The primary goal of the Revolving Loan Fund is to assist with the fixed asset and working capital financing of new and expanding businesses where a gap exists between funds neeed for startup or expansion and the amount raised through conventional sources. The following goals are applicable:
Tax Increment Financing is a funding technique that takes advantage of the increase in tax capacity and property taxes from development or redevelopment cost. The result of a tax increment-financing projedt is an increased tax base that will benefit all local taxing jurisdictions. Additionally, TIF districts usually create new jobs and help stimulate the economy.
- Increase in the number of jobs
- Increase tax base of City
- Diversification of the economy
- Return to use of good available commercial/industrial buildings.
Tax Abatement is similiar to TIF in that it uses taxes as an incentive to promote development. Tax Abatement is strong, locally controlled assistance program that is available for new business growth, redevelopment, and housing development.
Contact City Administrator Chris Heineman @ 789-6415 if you would like more information about any of these programs or to inquire about other regional and state programs that may be available to help with your planned business development.