The Facade Improvement Grant Program is to encourage businesses and commercial property owners within the Central Business District to revitalize, rehabilitate, and restore exterior store fronts. The Grant Program reimburses businesses or commercial property owners for eligible improvements up to fifty percent (50%) of the total project cost; for a maximum reimbursement of $5,000.
Tax Abatement is a public financing method used to reduce or eliminate the increased amount of property taxes after real estate improvements have been made. Through reallocation of property tax revenues realized after private investment, each local taxing jurisdiction is able to choose the amount it contributes or if it contributes.
Tax Increment Financing
Tax Increment Financing, commonly referred to as TIF, is a public financing method used to induce private investment within a defined district where real estate improvements would otherwise not occur. Financial assistance is provided by the reallocation of property tax revenue that would have been realized by local taxing jurisdictions after real estate improvements have been made. This financing method is commonly used by municipalities because tax rates aren’t affected.