Let's hope so: Downtown incentives could boost economy, but concerns linger

So the city council and county commissioners both approved economic incentive packages allowing tax benefits to a developer to renovate six historic downtown buildings for commercial and residential space.

The $11 million deal would result in 68,000 square feet of commercial space for small businesses to inhabit, and 55 market-rate apartments to be occupied.

Fine and great. That should be a boon to the local economy over time in creating tax revenue, rent and lease revenue and would increase spending downtown and in the local communities on things like food, gas, entertainment -- all of which would benefit the local economy.

So what's the drawback?

Well, for starters, where are all these 55-plus apartment residents going to park?

Ever been downtown on a Friday night when the arts council or Paramount Theatre is hosting an event, or on a Thursday during the summer when a Center Street Jam is in full swing?

We aren't saying that is non-starter. The economic incentives that make the deal attractive to the developer would be recouped in the long run, ideally.

The Downtown Development Corporation projects a more than $600,000 annual injection to the local economy once the business spaces and apartments are fully occupied, and after 10 years of tax return incentives to the developer runs its course, the city and county would benefit healthily from those property taxes.

But are there enough jobs in the area to support that influx of residents? Are there sustainable businesses to move into those renovated historic buildings and generate enough profit to remain there for the long haul?

The investments in revitalizing downtown Goldsboro have been substantial, and it is great to see healthy nightlife and commerce coming to be associated with our community.

We just hope this development idea is as well-thought-out and executed as it is being packaged, or the city will end up with $11 million worth of shiny new building space sitting vacant.

Published in Editorials on November 21, 2017 10:39 PM