The Garden City FCEDC Board Meeting held on October 23, 2024, focused on the potential for utilizing federal tax credits to stimulate economic development within the city. The meeting began with a discussion on a federal program that allows investors to purchase tax credits, which can offset a portion of their federal tax obligations. This program is particularly aimed at projects located in distressed or heavily distressed census tracts, which are characterized by low residential density and lower socioeconomic status.

A key point raised during the meeting was the creation of a list of projects within these census tracts that could qualify for new market tax credits. The total value of the projects submitted for consideration was approximately $128 million. This figure indicates a significant opportunity for attracting investment, as investors typically seek large projects with the potential for substantial returns.

While some of the proposed projects are located within the city limits of Garden City, others are adjacent and may require annexation for development. The discussion highlighted the importance of these tax credits in incentivizing development in areas that may otherwise struggle to attract investment.

The meeting concluded with a transition to updates from the communications director, Scott Aust, indicating a shift in focus to other agenda items. Overall, the discussions underscored the city's efforts to leverage federal resources to enhance economic growth and development in targeted areas.