The High Point Market and its footprint in downtown is substantial and it remains the economic engine for High Point. However, momentum is building around entertainment and food. In the last 5 to 6 years the stadium and nearby restaurants and other food/drink businesses have transformed the area into a Social District that draws people throughout the city. However, this activity is often centered around events and nice weather making it difficult to sustain a business. For the downtown to thrive and become vibrant it needs more people living there. Some people are concerned that if more housing is built that it would be snatched up by investors associated with the High Point Market for the sole purpose of housing people visiting the Market a few weeks per year. This would do little to the day-to-day vibrancy of downtown. Nonetheless, housing is a key to success for creating a vibrant and authentic downtown.

As downtown continues to become more desirable, living in close proximity to downtown could make living in adjacent neighborhoods also more desirable. This could push up housing costs in these areas. The city should keep a close eye on this and, if needed, take steps to prevent displacement of existing residents.

High Point should consider the following incentives and policies to help kick-start downtown housing:

• Project Development Financing – to be used within a project development financing district to finance the capital costs of certain public projects that enable, facilitate, or benefit the private development within the project development district. (Known as Tax Increment Financing (TIF) in most states)

• Real Property Tax Rebate  – Special Tax Incentive, which returns the taxes on the increase in property value to the property owner for a period after redevelopment.

• • Up to 100% of the increase in assessed value attributable to the conversion of non-residential property to mixed-use with a housing component.

• Primary Residency   – Consider finding a mechanism for requiring property owners that receive incentives to lease to primary residents only.

• • Might need to include sub-leasing and short-term rental provisions