Community Benefit District Renewal, Steady Leasing Activity Points to Positive Growth Trend
Tracy, Calif, March 25, 2015 — Downtown Tracy and The Tracy City Center Association (TCCA) had a banner year in 2014 with the notable accomplishment of a 10-year renewal term of its Downtown Community Benefit District (CBD), coupled with a high level of retail and restaurant leasing activity.
The CBD was renewed by downtown property owners at a public hearing during the City Council meeting on November 18, 2014 by an overwhelming majority vote of approval (87.7%). City Council’s endorsement and recommendation for renewal was critical for the additional 10-year term. TCCA contracted with New City America, a consulting company that has formed over 70 similar districts nationwide (and the current Downtown Tracy CBD), in February 2014 to initiate the steps for renewal of the CBD. The new term begins July 1, 2015.
TCCA Board President Dino Margaros says he is extremely pleased with the rate of progress in Downtown Tracy. “Over the past two years, TCCA has been successful in attracting new restaurants, businesses, and investment at a greater pace than at any time in the last 25 years,” he said.
“With the foresight of leadership at the City of Tracy, capital improvement projects like the Downtown Plaza on Sixth Street, a recipient of the San Joaquin Valley Councils of Governments Blueprint Award, helped pave the way for downtown revitalization. Other examples include the Tracy Transit Station, Grand Theatre Center for the Arts, downtown streetscape project, public/private partnerships for downtown parking lots, and various examples of commissioned public art. All demonstrate the City’s commitment and vision that help identify Downtown Tracy as the key City Center in a 20-mile radius. We are proud to be a part of this success story.”
Margaros went on to explain that the renewed CBD will help to increase commerce and economic development through strategic business attraction/expansion within the District, build a positive image of Downtown Tracy through targeted marketing and advertising, fund enhanced services related to maintenance, beautification and capital improvements, and host/co-host a variety of events to draw both new and returning customers into the area.
The boundaries of the renewed CBD were expanded on Central Avenue to include the portion between 11th Street and Grunauer Alley, using exactly the same assessment methodology as was originally adopted in 2009. The improvements and activities for the first year of the renewed and expanded Downtown Tracy Community Benefit District include benefit services based in five general areas; District Identity, Business Attraction, Sidewalk Operations, Administration, and long term Contingency/Reserve.
Downtown Community Benefit District Formation – A Look Back
In December 2009, Downtown Tracy property owners voted to fund special benefit services through a self-assessment, with the goal of jumpstarting and expediting the revitalization of Downtown Tracy. At the time, the national, state, and local economy was exiting from a severe recession and Tracy was one of the few cities statewide to take on such an initiative. By state law, new Property Improvement Districts, here named the Downtown Tracy Community Benefit District, had a maximum allowable first term of five years. Tracy City Center Association was formed as a 501(c) (3) non-profit public benefit corporation in 2010 to oversee and administer the operations of this new assessment district. The creation of the Downtown Tracy CBD and Tracy City Center Association in 2010, fostered an unprecedented partnership between the City and committed Downtown stakeholders to take the District to the next level.
Strong Leasing Activity
The Tracy City Center Association, via the Community Benefit District it administers in Downtown Tracy, has helped to galvanize leasing activity in the downtown area. Following is a list of leasing activity leading into and through 2014.
- Oak Valley Community Bank
- Valley First Credit Union
- Law Offices of Sidney Alegre
- First Class Service Travel
- The Look Hair Salon
- Mia Bella’s Boutique
- Origins Books
- Main Street Music
- Blast from the Past
- The Owl Box: pending
- The Commons
- Thai Jasmine
- EMOS Korean Restaurant
- SweetArts Bakery
- Delta Brews
- I Live for Dessert: pending
About Downtown Tracy
Downtown Tracy is a unique and authentic downtown, built upon strong community ties. It combines historic charm with contemporary interest, showcases a pleasing variety of restaurants, shops, services, & entertainment, and serves as the center of local activity for residents, businesses, and visitors. The Tracy City Center Association is the driving force behind the continued revitalization of the Downtown area. TCCA, a 501(c)(3) Community Benefit District, advocates on behalf of its district stakeholders (property owners, merchants, local government) and the Tracy community at large, through its focus and support of economic development, events, public safety, and beautification. To learn more about Downtown Tracy and TCCA visit tracycitycenter.com.
Tracy City Center Association