Helping You Grow
The City of Hamilton may grant property tax incentives to enterprises that agree to establish, expand, renovate, or occupy a facility within a designated enterprise zone and agree to retain or create employment at the project’s location. A business must finalize an agreement prior to project commencement.
The maximum allowable benefit to be extended to qualifying companies that does not require local school board approval is a 75%, 10-year real property tax exemption. Real property tax exemptions greater than 75%, 10 years, require local school board approval.
Community Reinvestment Area (CRA)
Community Reinvestment Areas are created with the goal of revitalizing the community. Improvements resulting in real property tax increases may be eligible for tax abatements within designated Community Reinvestment Areas. The percentage and length of the tax abatement is dependent on the type of project. To learn more about the CRA program, please read the brochure here.
Note that residential projects that have 5 units or more should fill out the Commercial CRA application.
Tax Increment Financing
Tax Increment Financing (TIF) is an economic development mechanism available to local governments in Ohio to finance public infrastructure improvements. A TIF works by locking in the taxable worth of real property at the value it holds at the time the authorizing legislation was approved. Payments derived from the increased assessed value of any improvement to real property beyond that amount are directed towards a separate fund to finance the construction of public infrastructure defined within the TIF legislation. Hamilton has enacted legislation to utilize TIF financing and often works with potential development to allow parcels to benefit from TIF financing.
Main Street Upper Floor Residential Rehabilitation Program
The City of Hamilton launched a new program in January 2016 called the Upper Floor Residential Rehabilitation Program. The program seeks to foster private development on Main Street. The program will assist owners of mixed use buildings on Main Street with the redevelopment of upper floor space into high-quality rental housing. The matching grant is up to $20,000 per unit with a maximum grant of $80,000 for each project. For more information or to request an application, contact Liz Hayden.
Commercial Revolving Loan Fund
The City of Hamilton’s Revolving Loan Fund (RLF) provides low interest loans for expansion projects by private, for-profit businesses occurring in Hamilton.
Loans are made primarily for the purchase of machinery and equipment, although purchase, renovation and/or construction of buildings are also eligible.
Hamilton Utilities has partnered with Efficiency Smart to offer a comprehensive energy efficiency program to Hamilton utility customers. There is no cost to participate in the program. Efficiency Smart provides technical assistance and financial incentives, which allow for the implementation of energy-saving improvements to Hamilton’s homeowners, renters, small to medium-sized businesses, institutions, and large commercial and industrial customers. There are many components of Efficiency Smart that could help small businesses, including rebates for energy-efficient products and discounts on energy-efficient lighting. For more information, check out the website here. You can email email@example.com to set up an appointment or for more information.
Brownfields Cleanup RLF
The Ohio Brownfield Fund is a collection of funding sources that can be used to help plan, assess, and remediate brownfields throughout the state. A brownfield is a piece of property whose redevelopment is complicated by the potential presence of environmental contaminants such as hazardous substances, asbestos, lead-based paint, and petroleum. Brownfield redevelopment allows a community to reclaim and improve its lands, making property viable for new development. For more information, please view the State’s website here and/or contact Stacey Dietrich at the City of Hamilton at 513-785-7070.
Ohio Enterprise Bond Fund
The enterprise bond fund provides revenue bond financing through an S&P rated fund, whereby proceeds from the sale of bonds are loaned to companies for fixed-rate, long-term capital asset financing. For more information, please view the State’s website here.
Regional 166 Direct Loan
The Regional 166 Direct Loan provides loans for land and building acquisition, construction, expansion, or renovation, and equipment purchases for eligible businesses. Local economic development agencies administer the program. It provides low-interest loans up to 75% collateral value, not to exceed $500,000.
166 Direct Loan
The 166 Direct Loan provides loans for land and building acquisition, construction, expansion, or renovation, and equipment purchases for eligible businesses. The program provides low-interest loans up to $1.5 million.