Business Retention and Expansion Grant Program
Business Retention and Expansion Grant Program
Purpose
Intended to provide incentive to encourage existing businesses to make new capital investment in targeted economic sectors for the purposes of expanding and diversifying the local economy. The program will also apply to projects that demonstrate a significant investment resulting in the retention and/or expansion of high value industries and jobs.
Description
Consists of a grant program, whereby existing businesses will be eligible to receive a grant for a percentage of the tax increment generated from the investments made in the development or redevelopment of the building or property in conformity with this Community Improvement Plan (CIP).
Financial Details
Grant equivalent up to 100 percent of the municipal property tax increase created by the project for up to 10 years after project completion.
Requirements
Project must create or retain a minimum of 50 jobs within the manufacturing sector or create more than 20 jobs or retain a minimum of 35 jobs within any other targeted sector(s).
(519) 255-6100 ext. 6608