OPENING A SMALL BUSINESS IN URBANA resources provided by the City - PowerPoint PPT Presentation

OPENING A SMALL BUSINESS IN URBANA resources provided by the City of Urbana

LOCATION & SUPPORT ACTIVATION & MARKETING FINANCIAL ASSISTANCE

ACTIVATION & MARKETING: PUBLIC ART EVENTS FUNDING DISTRICT MARKETING STREET PARKING BONEYARD IMPROVEMENTS CREEK CROSSING

FINANCIAL ASSISTANCE Tax Increment Financing (TIF) Broadway m a h g n i n n u C F a i r v i e w C h u r c h University e n i V Broadway e c a R M a i n e l p a M Elm Birch y a w d Green a Orchard o r B m a a h g n i n n n u C Fairview a b r U Illinois Church Washington University Vine y a w d a o r B

PRIORITY ELIGIBLE Tax Increment Financing (TIF) RETAIL RESTAURANT & HOTEL & 2ND STORY BAR CONVENTION RESIDENTIAL CREATIVE DESTINATION & DBE COMBINATION INDUSTRY ENTERTAINMEN T

PRIORITY ELIGIBLE Tax Increment Financing (TIF) C r e a t i v e I n d u s t r i e s Heritage Arts Media Functional Creations Traditional Publishing Cultural Visual Arts Performing Audio- Creative New Cultural & Printed Design Sites Arts visuals Services Media Expressions Media live arts libraries painting books film graphic digital software music crafts museums sculpture dance press radio fashion cultural animation theater festivals exhibitions antiques publications television interior advertising video games and opera digitized historical puppetry broadcasting celebrations photography newspapers jewelry architecture creative monuments and circus and recording content Based on the UNCTAD classification of creative industries (UNCTAD Creative Economies Report 2008)

OTHER ELIGIBLE Tax Increment Financing (TIF) PERSONAL PROFESSIONAL OTHER NON PRIORITY / NON SERVICES SERVICES INELIGIBLE

INELIGIBLE Tax Increment Financing (TIF) TAX EXEMPT NOT UP TO RELIGIOUS INSTITUTION OR PROPERTY CODE PRIVATE CLUBS

SMALL BUSINESS GRANTS: Tax Increment Financing (TIF) Over 65 Recipients Program ◊ Administrative ◊ New, expanding, relocating ◊ Funding based on business type ◊ TIF Eligible expenditures

SMALL BUSINESS GRANTS: Tax Increment Financing (TIF) $1,000 or $2,000 Business Development Grants ◊ For developing a business ◊ Business counseling required $1,000 Business Opening Grants ◊ For opening a business ◊ Ribbon cutting required

BUILDING IMPROVEMENT FUNDING: Tax Increment Financing (TIF) Up to $10,000 or $25,000 Redevelopment Incentive Program ◊ For mid to large building improvements ◊ Up to 20% reimbursement based on scoring Negotiable Redevelopment Agreements ◊ For large scale projects ◊ Council approval required

BUILDING IMPROVEMENT FUNDING: Enterprise Zone Sales Tax Exemptions Property Tax Abatements Commercial & Residential

BUILDING IMPROVEMENT FUNDING: Enterprise Zone Project eligibility: ◊ $100,000 minimum project cost ◊ Not located within TIF District

QUESTIONS?? erhorwitz@urbanaillinois.us (217) 384-2311