The Winston-Salem Journal reports the City of Winston-Salem is set to offer a $1 million-plus incentives package to Mast General Store, which is planning a mixed-use development downtown:
The financial assistance package, valued at more than $1.27 million, has four parts: a $500,000 loan; $250,000 in infrastructure improvements such as sidewalks lighting and landscaping; $273,000 in free or reduced parking for up to 20 years; and a $250,000 grant.
The City Council’s finance committee recommended the package be approved at the council’s next regular meeting on Monday. City Manager Derwick Paige said the city usually does not consider incentives for retailers, but the residential part of Mast General’s plan was a game-changer. Although finite plans weren’t available, Mast General reportedly plans to combine the retail store with 45 apartments on the second and third floors of the building.
You know I’m skeptical of so-called mixed-use development. If Mast General thinks it will work, fine; let them build it without taxpayer subsidy.
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