CITY PROGRAMS

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.

Main Street Milwaukee
City-wide approach to neighborhood economic development. The entire program uses $350,000 in CBDG funds with an equal match of private resources contributed by partners. Each designated Main Street Milwaukee District receives $70,000 yearly for 3 years to offset the cost of the District’s operations and projects. A Grant must be matched by at least $10,000 in private funds. Each Main Street also receives $70,000 worth of technical assistance per year for 3 years. More information can be found online at www.mkedcd.org/MainStreetMilwaukee or contact Abra Fortson at 414-286-5617.

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.

Renewal Tax Credits
As a result of a Federal designation, businesses located in Milwaukee’s Renewal Community (RC) have access to special tax incentives to spur economic development and promote job growth. The tax incentives accompanying this special designation will be available from January 1, 2002 through December 31, 2009. Unlike some Federal tax incentives, these incentives are easy to use; only one involves a selection process. The Renewal Community Wage Credit provides a credit against federal taxes up to $1,500 for each employee (existing and new hire) who lives and works in the Renewal Community Area. The Commercial Revitalization Deduction allows an accelerated depreciation deduction period for commercial real property, either new construction or substantial rehabilitation. The Capital Gain Exclusion allows a 0% capital gains rate for Renewal Community Assets held for a minimum of 5 years. The Increased Section 179 Deduction allows up to an additional $285,000 immediate depreciation expense for machinery or equipment, including computers, placed in service in that year. More information can be found at www.milwaukeetaxinfo.com or contact Lori Lutzka at 414-286-5846.

Development Zones Tax Credits
Tax credits are available to businesses that locate or expand in Milwaukee’s Development Zone which offers prime locations with direct access to the Port, railway system, airport, and highways. Credits may be claimed for hiring disadvantaged workers and undertaking environmental remediation. For more information on the zone boundaries and the various available tax credit programs, go to www.mkedcd.org/business/busdz.html or contact Jim Scherer at 414-278-5850.

STATE PROGRAMS

Wisconsin Main Street Program
The program promotes economic redevelopment of traditional business districts in Wisconsin, with emphasis on downtowns. The Department of Commerce selects communities each year to join the program. Each Main Street receives $125,000 in on-site training and technical assistance for the first 5 years. Then, receives $5,000 to provide quarterly volunteer and director training sessions and technical assistance. More information including applications can be found at www.commerce.state.wi.us/cd/CD-bdd-overview.html.

Department of Commerce, the Division of Business Development
The Department of Commerce administers more than 25 separate economic development programs, they can be categorized into five distinct areas: Entrepreneurial Development, Capital Finance, Technology Development, Employee Training, and "Targeted Businesses." All of these programs apply common underwriting criteria. More information on State Department of Commerce Programs & Financial Resources can be found at http://commerce.wi.gov/BD/BD-FinAssis.html.