DMPED: May 20, 2003 - Press Release

(Washington, DC) The May 2003 issue of The District's Business newsletter features articles on the new convention center, reStore DC, Columbia Heights and DC USA, and downtown housing. The newsletter also talks about the new “Retail Incentive Program,” in which the Mayor Williams, the Downtown BID and downtown property owners are trying to attract retailers to 7th, 11th, F and G Streets, NW, and fill 250,000 square feet of retail space with unique, high-volume tenants that will attract other retailers. In the program, the District will use Tax Increment Financing (TIF) to offset some of the cost associated with building out space for approved retailers. Property owners can then use some of the sales taxes generated by new retailers to secure bank financing for tenant improvements to the space.