Main Street Pineville, in conjunction with the City of Pineville, has worked diligently over the past several months to provide prospective businesses an easier way to locate into the downtown area and current businesses opportunities to revamp or possibly even expand. All of this work has been completed with oversight of the Kentucky League of Cities — a non-profit organization with the mission to serve as the united voice of cities by supporting community innovation, effective leadership and quality governance.
The hard work of the entities has paid off and an incentive package has been completed to ensure prospective new businesses and long standing downtown businesses can take full advantage of what downtown Pineville has to offer. According to MSP Director Jacob Roan, the city has never had anything like this before and he credits Pineville Mayor Scott Madon for pushing the city improvements in the right direction. Madon said the goal is to keep moving forward in anticipation of bigger plans that are in the works.
“We are trying to give a hand up to people,” explained Madon. “We are trying to get in front of some projects.”
Those interested in participating can pick up a package at the Main Street Pineville office located in Pineville City Hall. Each package contains a copy of the recently passed resolution to adopt the Main Street Pineville and City of Pineville small business and property incentive package, a letter detailing what the incentive package offers, information on how to obtain a special a low-interest rate loan for Main Street Pineville businesses, a copy of the ordinance relating to the moratorium on reassessment of tax values for those property owners restoring their property as part of the revitalization effort, information on rehabilitation tax credit programs and a copy of a needs assessment completed by the Kentucky League of Cities.
First State Financial has partnered with Main Street Pineville and the City of Pineville to help Main Street Pineville businesses obtain a special a low-interest rate loan. The information included in the packet details the amount of money available, $150,000, the maximum limit per building, $40,000, the fixed interest rate, 4.5% percent on a five-year balloon note, and all of the requirements necessary to receive this type of loan.
Roan explained how the ordinance relating to the moratorium on reassessment of tax values for those property owners restoring their property as part of the revitalization effort details how it is a tool allowing the City of Pineville a way to encourage downtown business owners in their efforts by not penalizing them with increased taxes.
“This moratorium will allow property owners to do work to their building, to restore their buildings, without raising their property values, so they won’t be taxed at a higher rate,” explained Roan. “That is something that property owners need to latch onto.”
The information provided on the rehabilitation tax credit programs comes from the state of Kentucky website and tells minimum and maximum credit guidelines as well as what buildings and work qualifies. The packet also details the process for applying for the tax credit.
The Kentucky League of Cities needs assessment lists the following needs: narrower streets, wider sidewalks, removal of overhead wires, special pavement and street life. A before and after photo shows those needs being improved and the Courthouse Square becoming the center of a vibrant historic downtown community where tourists mix with locals to dine along the sidewalks, shop in multiple boutiques and gather at the newly renovated Bell Theater.
Reach Reina P. Cunningham at 606-302-9091 or on Twitter @ReinaDailyNews