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Contacts:
Debbie Buckley
Renaissance Manager
859-572-1225
dbuckley@ftthomas.org
Jay Treft
Assistant City Administrator
859-572-1203
jtreft@ftthomas.org |
INCENTIVES
We want to offer even more reasons
why it's good business to locate your business in Fort Thomas'
Renaissance district.
Low-interest
Rate Façade Loan Program
- Ft. Thomas Renaissance enlisted our local banking community
to help fulfill our goal to provide property owners a compelling
incentive to improve and preserve the building fabric of the
Renaissance district. A more attractive and well-maintained central
business district stimulates a stronger business economy in our
community. The banks collaborated with Ft. Thomas Renaissance
to create the below Prime Façade Loan Program offering
property owners low-interest rates and a streamlined loan process.
If you are a property owner in the Renaissance District and are
interested in making façade improvements to your building,
please complete the pre-application attached or contact Debbie
Buckley at 859-572-1225 or Jay Treft at 859-572-1203 for more
information.
Paint Program - Will a fresh coat of paint help spruce up
your building? If your building is located in the Renaissance
District you can qualify for discount pricing on Porter Paints
or Benjamin Moore paints. If you are interested lease contact
Debbie Buckley at 859-572-1225 or Jay Treft at 859-572-1203 for
more information.
 
Property Assessment
Moratorium program - A building
owner who seeks to repair, rehabilitate, restore or stabilize
an existing commercial facility at least twenty-five (25) years
old within the Fort Thomas city limits may apply to the City
to have their property assessment frozen at the pre-improvement
level for a period of five (5) years. To qualify, the cost of
improvements must amount to at least five (5) percent of the
property's most current taxable assessment, and constitute more
than merely routine maintenance of the property. The frozen assessment
shall apply only with regard to city taxes.
 SBA 504 Loan Program - The CDC/504 loan program is a long-term financing
tool for economic development within a community. The 504 Program
provides growing business with long-term, fixed rate financing
for major fixed assets such as land and buildings. Loan program
information and applications are available by contacting Jay
Treft at 859-572-1203 or Debbie Buckley at 859-572-1225.
Preservation Tax Credits - Taxpayers
investing in the rehabilitation of eligible buildings may qualify
for federal and/or Kentucky tax credits.
Federal - The rehabilitation must be substantial, exceeding
either $5,000 or the adjusted basis of the property, whichever
is greater. These investment tax credits provide a dollar-for-dollar
reduction of federal income taxes owed.
20 percent tax
credit - For certified rehabilitation
of certified historic buildings (listed in "National Register
of Historic Places"). It is available for properties rehabilitated
for office commercial, industrial, agricultural, or rental residential
purposes (not exclusively owner's private residence).
10 percent tax
credit - For the rehabilitation
of non-historic, non-residential buildings constructed before
1936, excluding rental housing.
Kentucky Historic
Tax Credits - Properties
must be in or qualify for the "National Register of Historic
Places." This tax incentive offers 30% of qualified rehabilitation
expenses as a state tax credit for owner-occupied residential
properties. A minimum investment of $20,000 is required, with
the total credit not to exceed $60,000. 20% of qualified rehabilitation
expenses is available for all other properties, requiring a minimum
investment of $20,000 or the adjusted basis, whichever is greater.
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