Incentives for the Brooklyn Industrial Park
Tax Increment Financing (TIF)
The TIF enables a city
to use the property tax dollars produced from new private development to pay
for certain public improvements and to provide assistance for private
development within an urban renewal area.
Before a TIF application can
be considered, the prospective development must provide the city with a
business plan and description of the total project (including cost, expansion
information, description of the city's participation, etc.); the company's
financial history; the developers total personal financial (capital)
investment; and parcel information.
There is a possibly of a tax rebate up to 10
years with the City council approval.
The city of
Brooklyn also has a low interest revolving
fund and if you qualify there is a $450,000
zero interest loan program available.
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