Extended enterprise zone would also offer tax abatement possibilities
DECATUR-- Prospective business owners and current business owners may soon have a new reason to expand in Decatur, and on in the northwest corridor specifically.
At a special meeting last night the EEHW committee passed a proposal to extend the Decatur-Macon County Enterprise Zone along the northwest corridor of the city and offer Property Tax Relief for new businesses and current businesses alike.
President of the Decatur/Macon County Economic Development Corporation Craig Coil says he is behind the expansion because it encourages job growth in Decatur while also improving the overall look of the city.
“If existing property owners have been hesitant towards making investments in Decatur, hopefully this is encouragement for them to invest in the area by showing them that we are competitive with other cities and towns in the area."
Coil says in addition to expanding the enterprise zone, they would also be offering tax abatement possibilities to new business owners and current business owners; however for current businesses, there is a catch.
“It involves a significant investment for someone to get the abatement. They will have to make an investment towards their property that ups their EAV by $25,000. If the businesses make that kind of improvement on the corridors it is certainly going to change the look in a positive way.”
If the County Board passes the resolution; the changes will go into effect for the county immediately, and, Coil says, the surrounding towns soon thereafter. Board member Kevin Meachum brought the only issue with the planned expansion saying he wishes to see a rough estimate of the expansion before he is 100% behind it.
With a passing vote, Macon county would be joining 97 other communities throughout the state that have already put in place a plan similar to this one. All the communities have seen a rise in their local economy.