Press Release - March 4, 2020
City of Del Rio FOR IMMEDIATE RELEASE Press Release - March 4, 2020
CITY ANNOUNCES INCENTIVES FOR THOSE SEEKING TO IMPROVE PROPERTIES IN DOWNTOWN HISTORIC DISTRICT
Del Rio, TX— On February 11, City Council unanimously approved an ordinance creating a Downtown Historic District, which helps protect, enhance, and safeguard historic district landmarks and their significance, promoting the economic, cultural, and educational welfare of the public.
Additionally, this ordinance promotes economic development and encourages downtown revitalization through the availability of tax incentives for those who purchase a building located within the district “an abatement for rehabilitations at 100% for 10 years when costs exceed 50% of the structure’s pre-rehabilitated value.” In other words, if someone were to purchase a building within the Downtown Historic District for $100,000 and then were to invest improvements of at least $50,001, then this individual would be eligible for a 10-year property tax abatement on this property.
“Main Streets across the state and country are seeing progress towards revitalization and redevelopment in their downtown areas. This is a big step in the right direction towards incentivizing those who are seeking to become business owners in our Main Street area,” stated Ori Fernandez, Economic Development Director.
In order to be eligible for the property tax abatement, there is a process which includes a design review and filing for a certificate of appropriate design. The City’s Economic Development Director, Ori Fernandez can be contacted for further questions at 830-774-8638 or by email at email@example.com.