City of New Haven Announces Incentive Program for Emerging Media Industries
(3/21/2011) New Haven, CT - The City of New Haven Office of Economic Development and the Economic Development Corporation of New Haven (EDC) are pleased to announce a new tax incentive program for media and entertainment content production industries called "Produce It Here". This state-statute defined program allows the City to offer an incentive to an industry poised for tremendous growth due to New Haven's established creative economy, tech-savvy entrepreneurs, and geographic proximity to entertainment and media industry hubs. This program is administered in cooperation with State of Connecticut Department of Community and Economic Development.
This new State statute defines an "Entertainment District", although eligibility is open to all companies in the City that actually create or produce physical and digital content for entertainment purposes. Projects eligible for Produce It Here benefits include, but are not limited to, facilities producing live or recorded multimedia products and any support business necessary to sustain such operations. Under the terms of this benefit, a qualified company can receive a tax abatement of up to 80% of real and personal property taxes for up to five (5) years. These taxes forfeited by the local government are then reimbursable from the State up to 40%. Qualification is determined by the capital investment made by the company.
The City of New Haven Economic Development Administrator Kelly Murphy stated "that programs like Produce It Here allow for a targeted investment in an industry growing in New Haven that will encourage existing business to expand here and help the City to attract new business". Murphy also added "that New Haven is one of only five designated Entertainment Districts in the State".
EDC CEO Anne Haynes said "this new tool will provide an advantage to staying and growing in New Haven. Given our proximity to large metropolitan media markets and entertainment industry hubs, it's a perfect location to cultivate these companies."
Areas of New Haven that qualify for the district under the Produce It Here statute include Downtown, Science Park, and the Upper State/Mill River District-all areas where some of these types of companies already exist. However, under the auspices of the State qualification process, the benefits can be extended citywide. The benefit requires a capital investment by the company - whether a significant expansion of space, purchasing of real property, and/or purchasing of significant equipment.
It should be noted that this program is not open to entertainment businesses related to gambling or gaming facilities. Facilities whose primary source of revenue is the sale of alcoholic beverages are specifically excluded per statute, as are video arcades and theme parks.
The EDC, established three years ago, is a not for profit economic development corporation working in partnership with the City of New Haven, Yale University and other agency partners, work with the business community to grow the economic base of New Haven, creating jobs and
prosperity for our residents.
New Haven, It all happens here!
Contact the EDC for more information, we're ready to assist you in succeeding!
Contact Name: EDC New Haven, Kathleen Krolak
Contact Email: email@example.com