of North Bedford Street that were previously in the district.” he told town council during their January 12th meeting.
Olszak says all affected property owners were notified of the proposed changes and the hearing date, which was January 12th. The city did not receive any comments, for or against the changes, in that period of time, he says.
Town council approved the renewal application in a unanimous vote.
