Neighbors,
As Chair of the Council Committee on Business and Economic Development, I have focused my work on increasing opportunities for those who have been left out of the District’s recent prosperity, while making sure that we take the appropriate steps to ensure equitable economic development.
I recently took part in the
groundbreaking of the Bryant Street development in Edgewood near the Rhode Island Avenue Metro station. This transit-oriented development project will bring additional jobs, retail amenities (including a movie theater), and 135 affordable residential units to the neighborhood. When the project is completed it will deliver 1,500 new residential units helping to increase capacity and alleviate some of the pressure on our housing market.
In addition to increasing jobs and housing, these projects can also provide access to services that residents need. In the District of Columbia, eight percent of all households do not use a bank for financial services and that number rises to 20 percent when considering Black households. That’s why I was pleased to join JP Morgan Chase CEO Jamie Dimon and other Chase executives earlier this week to
cut the ribbon on the first Chase Bank branch in Ward 5 at Hechinger Mall. Having a convenient bank in your neighborhood helps those without access to financial services while keeping residents connected to their community.
I am also tracking larger trends in economic development, like opportunity zones, which are a federal program to provide tax incentives for new businesses and commercial projects in designated census tracts.
I recently joined a ‘Broccoli Talk’ about opportunity zones, what they mean for DC, and how they can be used as a tool to make our economy more inclusive. Last year,
I introduced a bill that would direct a portion of sales tax and enforcement fines captured in a given opportunity zone to be spent within that opportunity zone on community priorities.
These examples represent just a snapshot of the past couple weeks, but rest assured that every day I continue to work to improve the quality of life for the residents of Ward 5 in a variety of ways, including increased economic opportunity and amenities.
In service,
Kenyan