Entertainment District Information
Entertainment District benefits are as follows:
• A five-year, 80% abatement of local property taxes on real and personal property
• Or at the discretion of the municipality, a 7 year 100% abatement of local property taxes, Board of Alderman approval required.
• A 10-year, 25% or 50% corporation business tax credit
In order to qualify for the Entertainment District benefits, the proposed project must meet one of the following criteria:
• Substantial renovation of an existing facility or part thereof involving capital expenditures of at least 50% of the assessed value of the facility or part thereof being expanded or renovated prior to renovation. The only costs that count towards the 50% threshold are those costs incurred for work that required a building permit.
• Construction of a new facility
• Acquisition of a facility by new owners after having been idle for at least one year prior to acquisition. Idleness is determined if the facility was unused, unoccupied, or substantially under-utilized for one year prior to acquisition. A community may request that the DECD commissioner waive the idleness requirement.
The program is geared towards specific entertainment related businesses, as defined by selected types of SIC/NAICS numbers listed below. Eligible businesses may include manufacturing, communications, wholesale, retail, and general services related to the entertainment industry.
Local Agency Contact: Helen Rosenberg, (203) 946-5891, firstname.lastname@example.org
State Agency, DECD Contact: Ed Bona, (860) 270-8143, Edward.email@example.com
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