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Saturday, November 07, 2009 12:06 AM Breathing new life into downtown buildings Tax incentives proposal headed to City Council By Rochelle Moore | Times Staff Writer Dr. Lindsey deGuehery can see the bright neon lights, people buying popcorn and movie tickets and a renewed interest in nightlife in downtown Wilson. When deGuehery bought the former Carolina Theater on Tarboro Street two years ago, he was not only interested in offering a place for moviegoers, but he also saw the business as a catalyst in the revival of downtown. His plans for the theater are unique for Wilson. There will be three movie screens, concessions that include beer and wine and movies that couldn't be seen at theater chains. But there are some challenges, even with what he believes will be a successful business. "I think downtown would bloom around this project," deGuehery said. "I love the project. I think it would be really cool for the city." Renovations to the 12,300-square-foot, two-story building could cost up to $1.3 million before the building could be opened up to the public. The cost of renovating downtown buildings, those not upgraded or maintained through the years, may be an obstacle to downtown development, said Jay Hood, president of the Wilson Downtown Development Corp. That's why WDDC wants to work with city leaders to develop a financial incentive package that could help business owners offset some of the costs of renovation. "The cost of anything is a barrier," Hood said. "This would be an incentive to encourage people to invest and take that risk and spend that kind of money for redevelopment." The details of the incentives are still being discussed between WDDC members and city officials but a proposal could go before the Wilson City Council in the next few months, Hood said. An incentive package would involve an assessment of the tax value on a property before and after renovations took place. Once an increase in property tax went into effect, the owner would pay taxes and later receive a reimbursement for a portion of those taxes, based on a formula that determines the overall investment in the property. The tax break could also last for several years or more, depending on the amount of money spent on the renovations. The WDDC group is reviewing similar incentive programs already in place in several North Carolina cities, including Clinton, Clayton, Concord, Gastonia and Smithfield. Those plans, anywhere from months to several years old, are being used to guide the development of an incentive program for Wilson's downtown, Hood said. The city of Clinton's incentive program went into effect in January. "These are the ones we're studying to model ours after," Hood said. "That's where we are with presenting it to the Wilson City Council. We're trying to look at these other cities." The programs are providing an added draw for downtown development, Hood said. WDDC is hoping the city and the county would agree to the incentives, not only because property tax values would increase but also as a way to spawn an interest in downtown development. WDDC currently offers several incentives for business owners, including facade grants, owner occupied grants, rent incentive grants, a rent grant extension program, a downtown loan pool and historic preservation tax credits. "We'd like the city to focus on the downtown municipal tax service district so the redevelopment in these areas is encouraged," Hood said. Some business owners aren't deterred by renovation costs. Debi Luper, co-owner of the Le Doux Cafe and Bakery, spent at least $350,000 to renovate her Tarboro Street restaurant prior to opening. The cost wasn't a barrier, since she knew it would cost about that much to build a new building. But deGuehery said he'd be interested in applying for any incentives the city would offer. He wants the theater approved as a historic site so he can benefit from state and local tax credits. Still, the cost of renovating the theater isn't a main concern for deGuehery. A variety of other challenges exist: electricity costs, city building codes, removing any hazardous materials, and waiting until the economy improves in such a way that the business would thrive. "There's a number of things that come into play," deGuehery said. "This has to be financially viable and self-supporting. I have to look at my own capability of doing this. I have to look at my community and determine if it will succeed." During the past two years, deGuehery has invested close to $125,000 in renovations, including a new roof. The former Carolina Theater first opened in Wilson in 1930 and changed its name to the Drake Theater in 1943. In 1973, the theater closed, during a time when businesses started locating in other areas of the city. When it opens, the downtown theater would offer three movie screens, one with 185 seats and two with 50 seats, and be named the Carolina Theater of Wilson. A variety of movies are planned, including new releases, classics, foreign films and others nominated for Academy Awards. Catered events could also take place in the theater and it could be a location for community events and concerts. Even though deGuehery could open the theater within months, he is waiting. "We could start in a month or six weeks because we've done most of the planning," he said. "It wouldn't take us long to get underway with this. I just need to be comfortable with this. I cannot self-support the building. It needs to be self-supporting." rochelle@wilsontimes.com | 265-7818 |
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