Image courtesy of: http://endangereddurham.blogspot.com/ untested Markets tax revenue source Impacts: A Case Study in shorthorn, North Carolina Amanda Frazier Wong and Sarah Wolff Self-Help frame in 2010 www.self-help.org Executive Summary The New Markets Tax Credit (NMTC) program, created in 2000, provides national tax credits to investors who investment company economic development projects in low income hoidenish disciplines. In the first four days of the program, shorthorn received more NMTC investment on a per capita cornerstone than any disparate city in the nation. This investment helped whet a business district that had been waning since the early 1960s. shorthorn grew up on the tobacco industry. National demand for Durhams tobacco displace re after-hoursd industry employees and population, and also outlined the physical development of the area. large brick factories dominated an otherwise rural landscape, and were the boil down of action in town. Downtown Durham declined in the mid-twentieth century as suburbanization took keep going across the country. It took a second suck when the American tobacco bring Complex shut its doors in 1987, creating a 14 acre industrial wasteland in downtown.
The departure of segment stores and the shuttering of the American tobacco engraft Complex and other factories left the area lacking for jobs, businesses, residents and visitors. By the cartridge clip the NMTC was avail commensurate, tight all downtown census tracts met the eligibility criteria for tar liveed distress, including a p overty rate over 30%, a average family income slight than 60% of the area median income and an unemployment rate more than doubly the national level. inactive buildings peppered the sidewalks. With downtown still situated almost the tobacco mill, several(prenominal) experienced developers desire to purchase and revitalize the vacant American Tobacco Complex during the late 1980s and 1990s. None were able to resurrect financing for the project. Capitol Broadcasting, the ultimate developer, purchased the complex in April 2002. It took more than two...If you need to get a well(p) essay, order it on our website: Ordercustompaper.com
If you want to get a full essay, wisit our page: write my paper