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INCENTIVE PROGRAMS
Incentive #1 -- Technology Zone Tax Credit The Old Town Technology Zone is comprised of 125+ acres in downtown Winchester. Qualified businesses located within this zone may benefit from tax advantages and an environment where they can grow. Incentives also exist for qualified property owners who make qualified improvements to a structure to house or accommodate a qualified technology business. Contact the OTDB office for application forms, more information, and eligibility requirements. Incentive #2 -- Grant Program for Vacant Properties To stimulate the economic redevelopment of large, vacant properties in Old Town, the Economic Development Authority will provide a grant to eligible businesses in the amount equal up to a maximum of 100% of new city business tax revenues generated, as determined by the Commissioner of the Revenue, based on the incremental increase over a five-year period, paid annually in the arrears. The grant size is based on the following criteria: · 100% of all business taxes for rehabilitation of vacant structures that are larger than 50,000 square feet. · 50% of all business taxes for rehabilitation of vacant structures larger than 25,000 square feet but smaller than 50,000 square feet. · 25% of all business taxes for rehabilitation of vacant structures larger than 10,000 square feet, but smaller than 25,000 square feet. Eligibility: · Property must have been vacant for (2) two years or more prior to the rehabilitation. · The property must be a “substantial rehabilitation” equaling 75% of the assessed value of the property. · Must be commercial property or mixed use in the B1, B2, CM-1 or M-1 zoning districts. · Must be a new business to the City, or an expansion location within the City. Incentive #3 -- Facade Improvement Grants To incentivize the improvement of facades through Old Town, eligible property owners can receive funding for exterior rehabilitation and restoration, as well as painting, awnings and signage. Interior rehabilitation, purchase of inventory, promotions or business venture expansions does not qualify. A maximum of $25,000 per tax lot, the loan is a 3% interest loan, depending on the terms of the loan. Design approval is needed by the Board of Architectural Review. An application is available online and can be submitted to the Old Town Development Board along with project drawings, project budget and project bids to |
