The Economic Development Authority (EDA) has specific tools to assist businesses with development and redevelopment activities.
The EDA also has access to state and county resources that help attract and retain businesses, housing, and buildings in our town.
Tax Increment Financing
Tax Increment Financing (TIF) 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 uses these funds to help the business defray costs related to land acquisition, environmental studies, or special assessments.
Storefront Redevelopment Loan
The EDA created the Storefront Redevelopment Loan to help our downtown business owners with upgrades to their historic buildings.
This program gives affordable financing to historic building owners so that they can redevelop their historic buildings in ways that preserve the historic nature of these buildings.