The Payment in Lieu of Taxes (PILOT) is a financial incentive program designed to encourage multi-family rental housing development in the downtown area. The program freezes property taxes at the predevelopment level for a predetermined period (10, 12 and 14 years).
Downtown Retail Incentives are designed to market downtown
to local, regional and national retailers; to encourage local brokers and landlords to aggressively lease downtown space; and to recruit retailers that fill a void and appeal to residents and visitors. Incentives can be tailored to help underwrite tenant build-out costs; offset moving/relocation costs; provide short-term rent subsidies; and assist with facades or signage. Chattanooga
The green\spaces incentive program offers funds for commercial construction and renovation projects. It covers all administrative costs associated with obtaining Leadership in Energy and Environmental Design (LEED) certification and offers dedicated funding for the installation of high profile, very public, exemplary sustainable design features such as green roofs, solar or wind energy generation and geothermal heating.
The Federal Historic Preservation Tax Incentive program provides a 20 percent federal tax credit for the certified rehabilitation of certified historic structures and a 10 percent tax credit for the rehabilitation of non-historic, non-residential buildings built before 1936.
To counter immediate threats to historic structures, Cornerstones has established a Revolving Fund which allows the agency to purchase buildings, finance preservation and restoration work, and sell the properties to investors. Another tool is the Façade Easement Program, through which a property owner can donate a perpetual conservation easement on the façade of the building. The value of the easement, as determined by a certified appraiser, can be treated as a charitable contribution for tax purposes. The easement is attached to the deed into perpetuity and the owner is required to maintain the façade to the same standards as is required by the Secretary of the Interior for properties on the National Register of Historic Places.
SpringBoard is a resource for local entrepreneurs, small businesses and non-profits. Over eight weeks, entrepreneurs build a comprehensive business plan, learn valuable management and marketing skills, and receive constructive feedback from advisors, peers and prior grads.
The CEO Roundtable is a series of 12 monthly meetings for CEO’s of businesses that exceed $500,000 in annual revenue. At each roundtable, a facilitator guides CEO’s from 12 different industries in discussing their experiences and insights in a confidential setting. These peer roundtables were developed to drive innovation, hone decision-making, and improve business performance.
ArtsMove offers financial incentives to qualified artists moving to
’s downtown. The program is open to full-time artists in a variety of creative enterprises, including performing arts, 2D and 3D visual arts, literary arts and culinary arts. Chattanooga
New and expanding companies locating in
Chattanooga and may take advantage of numerous incentives. Most of the incentives vary based on a company’s financial investment and the number of new jobs. Typically, projects must have an investment value of at least $5 million in new real and personal property and create 50 or more new jobs with wages equal to or greater than the average wage in Hamilton County , as reported by the U.S. Department of Labor. Hamilton County
Tennessee Department of Economic and Community Development
Internal Revenue Service (IRS)