Downtown Redevelopment

Published 12:00 am Tuesday, November 16, 1999

Authority assists businesses


Editor’s Note: "The Messenger" is examining the different committees that serve the citizens and city of Troy. In this weekly series, we will introduce Troy’s governmental boards and the citizens who serve on them.

Sign up for our daily email newsletter

Get the latest news sent to your inbox

When a business wants to come to Troy, there are several government-sponsored incentives to help with its development.

Larger industries can set up through the City of Troy’s Industrial Development Board, but another program can also be used. The city’s Downtown Redevelopment Authority was formed about 10 years ago as a result of federal legislation that allowed tax advantages for businesses participating in the projects, said Allen C. Jones Jr.

Jones is a member of the Authority’s board. Other members of the Downtown Redevelopment Authority include Roscoe Lightfoot and David Conrad Jr.

The goal of the Downtown Redevelopment Authority is to bring businesses into the downtown area and help them build the facilities they need, Jones said. This assistance is open to any category of business.

Some may think that the organization only applies to historic downtown Troy but that is not the case, Jones said. The area extends from around the square to U.S. Highway 231 and the industrial area, he said.

"We picked a fairly large area, although the emphasis is on the traditional downtown area," he said.

Area businesses, such as Dr. DiCharia’s facility and Don Walker Western Wear, were built with assistance from the Downtown Redevelopment Authority, Jones said.

"If you go through us, there are certain tax advantages, but the business’ development must be done as a bond issue, and there are costs associated with that. It can be cost-prohibitive for small businesses."

The organization has not assisted with as many projects in recent years as it did in the past because of changes in federal laws. Building a business through the Downtown Redevelopment Authority is not as advantageous as it used to be, he said.

The federal government trimmed the program about six years ago so you must have a multi million project for it to be advantageous to work through the Downtown Redevelopment Authority.

"This is unfortunate because smaller projects are what we really need to redevelop downtown," Jones said.

If you would like more information on setting up your business through the Downtown Redevelopment Authority, call Jones at 566-3605 for more information.

The Downtown Redevelopment Authority does not hold regular meetings. It meets whenever it has a project.

Nov. 15, 1999 11 PM