The City provides incentives for priority economic
development projects, as well as coordinating incentive packages with state
and federal agencies. City staff reviews potential projects for
eligibility.
The following incentives are offered for qualified projects:
Business License Fee Reductions
Unoccupied Buildings
New Construction Downtown/Redevelopment Corridors
Student Housing
Auxiliary Dwellings
Historic Preservation
Customized Incentive Packages
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Business
License Fee Reductions
New Businesses
All new businesses located in the City are eligible for reduced Business
License fees in the early years of operation.
Upon application for, and granting of the business
license, the license holder will only be required to pay a base license fee.
Following that, the applicant will pay 40% of the
applicable fee the first year and 60% of the applicable fee in the second
year of operation. Thereafter, 100% of the applicable fee will be
charged.
Technology Firms
The City of Beaufort offers technology
based companies a reduced business license fee designed to foster growth in
the technology sector.
Tech firms in SIC Codes 7371 and 7372 pay
only $10 for the first $2,000 of gross revenue, and $0.025 for each $1,000
of revenue over and above $2,000.
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Unoccupied Buildings
To promote the redevelopment of vacant structures, the City has
developed an incentive program to offset rehabilitation costs in these
facilities
Any property owner who acquires ownership of any
qualified empty/vacant commercial building and pays city real property taxes
in regards to a qualifying property will receive credits for all such taxes
paid. The amount of these credits will be calculated as follows: the new
property owner will receive cash reimbursements for all city real property
taxes paid over the same number of years the qualified property had been
continuously empty and/or vacant and which was continuously available for
sale and/or lease during that time, up to a maximum period of five (5)
years.
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New Construction in Downtown/Redevelopment
Corridors
In order to promote quality, responsible infill development, the City
provides incentives to qualifying new construction projects in the Downtown
area and along specified redevelopment corridors.
The property owner responsible for qualifying new
construction will be reimbursed for all city real property taxes paid by
the owner on the relevant property attributable to the new development on
that property for a maximum period of three (3) years.
A property owner who creates new rental housing in
an upper story (or in upper stories) of an existing commercial building in
the tax increment financing district will receive double the authorized
reimbursement. To
To qualify, the new construction must either be in
the city downtown tax increment financing district or in a designated
redevelopment corridor. Should a property owner elect to receive a lump
sum payment for all such taxes which will be credited, the city will pay
the property owner for all such real property taxes which the property
owner will pay which are attributable to the qualifying new construction
for a maximum period of three (3) years, upon that owner's receipt of a
certificate of occupancy for that newly constructed building or that area
of the previously existing commercial building which was renovated,
improved, and/or added.
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Development of Student Housing
A property owner responsible for development of
qualified student housing will be reimbursed for all city real property
taxes paid on the relevant property for a maximum period of three
(3) years.
Reimbursements will be made on an annual basis after the city property
taxes are paid and the owner has provided an affidavit that the units are
being utilized for student housing.
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Auxiliary Dwellings
A property owner responsible for development of a
qualified accessory dwelling unit will be reimbursed for all city real
property taxes paid on the relevant property attributable to the accessory
dwelling unit for a maximum period of three (3) years.
Reimbursements will be made on an annual basis after
the city property taxes are paid and the owner has provided an affidavit
that the accessory unit is occupied.
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Historic
Preservation
Much of downtown Beaufort and the outlying areas are in the Beaufort
Historic District; a National Landmark Historic District as designated by
the U.S. Department of the Interior.
Rehabilitation of structures identified as contributing to the historic
district may be eligible for tax-credits and other assistance. The
City will assist historic property owners with coordination of tax-credit
programs with state and federal agencies.
For more information on these programs, contact
Beaufort's Historic Planner at (843) 525-7011.
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Customized
Incentive Packages
For projects with a significant positive impact on area wage and
employment levels, the City will consider offering a customized incentive
package; designed to meet the needs of a particular project. For more
information on this, contact the City Manager's office at (843) 525-7072.
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