Incentives for Retail Development and Businesses
Downtown Façade Grant Program
Financial and business assistance to businesses and commercial property owners interested in renovating the street faces of their buildings. Reimbursement is limited to no more than 30% of the total cost of eligible improvements, not to exceed $50,000 per building. More information including applications can be found online at www.mkedcd.org/business/busfac.html or contact the Facade Hotline at 414-286-8201.
Retail Investment Fund (RIF)
Funds to assist with the establishment or expansion of business activity in commercial districts. This is a reimbursable grant of approximately $5,000 per full-time job created. Each new full-time employee that is counted towards meeting the grant requirement must be City of Milwaukee residents. Funds can be used for pre-approved business related expenses such as, but not limited to, architecture and engineering costs, purchase of furniture / equipment / inventory, environmental testing and clean up. The applicant must provide 100% grant match. More information and applications can be found at www.mkedcd.org/business/busrif.html or e-mail :Rhonda.Manuel@milwaukee.gov
Tax Increment District Financing
Funds targeted toward eliminating blight, increasing property value and promoting job growth and economic development. Each request for TIF assistance is evaluated by the Department of City Development based on short term and long term economic development impacts, adherence to the City’s plans, priorities, and goals, public benefits provided, amount of public assistance compared to private investment, term of public assistance and risks associated with the project. Priority is given to development projects that facilitate increased permanent employment with family-supporting wages in the City of Milwaukee. More information can be found at www.mkedcd.org/business/TIF or contact Jim Scherer at 414-286-5850.
The New Markets Tax Credit (NMTC) Program
The NMTC Program provides investors with a 39 percent federal tax credit over a 7 year period for making qualified equity investments in designated Community Development Entities (CDEs). The Milwaukee Economic Development Corporation (MEDC) is a CDE that has received a NMTC allocation and is offering below-market low interest loans to businesses and real estate developers for asset purchases, real estate development, and mixed-use developments resulting in the creation of jobs, low-income housing, sustainable economic development, and elimination of blight where the need is the greatest and the access to capital is limited. The NMTC Program is limited to a target area of the city which is larger than the Renewal Community target area. More information is available at www.mkedcd.org/business/busNMTC.html or contact Tracy Luber at 414-278-5843.