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House Co-Sponsorship Memoranda
House of Representatives
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | November 13, 2023 08:17 AM |
|---|---|
| From: | Representative Justin C. Fleming |
| To: | All House members |
| Subject: | Mixed-Use Revitalization Fund |
| Communities across the Commonwealth are seeing a rise in large, abandoned, and blighted commercial properties such as shopping malls. They are looming eye sores as many are vacant and falling into disrepair – affecting communities by failing to pay utility bills and cutting into tax rolls. Often abandoned and overgrown, they are a deterrent for traffic to nearby businesses, a draw on local services, and often have created significant safety concerns. These properties can be revived into thriving economic centers by transitioning them into mixed-use developments, bringing new restaurants, retail shops, healthcare facilities, recreational spaces, and/or residential housing for working families. Redevelopment of these properties is a significant undertaking with large parcels oftentimes accruing substantial demolition and site preparation costs. Developers need access to significant capital funds that allow them to purchase these large properties and expedite the redevelopment process. To meet that need, I plan on introducing legislation that will create a dedicated mixed-use development fund administered through the Commonwealth Financing Authority (CFA) that will provide a combination grant/loan program to incentivize the purchase and revitalization of these large commercial properties. This will not only allow for revitalization, but also lead to a ripple effect of further investment and development and job creation. Please join me in transforming our local communities and allowing once thriving commercial properties to prosper again. Thank you for your consideration in co-sponsoring this legislation. |
Introduced as HB2174