The Economic Development Authority (EDA) has specific tools to assist businesses interested in development and redevelopment activities.
In addition to these financing tools, the EDA has access to several state and county activities that help attract and retain businesses, housing, and buildings in our town.
Tax Increment Financing
Tax Increment Financing allows the city to provide financial assistance to a qualifying business. The city can capture the increase in taxes on a property because of the development or redevelopment activity. The city then utilizes these funds to help the business defray the costs related to land acquisition, environmental studies, or special assessments.
Storefront Redevelopment Loan
The EDA also established a Storefront Redevelopment Loan to help our downtown business owners with upgrades to their historic buildings.
This program gives affordable financing to owners of our historic buildings so that the owners can redevelop their historic buildings in a manner that would preserve the historic nature of these buildings.