Economic Development

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.

Business and Development Incentives

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.

Property Assessment Moratorium

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.

Historic Rehabilitation Investment Tax Credit

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.)

For more information on the Commonwealth’s program click here or contact the City’s Historic Preservation Officer, Scott Clark.

Façade Grants

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, 3rd Street 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, for the applicaiton click here, or contact Community Liaison Bev Holiday

Tax Increment Financing District

The City has created the local City Center Tax Increment Financing District.  Click here for a map of the area.  For more information, contact Assistant to the City Manager Larisa Sims

Kentucky TIF Fact Sheet

For information about the benefits through TIF in Kentucky, click here.

Property Assessed Clean Energy Financing

The City has created an Energy Project Assessment District which to facilitate Property Assessed Clean Energy Projects.  KY-PACE is a new program available to commercial, industrial, and multi-family building owners across the Commonwealth. PACE (Property Assessed Clean Energy) provides access to low-cost, extended term capital to finance energy efficiency and water efficiency improvements. For more information click here or contact Assistant to the City Manager Larisa Sims.

State Incentives

 

Collage of Newport Businesses

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