What We Offer…..

Various incentives are available to assist businesses that want to locate, or grow, in Wayne County Indiana. General purpose grants are offered by the Economic Development Corporation (EDC) of Wayne County, Indiana and others by units of local government.

In addition, the EDC helps companies make contact with the Indiana Economic Development Corporation which also provides investments to encourage job creation and company growth. For more information about what the State of Indiana can do for your business, visit the state incentives section of our website. To determine eligibility, a company representative must complete an application for incentives; please contact the EDC of Wayne County Indiana for the required form.

General Purpose Grants

The EDC of Wayne County’s mission is to improve the business and community environment, as well as employment opportunities in Wayne County, Indiana, One of the ways we are achieving this goal is by encouraging the retention and expansion of existing businesses and attracting new businesses to Wayne County. The EDIT Grant is one tool we have available to help achieve this goal.

EDIT Grants are derived from the Economic Development Income Tax (EDIT) and are in place to encourage growth in Wayne County. For qualifying businesses, this cash grant can be used for any purpose related to the company’s investment including the purchase or lease of land or building(s), construction, utility connections, employee relocation, employee training, and the purchase, transportation, and installation of machinery and equipment. Funds cannot be used for payroll, other operating costs, or payment for pre-existing debt.

EDIT Grants are awarded based on a project’s eligibility. The general qualifications for grant eligibility are listed below. To apply for a grant, a business must submit the following documentation to the EDC: (1) Wayne County Project Profile and an Indiana Economic Development Corporation Application for Incentives; (2) The EDC’s EDIT Grant Application Packet, and (3) other information as determined by the EDC. A successful grant application must be approved by the EDC Board of Directors and Wayne County Board of Commissioners. Lastly, once approval is awarded an Incentive Agreement must be executed between the business and the EDC.

EDIT grant applications submitted to the EDC to be considered for funding should meet the following qualifications:

• Business is creating or retaining a minimum of 5 permanent full-time equivalent jobs. Retained jobs can only be claimed if the business can demonstrate a threat of losing existing positions.
• Starting wage for each new or retained job pays a minimum of $18.00/hour, excluding benefits (not an average rate of pay for all jobs).
• Business must invest a minimum of $500,000.
• Business is a for-profit entity.

Additional considerations:

• Higher wages will result in a higher grant award.
• The industry sector of the business applying for a grant must align with the sectors as identified in the EDC’s strategic plan.
• Start-up entities will be required to submit additional information including, but not limited to, their business plan and financial projections.
• Special economic development projects will be considered for funding that are identified as priorities of the EDC and a Wayne County governmental unit.

Land

The EDC actively encourages companies looking for sites to work with private land owners and developers or their agents. The EDC represents the City and the County in land transactions involving the Midwest Industrial Park in Richmond, and the Indiana Gateway Industrial Park in Cambridge City. General Purpose Grants awarded to a company can be used to reduce the cost of land within the county.

Tax Abatements

Working through the City of Richmond, Wayne County, and other local units of government within Wayne County, personal property taxes may be abated on the company’s new investment in machinery and equipment or new real property improvements. The EDC of Wayne County will help companies determine their tax abatement eligibility and work with the local jurisdiction on applying for real and/or personal property tax abatements.

Tax Increment Financing (TIF)

Tax Increment Financing an economic development financing tool used to capture property tax revenue attributable to increases in assessed value (AV). Increases in the AV occur when private development takes place in a defined geographical area designated by local government. When a TIF area is created, the AV is frozen. As development occurs, the property taxes paid on the increase in the AV are captured and can be used to pay for infrastructure improvements, debt payments on bonds issued to facilitate the development, and a variety of other costs incurred to generate additional development in the designated area.

Opportunity Zones

An Opportunity Zone is a new economic development tool designed to promote investment in distressed census tracks within a community. The new designation was provided through legislation enacted by the Federal Tax Cuts and Jobs Act of 2017. The U.S. Department of Treasury has designated Opportunity Zones throughout the country to incentivize investments in identified census tracks to better address local needs in areas such as business growth, improvements to housing, and improvements to infrastructure.

Richmond, Indiana is home to two designated Opportunity Zones, Census Tracts 2 and 9. Census Track 2 encompasses all of downtown Richmond where we are actively seeking investment partners. We have prepared an Opportunity Zone Prospectus that will enable you to learn about our community and investigate viable Opportunity Zone investment projects. You can read our Opportunity Zone Prospectus here. Please contact us to further explore partnership opportunities. We look forward to hearing from you!

