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Interns analysis says $12.6M downtown investment produced $1516M in property-value gains; council adopts related grant ordinance
Summary
A City intern presented an ROI analysis of the Downtown Newton Streetscape, reporting a $12.6 million investment yielded a $1516 million gain in downtown property value; council adopted an ordinance accepting an NC Department of Commerce Rural Downtown Economic Development Grant (up to $475,000).
Alexis Douglas, an intern for the City of Newton, told the council on July 15 that the Downtown Newton Streetscape Revitalization Projects $12.6 million investment from 2015 to 2023 corresponded with an estimated $1516 million increase in downtown property value and is helping position Newton as a regional destination.
Mayor Pro Tem John Stiver commended the analysis and noted that nearly half the project cost was covered by funding sources other than local taxpayers. Mayor Jerry Hodge described the streetscape work as one of the city's largest infrastructure efforts and praised downtown business resilience.
Finance Director Kimberley Robinson reported the city had been awarded an NC Department of Commerce Rural Downtown Economic Development Grant not to exceed $475,000 and that a petition to reassign those funds to a different project had been denied by the granting authority. Robinson said the requested action was to recognize the revenue and request reimbursement under the grant. Council Member Jon McClure asked whether the funds could be used to pay off loans; Robinson replied no.
The council adopted the grant ordinance accepting the streetscape funding.
The minutes do not provide a full breakdown of the grant reimbursement schedule or a detailed accounting of exactly which project expenditures will be reimbursed; staff follow-up was not recorded in the minutes.
