Businesses in Monroe are taking advantage of the tax incentives offered by the City of Monroe.
“Incentives afford business and property owners the opportunity to increase their speed to market while simultaneously aligning with a number of the city’s economic goals and objectives, specifically job creation and increased capital investment,” Mark Vanisacker, deputy director of economic and community development and neighborhood services coordinator, said in an email.
Vanisacker said reactivating properties that have been underutilized remains a key area of focus and increases taxable value benefitting the city.
A variety of tax incentives are listed on the city’s website along with a description, including the Brownfield Redevelopment Authority, which aids in the investment and rehabilitation of brownfield, a property that is contaminated, blighted or functionally obsolete, and economically challenged sites.
The city is involved in the process of approval for some incentives and others are handled at the state or federal levels. Each incentive is project based and approved with a specific allocation of years based upon state statute.
Director of Economic and Community Development and Assistant City Manager Mark Cochran said there are approximately eight properties that have an existing abatement through the Obsolete Property Rehabilitation Act (OPRA) and Industrial Facilities Act.
The OPRA offers abatements (excluding school taxes) for redeveloping blighted or obsolete properties and the Industrial Facilities Act is a property tax abatement program for industrial developments, expansions and rehabilitation efforts to eligible businesses.
“There are many other property owners throughout the city who have taken advantage of other opportunities besides tax abatements, including brownfield assessment and remediation grants and loans and property improvement grants through the Downtown Development Authority,” Cochran said. “The city has a stewardship responsibility with public incentives and we are very strategic when we consider approving financial assistance incentives for properties that have fallen into disrepair or struggle to achieve their highest and best use due to reasons that are not caused by the current owner.”
All requests are reviewed to ensure they meet the needs of the city.
“Through this review and consideration, the city is not just a yes or no vote, but rather a true partner in development and redevelopment,” he added.
For more information on specific incentive opportunities, property owners and business owners can reach out to the city’s Economic Development Division.
— Contact reporter Lisa Vidaurri-Bowling at lvidaurribowling@gannett.com.