Business Assistance & Incentives
Economic Development Manager and
NURA Executive Director
Business Assistance & Incentives
The city and the Northglenn Urban Renewal Authority (NURA) is committed to creating a business-friendly environment for companies and developers. They have a toolbox of business and development assistance and incentive programs to support existing, expanding or new Northglenn businesses.
The city and NURA are dedicated to providing businesses, property owners and developers with the highest level of predevelopment review and an expedited permitting and planning process.
Tax Increment Financing (TIF)
Tax Increment Financing (TIF) is a tool authorized under state statute by which local governments can publicly finance the rehabilitation or demolition of existing structures, construct or install new streets, utilities, open space and other improvements that serve a public purpose. Expenditures are made within a defined area called an urban renewal area. The tax increment is derived from the difference in appraised value between the year in which the area and TIF was formally established by council (base year) and each year it is in existence, for a period not to exceed 25 years. The increment is generated by real property tax resulting from new construction and increases in market values due to public improvements and redevelopment efforts. Incentive levels are based on the amount of new real property tax created as a result of the project, among additional program criteria. For more facts on TIF's visit http://www.northglenn.org/renewalfaq and www.northglennurbanrenewal.org.
Enhanced Sales Tax Incentive Program (ESTIP)
The Enhanced Sales Tax Incentive Program (ESTIP) was created by City Council as a tool to stimulate the overall economic viability for the city. The ESTIP provides for a share-back or rebate of retail sales tax generated from a business as a result of capital improvements. The rebate is usually paid to local retailers or developers, as reimbursement for approved public and private capital related projects. All rebates are subject to City Council approval and may not be applied retroactively. Incentive levels are based on the amount of new sales tax created as a result of the project, among additional program criteria. This program allows for the share of up to 75 percent of the incremental sales tax over the approved term of a project.
The program is designed to encourage the establishment and/or expansion of retail sales tax generating business with the city, as well as generate employment opportunities, expand goods available, increase the sales and consumption of goods and products and provide public or private related improvements to the city, taxpayers and residents.
Business Incentive Zone (BIZ)
The city’s Business Incentive Zone is an incentive program designed to attract new businesses or assist existing businesses to expand or renovate within Northglenn. The BIZ, which has a city-wide application, allows for the abatement of use tax on machinery, furniture and fixtures associated with the initial development or redevelopment project, use tax on building materials, building permit fees, zoning fees and plan check fees. The amount of the abatement is based on the amount of additional sales tax, use tax, property tax and/or accommodation tax revenue the city anticipates receiving from the new or expanded business during its first year of operation. A maximum of $25,000 can be applied for using this program.
Colorado's Urban and Rural Enterprise Zone Act of 1986 established a program to encourage new capital investment and job growth in economically-distressed areas of the state. Companies located in an enterprise zone area are eligible for various state income tax credits.
The majority of the businesses areas are located in the EZ. The original four-block area in and around the Northglenn Marketplace was included within the city's original enterprise zone, and 10 more locations throughout the city were added in 2011.
Residential Rates at Recreation Center for Businesses
Employees of Northglenn businesses are eligible to purchase a resident ID card or pass for use at the Northglenn Recreation Center. This allows for a significant discount from non-resident rates. Employees only need a photo ID and proof of employment from any Northglenn business.
Business Utility Assistance Grant (BUAG)
This program is available to new or existing businesses in the Northglenn Urban Renewal Authority area. Its purpose is to provide assistance with upgrades necessary related to water, wastewater and storm water system upgrade costs. The property owner is allowed to receive reimbursement for up to 50 percent of the cost of the improvement with a maximum reimbursement of $10,000 or $11,000 if a Northglenn contractor(s) is used.
This program allows NURA to provide funding to projects for the purpose of business attraction, retention or expansion. Funding levels are project specific and are based on the discretion of NURA.
Business Improvement Grant (BIG)
The Northglenn Urban Renewal Authority (NURA) established a business incentive grant that offers up to $12,500 in matching funds to commercial businesses in the NURA boundary areas within Northglenn. The program is intended to improve the appearance of individual buildings and property lots, as well as the overall look of the city. All improvements must be to areas visible from the public right-of-way. and other public areas and parks.
This is a reimbursement matching grant program, which means that the applicant pays a portion of the improvement and NURA pays a portion. The amount of the match must be at least 1:1—the applicant pays $1 and NURA pays $1. However, there is a maximum grant contribution of up to $12,500 or $13,750 if a Northglenn contractor(s) is used. Work completed prior to grant approval is not eligible for funding. Grant funds are disbursed on a reimbursement basis, and cannot be issued until the proposed project has been fully completed.
Tax Exempt Bond Financing
Tax exempt bond financing provides long-term financing for select economic development projects. Bonds are issued by NURA and are exempt from state and local taxes. Financing levels are based on revenue projections used to repay the bonds.