Provision of Infrastructure. Since the development is located in a TIF district, the City already has provided industrial- quality streets, utility services, and other required infrastructure improvements without assessment or charges of any kind to adjacent property owners. Additional off-site improvements also can be provided at no cost, if necessary. When appropriate, the City will apply for a TEA Grant and/or other Grants from the State of Wisconsin to help finance transportation related infrastructure improvements. The TEA Grant program is a matching grant program with projects capped at $1 million, and will fund $5,000 for every FTE created and retained. For more information, please visit ▇▇▇.▇▇▇.▇▇▇▇▇▇▇▇▇.▇▇▇/ business/econdev/tea.htm. Companies that locate or expand in the City of Beloit are eligible to claim tax credits for job creation for full-time positions that are Wisconsin residents. Credits generally range between $3,000 and $8,000 per FTE created. Furthermore, companies located and conducting economic activity in the Development Zone will be eligible to claim state income tax credits for capital investments. These credits can be applied at 3% against the purchase price of real estate, personal property, or construction costs. These credits can carried forward up to 15 years. For larger projects creating 100 or more jobs, businesses may be eligible for a significantly larger amount of State income tax credits by applying directly to the State through the Wisconsin Economic Development Corporation. The tax credits are non-refundable and non-transferable and must be applied against a certified businesses Wisconsin income tax liability. In the case of an S-Corporation or an LLC or other pass-through entity, tax credits flow through to the owners the same way as the income. Tax credits can be carried forward for 15 years. Eligible business activities include:
Appears in 2 contracts
Sources: Joint Development Agreement, Joint Development Agreement