Central City Approves New Water Tap Fee Incentive Program
To promote new development and growth in Central City, the City Council approved a new Water Tap Fee Incentive Program on Tuesday, May 5 to support property owners and developer investment. This aligns with goals set forward in the City Comprehensive Plan adopted in 2017. Through this unique program, Central City’s City Manager can approve rebates for water tap fees on new developments in key parts of the community that are in line with the City’s economic development goals. The City has $829,205 available in water credits for property owners and developers to apply towards tap fees, with certain amounts allocated towards the Bridge Gateway Area, general commercial development, and residential infill.
Most properties in the community are eligible for the program and approved projects will generally receive a 30% rebate. However, there is opportunity to increase the rebate amount if applicants demonstrate a commitment to Central City’s economic development goals. This includes a variety of initiatives such as job creation, infrastructure and façade improvements, housing and mixed-use developments, etc. The maximum rebate received can’t exceed 100%.
Along with this program, applicants will be encouraged to apply for Enterprise Zone Tax Credits to offset expenses related to new investments, job training and creation, and vacant commercial building rehabilitation.
Central City adopted a Comprehensive Plan in 2017 that set goals regarding economic development to:
- Encourage the development of lodging, retail, entertainment, and tour guide services.
- Expand commercial and professional services for local residents.
- Increase the number of historic buildings occupied with active businesses, residents and visitors.
- Create more housing options to establish the critical mass needed for desired economic development.
Since the Comprehensive Plan was adopted, the City’s Community Development department has been looking for new and unique incentives that will entice investments in the local economy. For more information, visit www.centralcity.colorado.gov/opportunities-and-incentives.