Incentives and Local Funding
- Tax Abatements - Miami County has adopted a formal policy regarding tax abatements granted within the county for projects outside of a city. Abatements may exempt a project from all, or a portion, of ad valorem taxes due on buildings, land, and improvements. To qualify, companies must be involved in manufacturing, conducting research and development, or storing goods or commodities which are sold or traded in interstate commerce. Additions to, or expansions of, existing businesses qualify for the property tax exemption if new jobs are created as a result of such activity. Factors to be considered in awarding an abatement are:
- Amount of capital investment
- Number of employees
- Amount of wage
- A cost benefit analysis
- Industrial Revenue Bonds (IRBs) - Up to 100% of a business’ land, buildings, and equipment can be financed with IRBs provided the cost of bond insurance is covered by the project. IRBs may be issued for manufacturing facilities, facilities owned by 501(c) corporations, and low-income multifamily housing projects. They are securities issued by the county to provide the funds for credit-worthy companies to purchase land, pay the cost of constructing and equipping new facilities or purchase, remodel, or expand existing facilities. A limited amount of other developmental and financing activities, such as engineering, architectural, legal, and bond underwriting may also be financed from bond proceeds.
When industrial revenue bonds are issued as financing for a particular facility or for personal property, the county holds legal title to the facility or personal property while the bonds are outstanding and the facility is exempt from property taxation for that period, up to 10 years. In lieu of tax, payments are often required during this time period by the county.
- MicroLoan Fund - Miami County has created a Microloan Fund. These loans are available for real or personal property purchase, renovation projects and inventory expansion. Start-up businesses and expanding businesses are eligible. For more information about these programs please call the Economic Development Office at (913) 294-4045.
Four of the county’s five communities have formally adopted local incentive programs. To obtain the most recent information about their programs, contact your community of interest directly.