The Down Town Development authority discussed the use of the old Furlow School building on Jackson Street. Kirby Glaze, with 4 PM Public-Private Partnership Project Management incorporated, addressed the DDA.

Glaze stated the building was still structurally salvageable, and should be eligible for historic tax credits. Glaze told how the Federal government would provide 20% of qualified rehabilitation expenses, and the State of Georgia would provide 25%, both in the form of income tax credits.

He stated that despite the Down Town Development Authority being tax exempt, there was still potential benefit from the tax credits. “We’ve developed a structure where you can monetize those tax credits, where you create a wholly owned subsidiary entity that becomes the developer of that project, and then investors will invest in that entity in return for the tax credits.”

Glaze gave the rate. “Federal tax credits right now are usually generating somewhere between 80 to 85 cents on the dollar.” Glaze stated Georgia tax credits offered a lower rate. “State tax credits are more in the 65 to 70 cent range.”

Glaze stated student housing as an option for the building. He commented on the importance of residents for the health of the downtown. “Downtowns that are solely driven by people who drive in and work or shop, and then leave, are hard to sustain.”

Charles Crisp question Glaze. “Could the college itself, as an entity, or the hospital lease the whole property?”

Glaze mentioned limitations, but that there was a method for short term leases. “I do know in many communities, one of the real needs is housing for short term medical staff.”

Mayor of Americus Lee Kinnamon addressed the DDA, stressing the need to come up with a decision soon. “A decision of some sort will have to be made, and more in the short term than in the long term, because it does constitute somewhat of an attractive nuisance.”

City Manager Diadra Powell commented on the structure of the DDA. She told how the Americus DDA was limited in scope. “The thirteen-block radius is probably going to be part of the issue.” She stated she was sure there were methods available for DDA to pursue for the project. “We just need to make sure that we figure out how to get it done.”

Powell addressed the housing needs of Georgia Southwestern College and Phoebe Sumter Hospital. “There are a lot of individuals that are throwing money towards that. There is a development that’s already on its way for that.”

Powell stated her biggest concern was the individuals in the community. She suggested learning more about the nearby community’s views.