LOCAL INCENTIVES
Tax Increment Financing (TIF) allows a portion of increased property tax revenues that result from redevelopment project, or projects within a designated TIF district, to be allocated toward funding public improvements that benefit the district. You may qualify to receive a TIF if your company is interested in investing in a new development/redevelopment project within the City.
Forgivable loans may be provided to new and expanding businesses that demonstrate a commitment to locate and expand within Upper Arlington, improve real property and/or create new jobs with increased income tax revenues for the City. The term and value of the loan/grant is based on total annual income tax, project investment, and the number of jobs created/retained for the City.
A Community Reinvestment Area (CRA) provides real property tax abatement to commercial property owners. The term and percentage of a tax abatement is based on the project investment, the number of jobs created and/or retained, and the annual income tax revenue generated for the City.
The Enterprise Zone Area Program provides real and personal property tax abatement on the increased appraised value of new or expanding facilities/businesses. The term and percentage of tax abatement is based on project investments, the number of jobs created/retained, annual income tax and the general value you bring to the community. The program encompasses the entire city.
ADDITIONAL RESOURCES
