The principal focus of Bennett’s local business support efforts is to provide a high level of customer service and access to a wide variety of resources dictated by a company’s unique needs.
Information gained through the local business support programs is also used to make the city an even better place to do business.
The success of each local business is a major focus of the Town of Bennett, our elected officials and our valued regional resource partners.
Grants and Incentives
The Town of Bennett offers many incentives for developing in town. Some of those incentives include tax rebates and programs from the local to the state level, predictable development process with defined time frames, recently updated and streamlines land use code, locations within the state enterprise zone, collaborative design and review process, easy access to staff and decision makers, weekly development review sessions and defined development costs.
The Town of Bennett, through the Benefits of Bennett (BOB) program, may provide a reimbursement grant of up to 50% of the costs of a qualifying project in an amount up to $5,000 per business and not to exceed $15,000 per building per year. The purpose of the program is for eligible property owners and tenants to upgrade the appearance of existing storefronts/building facades or primary public entrances in order to help create a positive commercial environment in Bennett, Colorado.
The BOB is a reimbursement grant program that is administered on a first-come, first-served basis and is subject to annual Town funding. In order for a project to qualify for reimbursement, the project must receive grant approval from the Town prior to beginning construction. Approved business recipients will be required to provide paid invoices of the completed project, which shall be subject to verification and approval, prior to receiving reimbursement funds and shall meet all Town codes requirements. This program does not reimburse sales tax or Town permit and application fees.
The intent of the BOB plan is to assist small businesses with improving and upgrading existing building facades in Bennett, especially along the core downtown corridor. The BOB seeks to bring new life to existing buildings or (sign) structures which do not conform to current standards or are in need of a "facelift.” By assisting property owners in upgrading the appearance of their buildings, the aesthetic environment of Bennett is enhanced, thus improving the economic vitality of all businesses and the Town as a whole.
Qualifications & Grant Criteria
- The applicant shall be the building owner or tenant with a building owner consent letter.
- The building must be located within the Town limits of Bennett.
- Businesses must have a valid Town Business/Sales Tax license.
- Building improvements apply to exterior improvements only.
- Property cannot be classified as “Exempt” by the County Assessor (this provision excludes non-profit or not-for-profit businesses).
- Buildings with existing multiple ground-floor storefronts/businesses are eligible for the grant. Funds of up to $5,000 per business, not to exceed $15,000.00 per building.
- Applicants of buildings with multiple storefronts are encouraged to work together to receive one set of bids and plans to achieve a uniform look for the entire building. This will also reduce the cost per storefront.
- If the property owner or tenant are making the improvements themselves and not hiring a contractor, then only the cost of materials (less sales tax, permits, and application fees) will be considered for reimbursement. You must provide a receipt of these costs.
- Applicants will be verified through the Town Staff that there are no code enforcement violations on the property. Any violations must be resolved prior to approval and execution of the BOB.
- BOB assistance does not apply to home-based businesses or property owners or organizations defined as “exempt” by the County Assessor.
- Applicant must obtain BOB approval prior to beginning construction. Projects under construction or already completed do not qualify.
- Projects must receive all required approvals and permits through the Town of Bennett. Approval processes and permitting may run concurrently with the BOB application, however, all approvals and permits must be obtained for final BOB approval and reimbursement.
- Projects must commence within 60 days from the BOB approval date and be completed by the end of each calendar year.
Eligibility
Types of exterior upgrade improvements that are eligible for the reimbursement grant are:
- Painting of building façade, excluding the painting of concrete block, brick and other masonry,
- Replace or upgrade exterior deteriorated materials,
- New awnings,
- Add, repair or replace parapet walls and/or the addition of architectural details such as cornices,
- Replacement of deteriorated doors,
- Replacement of deteriorated windows,
- Add, repair or replace arcade/canopy façade, display window lighting, and decorative exterior lighting,
- Upgraded, improved, xeric-type landscaping,
- Replacement and enhancement of sidewalks adjacent to the building, parking lots, and other hardscape, and/or
- Replacement of existing non-conforming or deteriorated freestanding monument signs only: To qualify for a replacement monument sign, the applicant must demonstrate that the existing sign is either non-conforming with the current Town sign code, or that the replacement sign will be an upgrade and improvement in appearance from the existing deteriorated sign.
Submittal Requirements
Complete a BOB application by clicking on the following link below; please include:
- Proof of property ownership, or owner consent letter, if applicable.
- The applicant must submit two written bids for the same scope of work from two different contractors. The applicant may use either contractor, however, the Town will base the reimbursement on the lowest bid.
