The Economic Development Incentive Program (EDIP) is designed to foster job creation and stimulate business growth. A company that participates in EDIP may receive state tax credits and/or local property tax incentives in exchange for a commitment to new job creation, existing job retention, and private investment in the project.
TAX INCREMENT FINANCING (TIF)
The Town of Barnstable seeks to enter into Tax Increment Financing Agreements to support investment for development and redevelopment projects that:
- Stimulate capital investments that result in a 50% increase in net taxable property value
- Attract new businesses that are compatible with the Barnstable Comprehensive Plan (BCP), Town Council, and Economic Development Commission goals.
- Foster reconstruction and/or renovation of blighted, vacant, and/or underutilized commercial or industrial properties.
- Support new construction for business in locations compatible with local plans and goals.
- Expand existing businesses including the conversion of a seasonal business to a year round business.
- Locate in the Growth Incentive Zone, Regional Commercial Center, Industrial, and Industrial Limited zoned areas.
- Support desirable projects that are otherwise financially infeasible
- Adds to or enhances the firm’s employment levels with salaries that compare to or exceed Area Median Income