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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 will make a community investment in a company’s growth based upon potential job creation and its related payroll and the company’s investment in a Wayne County location. This is true for new businesses entering the county and for expanding, existing businesses. These funds 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 equipment. Funds will not be granted for payroll, other operating costs, or payment on pre-existing debt. The company must complete a Wayne County Project Profile to be considered for a general purpose grant. Performance objectives will be formalized in an Incentive Agreement before funds are granted. This grant requires approval from the EDC Board of Directors and the Wayne County Board of Commissioners.
EDIT grant applications submitted to the EDC to be considered for funding by the EDC Board of Directors and the Wayne County Board of Commissioners should meet the following qualifications:
- Business is creating or retaining a minimum of 5 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 $12.00/hour, excluding benefits (not an average rate of pay for all jobs).
- Business must invest a minimum of $250,000.00.
- Business is a for-profit entity.
- 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.
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.
Working through the City of Richmond, Wayne County and local towns within the county, property taxes may be abated on the company’s investment in new machinery or new real estate improvements when job growth is involved. Abatement generally reduces a company’s property tax burden by about 50 percent for a period of one to ten years.
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.
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.
U.S. investors currently hold an estimated $2.3 million in unrealized capital gains. Opportunity Zones leverage this pool of money to promote economic development by providing federal capital gains tax advantages for investments made in these areas. Investors can realize deferral and reduction of capital gains taxes in investments held for at least five years with additional incentives available for investments maintained in Opportunity Zones for seven and ten years. To be eligible, investments must be through Qualified Opportunity Funds which are vehicles formed for investing in eligible Opportunity Zone property.
Richmond, in Wayne County has two designated Opportunity Zones; Census Track 2 and 9. Census Track 2 encompasses 0.8 square miles and includes all of downtown Richmond. Census Track 9 covers 3.9 square miles and is located on the south side of town. Find more information about available buildings in Opportunity Zones here. Find information about available Opportunity Zone sites here.
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 Efficiency Program
The Indiana Municipal Power Agency (IMPA), a not-for-profit, wholesale power provider, is offering an incentive program for commercial and industrial customers who implement energy-saving measures. Incentives are being offered to qualified customers in the areas of energy efficient lighting; heating, ventilation and air conditioning; motors, fans and drives; and refrigeration, food service and controls. This program is available only to businesses located in IMPA’s service territory. 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.
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.