Small Business Investment Grant Program
Purpose
Intended to provide financial incentive to stimulate new investment in small businesses in the targeted sectors for the purposes of expanding and diversifying the local economy.
Description
Consists of a grant program, whereby new or existing businesses that are expanding 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
Business must have less than 50 employees, if in the manufacturing sector, or less than 20 in any other targeted sector(s). Investment must also result in a minimum increase of $25,000 in assessed property value
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