|
The Urban Enterprise Zone
Urban Enterprise Zone | Norwich is one of twelve Connecticut cities with a state designated Urban Enterprise Zone. The program provides direct incentives to manufacturers, commercial businesses, retailers and residential property owners to encourage new capital investment in urban areas. Norwich's Urban Enterprise Zone includes prime industrial and commercial sites including the historic downtown and waterfront, several mill properties, an 11-acre site overlooking the harbor and a 30-acre site on the Thames River.
Eligible Activities and State Incentives
Attractive incentives are available for capital investment projects within the Norwich Enterprise Zone. Such projects may be new construction or expansion of existing facilities: For Manufacturing and Research and Development (R &D) firms:
- 80% local tax abatement on real and personal property (5 years)
- 50% state corporate business tax credit (10 years)
- $1,500 grant for each new, permanent, full-time job (up to $75,000)
- Exemption from state real estate conveyance taxes and sales taxes on manufacturing replacement parts
- Direct loans, mortgage assistance and job training assistance
For commercial businesses and residential property owners:
- A 7-year graduated tax deferral of any increase in taxes attributable to improvements on real property
- Exemption from real estate conveyance taxes
- Low-cost financing for working capital
- Job training assistance
Urban Jobs Program
Benefits through the Urban Jobs Program may be available to eligible companies that operate within Targeted Investment Communities but are not located within a specific Enterprise Zone. An eligible company may receive a ten-year, 25% corporate business tax credit as well as an 80% property tax abatement on qualifying real and personal property. The company must request Urban Jobs Program benefits before consummating the real estate transaction, and demonstrate inducement as well as economic need or benefits.
|