Business Development Grant Program
for Vacant Properties
Purpose
The City of Winchester has determined that there are several large vacant commercial properties in the City that are in poor condition and are not generating any business related tax revenues for the City. These revenues, along with the improvement of the buildings, would greatly benefit the community. Therefore, in order to stimulate the economic redevelopment of these properties the City has requested the Winchester Economic Development Authority to develop an economic incentive program.
Program
The Economic Development Authority will provide a grant to eligible businesses in the amount equal up to a maximum of 100% of new city business tax revenues generated, as determined by the Commissioner of the Revenue, based on the incremental increase over a five-year period, paid annually in the arrears. The grant size is based on the following criteria:
- 100% of all business taxes for rehabilitation of vacant structures that are larger than 50,000 square feet.
- 50% of all business taxes for rehabilitation of vacant structures larger than 25,000 square feet but smaller than 50,000 square feet.
- 25% of all business taxes for rehabilitation of vacant structures larger than 10,000 square feet, but smaller than 25,000 square feet.
Eligibility
- Property must have been vacant for (2) two years or more prior to the rehabilitation.
- The property must be a “substantial rehabilitation” equaling 75% of the assessed value of the property.
- Must be commercial property or mixed use in the B1, B2, CM-1 or M-1 zoning districts.
- Must be a new business to the City, or an expansion location within the City.