- Designate one person who will be the applicant’s contact person for this project.
- Photos and color renderings of the current conditions and proposed improvements.
If awarded a BOB grant, the applicant may be required to execute an agreement with the Town outlining, among other things, the terms and conditions of reimbursement.
An applicant can apply for enhanced or increased sales and/or use taxes, and/or permit fees. This process is approved by the Town Trustees. The assistance policy was created to target new and expanding businesses that diversify our economic base and continue to provide for the fiscal health of our community while respecting our environment and our unique small town feel.
The Town has the financial mechanism in place to enter into public improvement reimbursement agreements with private developers and property owners for the design and construction of municipal infrastructure that is included on the Town’s Capital Improvement Plan and serves the developer or property owner.
Colorado’s Enterprise Zone program provides tax incentives to encourage businesses to locate and expand in designated economically distressed areas of the state. There are 16 Enterprise Zones and 2 sub-zones in Colorado, including the Town of Bennett. Businesses located in an Enterprise Zone may qualify for up to nine Enterprise Zone Tax Credits that encourage job creation and investment in the Enterprise Zone.
Major Benefits
- Investment Tax Credit (3%) - This is the most widely used tax credit. It essentially allows businesses in the EZ to receive a credit against their state income tax of 3% of their capital investment in equipment. This is available to all businesses in the EZ.
- Training Credit (12%) - This allows businesses that make significant investment in human capital to recover 12% of their training program costs as an income tax credit. This is available to all businesses in the EZ.
- New Job Credit ($1,100 per Job) - If a business creates a “new job” in the EZ then it could be eligible to take advantage of this credit. (Existing jobs transferred from another Colorado location are not eligible).
- Health Insurance Credit ($1,000 per Job) - If the employer pays more than 50% of the employees’ health care benefits, there is an extra $1,000 that can be claimed for the first two full income tax years while located in the Enterprise Zone, in addition to the new job credit.
- Vacant Building Rehabilitation Credits – 25% credit for hard costs associated with rehabbing a building that has been vacant for at least 2 years and is at least 20 years old.
- R & D credits – 3% credit for increased investment in research and development. Must be technological in nature, utilize processes of experimentation and useful in the development of new products or services. In house or contract research qualifies.
- Commercial Vehicle Investment Tax Credit – 1.5% of commercial vehicle purchase. (CVITC Application)
- Manufacturing Sales Tax Exemption – There is a state-wide sales tax exemption for companies purchasing manufacturing equipment. Benefits for EZ companies are expanded- can include expensed items, materials used to repair equipment and mining equipment.
Purpose The Colorado Enterprise Zone (EZ) Program was created by the Colorado Legislature (C.R.S. Title 39, Article 30) to promote a business friendly environment in economically distressed areas by offering state income tax credits that incentivize businesses to locate and develop in - and non-profit organizations to assist with the needs of - these communities. Program Description Taxpayers investing in Enterprise Zones can earn a credit on their Colorado income tax by planning and executing specific economic development activities.
To find out more, click on the following links or contact Adams County Economic Development directly.
Enterprise Zone Administrator Contact Information
Enhanced Rural Enterprise Zone
Public Records Law & Annual Reports
Adams County Economic Development, Inc.
12200 Pecos Street
Suite 100
Westminster, CO 80234
P: 303.453.8510
F: 303.453.8505
info@adamscountyed.com
A REPOSITORY OF BUSINESS FUNDING AND INCENTIVES
Your bottom line is our first priority. And at the end of the day, our mission is to encourage a supportive economic environment in which companies can successfully launch and mature, which is where our extensive collection of incentive and tax credit programs come into play.
We encourage businesses of all sizes and origins, as well as non-profits, real estate developers, higher education partners and investors, to apply for the resources most applicable to helping you achieve your goals. These financing and incentive programs are made up of cash incentives, business grants, tax credits, debt and equity financing among others. Furthermore, our Business Funding and Incentives team is available to assist you navigate this wide range of opportunities to find the available programs that best fit your business operation and goals.
Learn about best practices and opportunities for public support: Colorado Access to Capital Report
Browse the categories below to review the programs that may be available to you.
The Colorado Enterprise Fund matched Adams County's non-federally funded contribution of $500,000 creating the initial program value of $1 million. Qualifying businesses can apply for loan amounts up to $50,000 maximum for five (5) years. Loan applications will be reviewed by a committee of bank and financial professionals organized by ACED and approved or denied following CEF's standard procedures and processes. Businesses can apply directly to the Colorado Enterprise Fund or be referred by Adams County Economic Development members, banks, or from the Small Business Development Center.