Inspired by the award-winning Atkins City Centre and other historic rehabs? Thinking of building some apartments on a vacant lot? Now's the time to turn a white elephant into a cash cow. Click on the links below for more information on state and federal incentives available for development, historic rehabilitation, ADA compliance and more.
TIF
Tax Increment Financing can occur on both the local and the state level and leverages future taxes (either income, sales or property taxes) that a development project will create in order to help fund the project. Essentially, the locality or state agree to forgo their tax payments for a pre-determined amount of time. Tax entities continue to receive the orginal amount of tax payment. The City has established a TIF ordinance and the TIF Commission is currently accepting TIF applications.
What is TIF?
Current TIF projects.
Why does downtown need TIFs?
CID
A Community Improvement District is similar to a Special Business District but has the ability to pull in additional assessments, such as sales tax. This added revenue (along with added powers) allows the District to better meet the needs of their members. Downtown CIDs throughout the state typically use their additional revenues for increased maintenance, safety patrols, marketing and other pressing needs. This increase in services directly benefits developers and the new businesses they attract. Not currently in place but is one option raised by City consultants Sasaki and Associates and the Special Business District Board in response to member needs.
MODESA
The Missouri Downtown Economic Stimulus Act is a state incentive that is created by a local government. It's often referred to as a TIF for downtowns and designed for job creation or community enhancement (ie, cultural or arts development.) It requires a state-approved, comprehensive development plan involving public and private projects. Future taxes are leveraged to fund public infrastructure that will support the development project. It's not currently available in Columbia but is being discussed.
TDD
Transportation Development Districts are used in Columbia, most notably on the new Bass Pro development. It leverages future property or sales taxes for infrastructure projects that are crucial to the success of a particular development.
Federal Historic Preservation Tax Credit
20% tax credit received for the rehabilitation of certified historic structures used for non-residential, income-producing purposes (apartments included).
http://www.nps.gov Search term = "historic preservation tax incentives"
Federal Non-Historic Tax Credit
10% tax credit received for the rehabilitation of non-historic buildings built before 1936. Non-residential, income-producing purposes (apartments included).
http://www.nps.gov Search term = "historic preservation tax incentives"
State Historic Preservation Tax Credit
Tax credit equal to 25% of the costs and expenses associated with the rehabilitation of historic buildings.
http://www.ded.mo.gov
Disabled Access Tax Credit
50% tax credit for eligible small businesses that incur expenses as a result of providing access to people with disabilities. Designed to help businesses comply with the ADA.
http://www.irs.gov/ Search = IRS Form #8826
Barrier Removal Deduction
Tax deduction of the costs of removing architectural barriers to the disabled and the elderly.
http://www.irs.gov/ Search = IRS Form #535 Business Expenses
Sidewalk Repair Matching Funds Program
The City of Columbia will now cover 50% of the costs of sidewalk repair. Request details from Public Works when you file your permit.
New!
There's an app for that! Now you can check out our vacancy listings right from your iPhone.
Wait, I have an Android!
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Starting your own business in The District is easier than you think. Download our new business brochure and get started.
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The Small Business & Technology Development Center is now located in The District! Take a look at their new training sessions on topics ranging from start ups to financing to marketing.
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Downtown Business Incubator. Looking for space and support for your burgeoning business? Check out what the Downtown Incubator can offer you.
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I wish this was... We crowdsourced a vacanct building on Broadway. Check out what types of busineses people would like to see.
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Overview of market demand. Retail, office and residential demand.
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Retail/Restaurant Survey Report. Find out what types of businesses District customers want.
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Columbia Kudos
Best Place for Start Ups.
Columbia Ranked #1 by Business Week.
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Best Place in Missouri to Open a Restaurant in 2010.
Columbia Ranked #46 in Entire Nation.
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Best Small Place For Business And Careers for 2010.
Columbia ranked #8 in country, #1 in state.
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Columbia Ranked #9 in Nation.
2009 report names Columbia as one of the top college towns.
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Columbia Named to Best Towns of 2008 List.
Outside Magazine ranks Columbia 10th in nation.
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Best Place in Missouri to Start a Business
Columbia 14th in nation; 5th among cities of 250,000 or less.
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Columbia named Most Creative Community.
Columbia first in the state to receive honor.
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Ranked by Forbes as One of the Smartest Cities.
Columbia is 11th in nation.
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6th Best in Nation for College Educated Workers.
Creative workers key for knowledge-based companies.
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Country Homes Top Green Cities.
Columbia ranked 7th for green lifestyles and quality of life.
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