The Mitchell County Economic Development Commission (MCEDC) announced the implementation its Phase 2: Commercial Construction Incentive Program.
The aim of the program is to boost the local construction industry and spurring development of commercial, rental and residential projects in the county.
With the completion of Phase 1, which resulted in over $4.4 million in new valuations for Mitchell County, the Mitchell County Board of Supervisors has targeted $1 million toward this economic development program as part of the Mitchell County TIF revenue bond for Phase 2.
The program is a collaborative effort between the Board of Supervisors and the Mitchell County Economic Development Commission.
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Incentive funding will be awarded as four-year forgivable loans, with the application and review process being overseen by MCEDC. Projects meeting program guidelines and are considered to be in the best interest of Mitchell County will be submitted to the Board of Supervisors with a recommendation for approval. Top priority is being given to Mitchell County builders and contractors.
Targeted projects in Phase 2 include construction of commercial and industrial at 20 percent of project cost, up to a maximum of $50,000. Additionally, rental and residential projects may qualify for up to $20,000 for a 1-bedroom unit, $25,000 for a 2-bedroom unit and $30,000 for a 3-bedroom unit, with a maximum award of $240,000 for larger multi-family projects. Significant reconstruction/rehabilitation and adaptive re-use of vacant properties will also be considered.
Projects must meet a minimum of $150,000 cost threshold and be located within the county’s urban renewal area. Applications will be accepted starting May 15 until December, 2019 or until program funding is exhausted.