Several incentives are available through the Community Redevelopment Authority to assist small businesses and developers within the Central Business District boundaries.
REVOLVING LOAN FUND - The CRA's Revolving Loan Fund (RLF) is used to assist businessses and developers by providing low interest loans for business start-ups, business expansion, building rehabilitation and other designated uses.
MICROENTERPRISE LOAN PROGRAM - The CRA's Microenterprise Program provides business counseling, technical assistance and training for small business owners as well as low interest loans to small businesses with 5 employees or less.
TAX INCREMENT FINANCING - Tax Increment Financing (TIF) is primarily designed to finance the public costs associated with a private development project. Property tax increases resulting from a new development are targeted to repay the public investment required by a project. TIF projects may be commercial, residential, industrial, or mixed use. Generally, TIF funds can be used for land acquisition, public improvements and amenities, infrastructure, and utilities.
FACADE IMPROVEMENT PROGRAM - The purpose of the Facade Grant Program is to restore, improve or create historic architectural features to facades of commercial buildings anywhere within the dowtown Central Business District. Applicants may be awarded up to $7,500 for facades, storefronts and awnings or up to $1,000 for signage with a matching dollar for dollar expenditure by the owner/tenant.
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