City of New Hampton Tax and Financial Incentive Programs
Tax Increment Financing
If your business is located in one of the designated urban renewal areas or tax increment financing areas, it may be eligible for an economic development grant that uses the incremental taxes the project will generate.
Property Tax Exemption
Within industrial properties, the City has the authority to abate from property taxation, the actual value added by new construction to the property.
Industrial Revenue Bonds
The City has the ability to issue bonds for some economic development projects. Such bonds are normally issued at a lower rate of interest than otherwise available to the business.
Dollars Per Job Financial Incentive Program
The New Hampton Economic Development has the ability to provide financial assistance to companies that create new employment opportunities and/or retain existing jobs and make new capital investment in New Hampton. The amount of funding is based, in part, on the number of jobs to be created/retained. Funds are provided in the form of loans and forgivable loans.