Property Tax Rebate Program

Incenting private investment in Downtown properties by rebating CID property taxes to defray redevelopment costs.
Larger projects with significant job creation and or sales tax dollars only

  • Purpose: The Downtown CID  acknowledges that the redevelopment and re-use of certain properties located within the District will require substantial investment by the developer at a cost of which may effect the economic feasibility of redevelopment and re-use of the property. The Downtown CID recognizes that the redevelopment of certain properties would rehabilitate and improve significant structures within the corporate limits of the District and would additionally be expected to provide increased jobs, property tax revenues and sales tax revenues and is therefore willing to assist the developer by making available to the developer a rebate of a portion of the CID Property Tax at the property as reimbursements of the costs of redevelopment.

  • Administrative Procedures: The Downtown CID has created an application to be completed by developers requesting financial assistance from the CID. The applications will be reviewed by the staff of MAEDC on a regular basis. MAEDC staff will then make recommendations to the CID board as to potential awards based on the criteria outlined below.

  • Project Award Criteria: Eligible projects may receive an amount equal to the annual revenue as verified by the District actually received in such year which was generated by the levy of the CID Property Tax on and at the property for such year up to a total maximum aggregate amount to bedecided on a case by case basis. A point system will be used to score applicants based on the following criteria: financial stability of the business, completeness and potential success of the business plan and financial projections, ability to increase taxable sales within the CID, ability to increase retail activity within the CID, ability to increase foot traffic within the CID, ability to retain and create quality jobs. Start-ups will be eligible but growth opportunities for existing businesses will be given priority.

  • Project Monitoring: An MAEDC staff member will do a physical examination of the business and interview the manager on site or owner if available and discuss plans for the coming year. By Feb. 15th, MAEDC staff will confirm with the Downtown CID that each participant has paid their CID property tax. MAEDC staff will inform the CID board of compliance and recommend approval for reimbursement. The CID board will authorize reimbursement.