Tax Abatement: We prefer to use “tax phase in” over Abatement. This incentive is basically a tax break offered by a municipality on certain types of real or personal property generated by an expansion of an existing business or a new business or industry coming into a community. Tax Phase in normally involves a percentage reduction of taxes paid based on the Assessed Value (AV) over a designated period of time. The amount of percentage and period of time are based on several factors to include but, not limited to the amount of investment, number of jobs created and wages. In the case of a personal property phase in, the estimated life of the property is also taken into account. Normally, the approval for a tax phase in (abatement can take less than 30 days. The MCEDA Staff can provide assistance in preparation of the required forms. Tax Increment Finance (TIF): The use of TIF is very important and is widely used/accepted throughout Miami County to attract and retain business and industry. Currently, there are five (5) major TIF Districts or Allocation Areas established – 3 within the City of Peru; 1 within the Town of Converse, and 1 within the Grissom Aeroplex. With the exception of the Town of Converse, the other Districts only capture the increase in real property taxes generated by new Assessed Value (AV) from a business or industry expanding or relocating in the District. The Town of Converse captures both real and personal property taxes generated by new AV. TIF revenues can be used to assist companies with critical infrastructure, site development, construction costs, or other projects benefiting the District. TIF benefits can be in the form of a Revenue Bond or a Reimbursement Agreement between the developer/investor and the Redevelopment Commission. The Miami County Economic Development Authority serves as the Redevelopment Commission for both the City of Peru and Miami County.
Opportunity Zones: Opportunity Zones (OZ) were established by the Federal Government to offer reinvestment possibilities to investors facing Capital Gains Tax Liability. OZs offer a form of shelter for Capital Gains income and provide significant benefits to investors. Currently, there are two OZs in Miami County – one which incorporates the entire Grissom Aeroplex and the other located on the north end of Peru. Hub Zone: For companies seeking Department of Defense (DOD) Contracts, locating in a designated Hub Zone offers certain advantages within the DOD Contracting System. All of Miami County is a designated Hub Zone Foreign Trade Zone (FTZ): Under the Indianapolis Airport FTZ, business and industry in Miami County can take advantage of Trade Zone benefits especially if importing and exporting parts that are used in production. The process to establish an FTZ around a certain business in Miami County is very streamline and MCEDA Staff can assist with introductions to the Indianapolis FTZ.
The Miami County Economic Development Authority (MCEDA), formerly The Grissom Redevelopment Authority, is authorized by statute, to make loans. However, the MCEDA, being an entity created by county government, does not wish to compete with local financial institutions. Therefore, the MCEDA will only make loans in extraordinary or unusual circumstances. The MCEDA reserves the right to refuse any loan request and any renewal or extension of any existing loan. All loan applicants must agree to authorize the MCEDA to obtain personal background and credit information. The MCEDA may decline any loan request, without explanation or cause. All loan applications must be signed and complete. All loan applications must be accompanied by all documents requested or required by MCEDA . No loan will be made unless it meets three out of the following five criteria:
In the event a loan application is approved, the term of the loan may not exceed five years; the loan should be secured by collateral or personal guaranty; and the amount of the loan may be limited by the amount budgeted annually by the MCEDA for such loans. The MCEDA reserves the right to modify, alter, or repeal this Loan Policy. Please contact the Miami County Economic Development Authority for further details and to obtain an application.
Overall Policy / Purpose: A grant program offered by the Miami County Economic Development Authority (MCEDA) to assist small businesses within Miami County in marketing their products, wares, etc., at regional or national trade shows. Applications can be made by individuals businesses or a co-op of businesses wishing to attend the same trade show. Funds are provided to off-set registration/booth fees, etc., only and are not to be used for travel expenses, advertising, sponsorships, material development, etc. Amount of Grant: Grant funds are limited as follows:
Application Process: Businesses requesting grant consideration must complete the grant application form provided by MCEDA. The completed application and information on the Trade Show, with fees clearly identified, must be turned into MCEDA's offices in ample time for processing prior to the Show date. Additional Policies / Requirements: Only one grant per year for an individual or an individual as part of a co-op. And grantees agree to:
Approval / Disapproval: The Marketing Subcommitte of MCEDA has been designated as the approval authority for the MCEDA Board. MCEDA has allocated a maximum of $5,000.00 (Five Thousand Dollars) per year out of its marketing budget for this grant program. MCEDA reserves the right to reject or deny any and all grant applications. Please contact the MCEDA for further details and to obtain an application.