The office of the City Manager oversees Economic Development in the City of Newport with several programs being facilitated by the Development Services Department and the Historic Preservation Office. The following information is offered as an introduction to some of the current programs available. Please contact us if you have any questions.
The City of Newport Board of Commissioners is considering implementation of an Emergency Business Assistance Program is in response to small business impacts during the COVID-19 crisis and the mandated closures to allow social distancing. The Board is expected to act on this program on April 27th, 2020. In anticipation of necessary approvals, and in order to streamline applications as much as possible, the City is accepting pre-applications for the program at this time.
This program is primarily intended to assist retail businesses, including businesses that serve food. Eligible businesses may receive monthly payment for four months of $500 to be used for rent/lease /mortgage payments during the term of the mandated closure. This incentive is available on a first come first serve basis, until funding is fully committed. Program guidelines and the pre application are on the city website. In order to determine eligibility for this program, a company must complete, sign and submit a pre-application to via email to Larisa Sims, Assistant City Manager.
Additional resources for businesses:
The City of Newport IDEA Program was created in 2020 to enhance the business climate for entrepreneurs, small businesses, startups and travelling professionals and to meet the needs of the new economy, while spurring investment in vacant properties. Property owners/lessors may receive up to a 40% reimbursement of city payroll taxes generated by employees of eligible businesses locating in a newly rehabbed, previously vacant property. The reimbursement will be paid annually to the property owner for up to 5 years. Tax reimbursements must be used to assist with either tenant finish or rent reduction. Guidelines for the program can be found here. Pursuant to Section 37.37.315 of the Newport City Code of Ordinances, in order to determine eligibility for this program, a company must complete, sign and submit an application to the office of The City Manager. Contact Larisa Sims, Assistant City Manager.
Job Development Incentive Program
The City offers up to a forty percent (40%) reduction in occupational license fees for certain projects locating in the community. Click here for the application or contact Community Liaison Bev Holiday.
Business and property owners can defer the added value of improvements from the taxable assessment of their property for a period of five years. A structure must be 25 years old or older and must undergo substantial rehabilitation to qualify. Click here for the application or contact Code Enforcement Director Brian Steffen.
A 20% investment tax credit is available for substantial rehabilitation of certified historic buildings that are income-producing. Project must comply with the Secretary of the Interior’s Standards for Rehabilitation. A 10% credit is available for buildings built before 1936 that are not certified as historic. (A map will soon be added showing Newport Tax Credit Eligibility Areas.)
The City of Newport has established a Central Business District Façade Improvement Grant Program. Property owners whose properties are located in an area bounded by York Street to the west, Washington Avenue to the East, 3rdStreet to the north and 11th Street to the south are eligible to apply. This program is designed to provide financial assistance to property owners making façade improvements approved by both the City’s Historic Preservation Officer and by the Kentucky Heritage Council. For the program guidelines click here. The application period for this program is now closed. For questions about an existing application or grant award, please contact Larisa Sims.
For information about the benefits through TIF in Kentucky, click here.
The City has created an Energy Project Assessment District to facilitate Property Assessed Clean Energy Projects. Energize Kentucky is the Program Administrator for a program available to commercial, industrial, and multi-family (5 units +) property owners across the Commonwealth. PACE Financing provides access to low-cost, extended term capital to finance energy efficiency and water efficiency projects. For more information click here or contact Assistant to the City Manager Larisa Sims.