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Reinvestment Tops $57 Million

Post Date:10/03/2019 12:02 PM

AMARILLO, TX – More than $57 million has been pumped into the downtown Amarillo economy in 2019.

The impressive news was presented Tuesday to Amarillo City Council by Beth Duke, executive director of Center City of Amarillo, Inc.

Duke provided the 2019 Texas Main Street Reinvestment Summary for Amarillo – and the numbers show how downtown Amarillo is growing and prospering.

According to the summary, which includes totals through June of this year, there was $13.4 million of private sector reinvestment in downtown. Public/private partnerships totaled $42.3 million. In addition, improvements to government-owned buildings (city, county, state or federal) totaled $1.4 million – for a whopping total of more than $57 million.

“This is exciting news for all of Amarillo,” Duke said. “These numbers show the ongoing rebirth and growth of downtown Amarillo. People are recognizing the economic potential of downtown – and the success is inspiring.”

Center City is part of the Texas Main Street Program of the Texas Historical Commission.

As a Main Street City, Center City reports downtown reinvestment figures each quarter. The numbers are based on the value of building permits for completed projects and Potter-Randall Appraisal District building sales. Public/private partnership numbers include incentives from Tax Increment Reinvestment Zones,  Center City Facade Grants,  federal or state Historic Tax Credits and Hotel Occupancy taxes.

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