A new TIDE program brings growth to La Grange, Pink Hill
A Lenoir County TIDE is coming to La Grange and Pink Hill.
TIDE — an acronym for Tax Incentive for Downtown Enhancement — is a tax incentive program intended to encourage the stabilization, rehabilitation and redevelopment of older buildings; promote infill and economic development; and boost occupancy rates with new commercial development and investment in the designated district.
TIDE has earned its title as it follows the thought that a rising tide lifts all ships. The anticipated benefits of the program include:
job creation
reduction in downtown blight
historic preservation
increased property values of existing and redeveloped properties
support of locally-owned businesses
reducing downtown vacancy rates
controlling urban sprawl
growing and strengthening the downtown core
Under this program, an investment is made into a property and jobs are created to support the newly-renovated building and business. This new investment and job creation is supported through a granting of taxes back to the developer.
After the property owner pays all annual taxes, the towns of La Grange and Pink Hill, along with Lenoir County, will “grant” the property owner a sum equal to the difference between taxes paid on the new value (post renovation) and the original tax value before renovation and construction.
In short, the total taxes paid are unchanged, with a developer effectively paying the same amount as the pre-renovation value, the additional billed amount being granted back to the developer. The duration of this incentive is for 5 years after the renovation has been completed and received a certificate of occupancy and a property or site. A property or site may not receive this incentive more than once in any 10-year period.
“I believe I speak for all the commissioners when I say we are thrilled to roll out this new program,” Lenoir County Board of Commissioners Linda Rouse Sutton said. “Growing our 21st century economy is a goal of the board’s strategic plan and this new program and partnership is one step towards that goal.
“We appreciate our partners in the towns of La Grange and Pink Hill and we are excited to see what great new development this program might create for our community.”
To qualify for the tax incentive program, a property owner or developer within the special
downtown tax district is expected to apply and demonstrate that they meet all criteria of the program. After an initial review process by staff, the boards from the respective town — along with the county — will approve the final application.
The full list of requirements will be outlined in a memorandum of understanding between each town and the County.
Pink Hill Mayor Mike Horne said he has 11 grandchildren, including four who live in Pink Hill and four more who live in the outskirts of town; the other three visit during the holidays. He said the TIDE program will help everyone in Pink Hill, including his family.
“I love how our county and towns are coming together on so many wonderful things to benefit our communities,” Horne said. “I think this is just one great step to help our small downtown community grow again. I appreciate Lenoir County Assistant County Manager Adam Short and the county for thinking about Pink Hill.
“I look forward to a bright future in our county and its towns. The future of our communities is in our children; we are all blessed to live in Lenoir County.”
La Grange Mayor Bobby Wooten echoed Horne’s sentiments.
“We’re proud to work with Lenoir County to bring the TIDE program to life in La Grange,” he said. “By supporting property owners and developers, we’re fostering economic growth that will benefit everyone while preserving the heritage and charm that make our town special.”
For more information about the TIDE program, contact Short at 252-559-6391.
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