The month of August has traditionally been a time for Members of Congress to leave the heat and humidity of Washington, DC, and spend time building relationships back in their home states. This year ICSC ramped up our site visit program to take advantage of these opportunities for ICSC members to show off their centers to policymakers and discuss important issues impacting their businesses.
North Carolina: Congressman Ted Budd
Brawley Crossing in Mooresville, NC, hosted Congressman Ted Budd (R-NC-13), a member of the House Financial Services Committee.
Brawley Crossing is a new center on the I-77 corridor north of Charlotte anchored by a Costco and an Academy Sports.
Representatives from Hammerford Development and The Shopping Center Group discussed the need for improving our nation’s infrastructure, fixing the depreciation for leasehold improvements and the financing of retail real estate developments. Rep. Budd reaffirmed his strong support for retaining the capital gains treatment of carried interest.
L to r: Judson Martin (Hammerford Development), Dawn Prince-Hoover (TSCG), Jonathon Britt (TSCG), Representative Ted Budd, Key Kasravi (Hammerford Development), ICSC Carolinas State Director Darrell Palasciano (TSCG) and Chris Carney (Carney Consulting).
Kansas: Congresswoman Sharice Davids
Legends Outlets in Kansas City, KS, hosted newly-elected Congresswoman Sharice Davids (D-KS-3) at their center in August. The visit included a discussion of the site plan, funding strategy, economic impact of the center and future plans for the surrounding area, which has grown because of the outlet’s presence.
Legends Outlets is a top of class entertainment lifestyle center that is the popular tourist attraction in Kansas City, pulling regular customers from a six-state area within an 8-hour drive.
Like many ICSC members, Dan Lowe and LEGACY Development have plans to bring additional multifamily housing units to the area, along with an expanded soccer training center to support the MLS soccer stadium next door.
The policy discussion centered on the need for shopping center owners to continue to invest in their centers and be able to depreciate qualified improvement property in a timely manner, as well as the importance of the Star Bond program in creating a catalyst for the Legends area. The group also discussed the frustrations that public and private sector groups have with the changes made in the 2017 Tax Cut and Jobs Act related to tax treatment of economic development incentives.
Representative Sharice Davids discussed industry concerns with ICSC and Legacy Development staff during a tour of Legends Outlets.
Nevada: Congresswoman Susie Lee
The District at Green Valley Ranch in Henderson, NV, hosted Freshman Congresswoman Susie Lee (D-NV-3) on August 19.
The District at Green Valley Ranch is an upscale mixed-use development in Henderson, Nevada, adjacent to the east of Green Valley Ranch.
Topics discussed included carried interest, depreciation of qualified improvement property, ADA lawsuit reform, infrastructure investment, labor issues and Immigration Reform.
Rep. Lee emphasized her membership in the “Problem Solvers Caucus,” which is a bipartisan moderate House group of 24 Democrats and 24 Republicans.
Michelle Brown (Vestar), Jeff Axtell (Vestar), Peter Jacobson (ICSC), Gordon Keig (Pennant Development), Representative Susie Lee, Dan Adamson (ROI Commercial Real Estate), Jason Otter (Logic Commercial Real Estate) and Jennifer Ott (ROI Commercial Real Estate).