Certified Tech Park (CTP)

The Certified Technology Parks program was created as a tool to support the attraction and growth of high-technology businesses in Indiana and promote technology transfer opportunities. This designation allows for local recapture of certain state and local tax revenue which can be invested back into the park.

Urban Enterprise Zone (UEZ)

The Richmond Urban Enterprise Zone Association contributes to economic development efforts in Richmond’s center city. A variety of incentives are offered to both businesses and individuals located within the zone such as tax credits for employees who live within the zone, property tax deductions based on the increased assessed value following building, infrastructure maintenance, machinery improvements, and a variety of incentives for zone residents and those who purchase or hold interests in zone businesses. Using these tools, the zone works to fulfill this mission: “To promote the general business and economic interest of the Enterprise Zone by creating self-sustaining programs and activities designed to strengthen and expand the income potential of all Enterprise Zone businesses and residents.”

IMPA Energy Incentive Programs

The Indiana Municipal Power Agency (IMPA), a not-for-profit, wholesale power provider, offers incentive programs to qualifying projects. IMPA provides an Economic Development Rider for companies located in an IMPA member’s service territory which provides an opportunity to save an additional amount on the wholesale portion of their electric bill. Existing and prospective businesses that are approved for the rider can expect to see a reduction in the cost of electricity based on their energy consumption. In addition to being located in an IMPA member’s territory, the customer must invest a minimum of $1,000,000 in real and/or personal property, and must add a minimum of 1MW of new load, among other qualifications.

For commercial and industrial customers who are interested in implementing energy-saving measures IMPA has the Energy Efficiency Program. Through the program, business customers that implement energy-saving measures in an IMPA member community can receive incentives in three different areas, including HVAC, Variable Frequency Drives, Refrigeration, Food Service, and Controls.

Communities in Wayne County served by IMPA include Richmond, Centerville, and Dublin.

Whitewater Valley REMC Commercial/Industrial Incentive Program

Whitewater Valley REMC provides cash incentives to help businesses purchase and install electric energy-saving equipment. The incentives are available to all businesses, regardless the number of employees. These programs help you more effectively manage energy usage and lessen the impact of increasing power costs. They can offer these programs to reduce the demand for power at a much lower cost than building new power plants. This program is available only to businesses in Whitewater Valley REMC’s service territory. Communities in Wayne County served by Whitewater Valley REMC include areas of Cambridge City, Greens Fork, Williamsburg and the Indiana Gateway Industrial Park.

Duke Energy Economic Development Incentive

The Indiana Economic Development Rider 58 allows a 5-year reduction on the Duke Energy electric bill – up to 30% depending on qualifying factors – for any new or additional load associated with an economic development project. To be eligible for this incentive, the new load must be a minimum of 500 kW demand on one premise. The project must be competitive and receive significant state and/or local economic development incentives, among other qualifications.

City of Richmond Revolving Loan Fund

The Richmond Revolving Loan Fund will provide “GAP” financing limited to one third of total project costs up to a maximum of 25% of the current loan fund assets. These funds may be used for equipment purchases, building rehab/expansion, real estate acquisition and working capital. Overall funding is based on the calculation of $1,000 per one dollar an hour for each job created or retained limited to a total of $15,000 per job. Loans operate at half of the prime rate (limited to 4% minimum) for a maximum duration of 10 years.

Wayne County Revolving Loan Fund

The Wayne County Revolving Loan Fund can provide a financial assistance tool with business expansion and improvement projects located in Wayne County. Eligible activities include real estate acquisition, construction or purchase of new plants, facilities, and equipment, modernization and rehabilitation of plants and equipment, and working capital. Locally owned existing small businesses, new companies, Wayne County businesses with non-local ownership, corporations, and not-for-profit organizations are eligible to apply.

Industrial Development Revenue Bonds

IDRB’s provide a tax-exempt financing vehicle for qualifying manufacturing projects.  Eligible projects include facilities and equipment used in the manufacturing or production of tangible personal property, including facilities that are ancillary to the manufacturing process.  IDRB’s are issued by a public entity on behalf of the borrower to finance new facilities, rehabilitate existing facilities and/or to purchase new equipment.  Interest paid on the Bonds is tax free to investors, thus inducing them to lend at substantially lower rates to the borrower, often as much as 2-3% below conventional financings.