HREDC Region Incentive Programs

Purpose

Provide local incentive programs for new or expanding businesses in the HREDC Region.

Eligibility

Local incentive programs are discretionary.  Eligibility varies with individual programs and is based on the company’s core business operations.

Funding Limits

Funding limits are determined based upon the project’s minimum capital investment; number of new jobs created and net new sales tax dollars.

Application/Approval Procedures

HREDC must first offer program benefits in the form of a formal proposal.  The company must return the accepted proposal within 90-days of the proposal date.  All incentives must be approved prior to the start of construction, purchase of equipment or hiring of new personnel.

General Local Incentive Options

Tax Relief

    1. Property Tax Abatement - Real Property
      1. Enhanced Enterprise Zone Program
      2. Chapter 353
      3. Chapter 100 Bonds
    2. Property Tax Abatement - Personal Property
      1. Chapter 100 Bonds
    3. Sales Tax
      1. Sales/Use Tax Abatements on Building Materials/Equipment
      2. Sales Tax Rebates

Land Acquisition and Assembly

    1. City/County Contribution/Subsidy
      1. Land Donation/Write-Down
      2. Temporary Office Space Donation
    2. City/County Acquisition/Lease-Back
      1. Management Agreement
      2. Long Term Land Lease
    3. Tax Increment Financing (TIF)
    4. Eminent Domain

Building Construction (Build to Suit)/Financing

    1. NID Bonds
    2. Qualified Small Issue IDB
    3. General Obligation Bonds
    4. Capitalized Tax Abatement
    5. Purchase-Lease-Back
    6. USDA/SBA Loan Guarantees

Infrastructure Assistance

  1. Community Development Block Grants (CDBG)
  2. Community Improvement District (CID)
  3. Transportation Development District (TDD)
  4. Capitalized Tax Abatement
  5. Tax Increment Financing (TIF)
  6. Amortized Utility Installation Costs

Permitting and Local Approvals/Fees

  1. Streamlined Permitting
  2. Waiver of Fees/Charges (Building Permit, Utility Tap, etc.)
  3. Utility Tax Rebates
  4. Facilitation and Assistance in Obtaining Approvals
  5. Negotiated Utility Rates

Foreign Trade Zone Program (FTZ) (in qualified areas)

HubZone Program (in qualified areas)

New Market Tax Credit Financing (in qualified areas)

Customized Training Opportunities

Incentives Coordination and Documentation

Available Retail Incentive Programs

Incentives : (FOR QUALIFYING PROJECTS)

  • Real Estate Property Tax Abatements
  • Community Improvement Districts
  • Tax Increment Financing
  • Transportation Development Districts
  • Neighborhood Improvement Districts
  • Low Cost/No Cost Land Options
  • Build to Suit Scenario/Bond Financing
  • Waiver of Municipal Fees & Charges
  • Negotiable Local Utilities
  • Streamlined Permitting Process and Facilitation of Approvals
  • Sales & Use Tax Abatements on Building Materials and Equipment
  • Assistance with Infrastructure Improvements – CDBG Programs
  • HUBZone Program
  • USDA/SBA Loan Guarantee Programs
  • Incentives Coordination and Assistance

Available Industrial Incentive Programs

Incentives : (FOR QUALIFYING PROJECTS)

  • Enhanced Enterprise Zone
  • Real and Personal Property Tax Abatements
  • Low Cost/No Cost Land Options
  • Build to Suit Scenario/Bond Financing
  • Waiver of Municipal Fees & Charges
  • Negotiable Local Utilities; Utility Credits for FTE jobs
  • Streamlined Permitting Process and Facilitation of Approvals
  • Sales & Use Tax Abatements on Building Materials and Equipment
  • Assistance with Infrastructure Improvements – CDBG Programs
  • HUBZone Program
  • USDA/SBA Loan Guarantee Programs
  • New Market Tax Credit Financing Program
  • Customized Training Opportunities
  • Incentives Coordination and Assistance
  • Facilitation of Permitting Process and Approvals

Hannibal Enhanced Enterprise Zone Information:

Palmyra (Marion County) Enhanced Enterprise Zone Information:

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