A majority of the Ventnor Board of Commissioners declared the city is in need of rehabilitation. Why? Because most of its housing and infrastructure is 50 years old or more.
Outgoing Mayor; Michael Bagnell reports this announcement should help create a tax incentives program for homeowners to improve or rebuild their Ventnor properties. This type of designation typically helps attract new development and boosts economic development. Note: this does not allow the use of eminent domain by private developers.Still to be decided: What improvements are eligible?
- % of value of improvement
- % of dollar amount spent
- % of square footage added
- Raising homes
Bagnell wants to test the program for a short time to see if it helps economically. But first, public hearings are needed, as well as approval by the DCA; The Department of Community Affairs. The final version of the program will be voted on before it becomes an ordinance.