The town board on Wednesday plans to discuss economic incentives to bring businesses to Mancos, including sales tax rebates and discounts on business fees.<\/p>\n
At its Wednesday meeting, the board will discuss returning 10 percent of all new taxes if the business is paying 3 percent more in taxes than it did the previous year.<\/p>\n
For example, if a business paid $1,000 in taxes last year and this year owed $1,030, the town would give the business a rebate of $3, according to documentation provided by the town. No application would be necessary.<\/p>\n
\u201cWe looked at many different options for business incentives, but were especially interested in a sales tax rebate as it is a performance incentive,\u201d said Andrea Phillips the town administrator.<\/p>\n
The town will also discuss temporarily reducing all town fees for new construction by half or up to $3,000. Currently, new businesses looking to build have to pay for building permit based on the valuation of the construction and $155 in flat fees.<\/p>\n
A matching grant program to help offset the cost of improving store front facades, particularly along Grand Avenue, will also be considered.<\/p>\n
At the meeting, the board will consider offering a 50 percent match of up to $1,000.<\/p>\n
If approved, incentives would be in effect through 2015.<\/p>\n
Encouraging economic development and increasing sales tax to help pay for capital improvements has been an ongoing discussion in town.<\/p>\n
In 2013, the town collected about $387,000 in sales tax and in 2012 the town collected $328,000. So far this year, sales taxes from retail necessities have brought in the most revenue for the town.<\/p>\n
In the past 12 months, the town has received one application to build and one application for remodel in the highway business corridor, which is a current focus.<\/p>\n