Economic Development Task Force

ECONOMIC DEVELOPMENT TASK FORCE Meeting Agenda May 8, 2025 (3:00p Virtual) Legislation Committee 1. Comments from CM Ed Poteat 2. Review of “Immediate Actions”: a. Vacant Building Tax • Begin development of a policy to implement a tax on vacant buildings to encourage property activation and reduce blight. b. PILOT Programs for Landlords and Businesses • Explore offering Payment in Lieu of Taxes (PILOT) incentives for landlords and businesses that undertake significant property improvements. c. Vacation of Self-Care Businesses • Investigate strategies to address the overconcentration or inappropriate placement of self-care businesses. d. Pursuit of CDE Designation and New Markets Tax Credits (NMTC) • Initiate the process to secure a Community Development Entity (CDE) designation to access New Markets Tax Credit funding for revitalization projects. e. Redevelopment of Public Spaces • Focus efforts on redeveloping key public spaces, including: i. Hutchinson River area ii. Bronx River corridor iii. St. Paul's Church grounds 3. Assign Project Leads For Each Immediate Action Item a. Develop a detailed timeline for pursuing later-stage items. b. Set follow-up meeting to review progress and update priorities. 4. Open Discussion 5. Confirm next meeting date 6. Adjournment