Edgecombe County signed off Monday on a tax rebate program proposed by Rocky Mount to spur growth and investment in downtown. Rocky Mount Downtown Development Manager Ian Kipp proposed the property tax credit in February and said at the time the city will need both counties to agree to the proposal for the incentive to be effective.

Nash County still is deliberating on the proposal, which would give property tax breaks over a five-year period to anyone who makes a substantial investment — at least $40 per square foot — in rehabilitating a building in downtown Rocky Mount. The building improvement would have to increase the property value by at least three times in order to be eligible for the rebate, Kipp said.

The Edgecombe County Board of Commissioners agreed to rebate, which also would be available in any other Edgecombe County town that agrees to the local property tax rebate.

Telegram staff writer Geoffrey Cooper told me Nash County commissioners have discussed the tax credit informally and plan to study the topic a little further before voting.

Considering the upfront cost of the rebate – zero – and what the counties have to gain from investment downtown – a larger tax base – Kipp said he hopes commissioners will press forward with the plan.

“The important thing is ... we’re not taking money out of our current budget for this,” Kipp said. “This is money we’ll only gain in taxes once these properties are improved."

The incentive also would be offered for any new construction downtown.