The City currently
has the following incentive packages available to industries/businesses that
wish to expand or relocate to the greater Fayetteville area:
-
Job
creation tax credit ($7,000 per full time job if over five jobs
created)
-
Wage subsidy for eligible employees during worker training up
to 1 year
-
7%
investment tax credit
Downtown Loan Program
for businesses located within the City Vision Plan area - 3000 acres (click
here to see map)
-
This program is sponsored by the City of Fayetteville and local
banks and is designed to offer economic incentives to new or
existing businesses interested in investing in the downtown
area and creating jobs for low to moderate income persons.
-
The
minimum loan amount available is $50,000; the maximum is $300,000
- Click
here for more detail
Business
Assistance Loan Program
-
Stimulate
small business investments within the City limits
-
Creates
new services and retail business in the low to moderate areas, including
the City's redevelopment plan areas; and
-
Create
jobs for low to moderate income residents
- Click
here for more detail
Historic
District Tax Credits
Downtown
Historic District and Haymount Historic District are located within the City
Vision Plan area-3,000 acres. Both districts are designated as national historic
districts. This designation allows a 20% federal historic preservation tax
credit and a 20% state tax credit for certified rehabilitation of structures
within the district.
Brownfields
Environmental Testing
Funding, technical assistance
and advice are available for environmental testing of properties that are
being considered for initial development or redevelopment. Sites must fit
the classification of a Brownfields. The potential developer and the City/PWC
will work together to develop the workplan in accordance with EPA guidelines
that control the funding.
Funding can be used
for phase 1 and phase 2 (ASTM standard) environmental assessments. All sites
within the City are eligible.
Brownfields
Revolving Loan Fund
Funding,
up to $1 million, is available as a low interest loan to potential
developers of Brownfields properties for the purposes of remediation
(cleanup) of contaminates other than petroleum products. Other
terms such as time to repay are negotiable depending on the development.
Brownfields
Development Tax Incentives
The State of North Carolina,
under the authority of the Brownfields Property Reuse Act of 1997, offers
decreasing tax reduction incentives for real property taxes for the development
of a Brownfields property.
Potential developers
must agree to enter into an agreement with NCDENR which also includes a
covenant not to sue to the potential developer. The City offers technical
assistance and coordination of this program in conjunction with the above
mentioned programs.
Currently, the
incentives offer the following reductions:
| Year
|
Percent
of Appraised Value Excluded |
| Year
1 |
90% |
| Year
2 |
75% |
| Year
3 |
50% |
| Year
4 |
30% |
| Year
5 |
10% |
The City and
PWC will continue to look at other incentives to help spur new construction
in areas where utility infrastructure now exists both in the downtown core as
well as undeveloped acreage where utilities are already in place.
For
more information about the City incentive programs, please contact:
City of Fayetteville
Community Development Department
433 Hay Street
City Hall - Room 309
Fayetteville, NC 28301
(910) 433-1601
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