Layering Incentives in Business Renovation

Layering Incentives in Business Renovation

Chapter 353 Tax Abatement:
Commercial Redevelopment Guidelines

The Excelsior Springs Redevelopment Corporation shall serve as a tool to bring about the revitalization of Excelsior Springs’ downtown and surrounding area Stock in the corporation will be owned wholly by the City of Excelsior Springs and the corporation is managed by a board of directors. The purpose of the corporation is to provide a streamlined, cost-effective means for individual property owners to obtain partial tax abatement on their downtown properties in return for making improvements.

The ultimate success of the downtown area is dependent on private sector commitment. It is up to the merchants, building owners, professionals and investors to improve the value of their properties and condition of their buildings. A number of downtown buildings have been altered in a manner that does not improve the appearance or the image of the area. In some cases, alteration is not consistent with the overall design of the structure itself. Such building treatments are in direct conflict with the adopted design guidelines established for the historic area or are not compatible with surrounding buildings.

This incentive program is intended to stimulate improvements to the downtown area by providing an innovative financing mechanism. It presents an opportunity to preserve our community’s heritage, and to enhance and promote the unique atmosphere which the downtown area can provide. It also represents an opportunity for property owners to make improvements that allows their property to be competitive with other business locations. Click here for complete details and application.

PACE

PACE is an innovative way for property owners to pay for energy efficiency, renewable energy and water conservation measures, as authorized by Missouri state statute. PACE financing is all private capital, with no taxpayer funds. It is available to commercial, industrial, non-profit, government and agricultural property owners. Eligible projects include heating and cooling systems, insulation, energy-efficient lighting, solar panels and water pumps.

To quality as a PACE project, the annual energy savings from the project must exceed the cost of the project. This results in increased cash flow for the property owner and a higher value of the building. Show Me PACE lenders offer 100% upfront financing for eligible improvements through fixed-rate loans for up to 20 years. Administered by the nonprofit Missouri Energy Initiative, Show Me PACE provides economic development through open-market financing for approved projects. Click here for downloadable brochure (PDF).

Ameren Missouri

Ameren Missouri BizSavers® program offers cash incentives for virtually any cost-effective energy efficiency project. Whether you’re running a small business or large corporation, your company may qualify to get cash back for improvements to your facility’s lighting, building controls, ventilation, cooling systems and more.  With the BizSavers® program you can start saving today and boost your bottom line tomorrow. Learn more

Downtown Excelsior Partnership

Provides help with facade improvements to businesses in the downtown historic district.

Opportunity Zones

Excelsior Springs is a designated Opportunity Zone in the state of Missouri. Created by the Tax Cuts and Jobs Act of 2017, the Opportunity Zones program provides investors with a treasury-certified capital-gains tax deferral, based on their investment in the designated areas. The program seeks to revitalize and create jobs in areas that otherwise may not be considered by investors.

Enhanced Enterprise Zone

The purpose is to provide tax credits and property tax abatement to new or expanding businesses in an Excelsior Springs designated Enhanced Enterprise Zone. State tax credits may be provided each year for up to 5 tax years, after the project commences operations. Local benefits within zone include an abatement of at least 50% of taxes on improvements to real property for a period of at least 10 years; in no case can the abatement exceed 25 years. Click here for more information (PDF).