BUSINESS INVESTMENT PROGRAM
The Business Investment Program (BIP) seeks to encourage the
creation, retention and/or expansion of new or existing businesses and
jobs in identified Investment Zones within the community. The
program provides grants to companies based upon the amount of
property tax generated by the business investment being made. The
program aligns itself with local Smart Growth, Transit, and
Communities Within A City (CWAC) Strategic Plans.
Companies from the following business growth clusters who are
relocating or expanding to or within the program’s geography may be
eligible for participation in the program.
• Corporate Headquarters
• Transportation & Logistics
• Emerging Technologies & Industries
• Financial, Insurance & Professional Services
See Attachment I for a more detailed list of eligible business growth
Eligible Investment Zone geography include (i) Center City, (ii)
targeted Business Districts, (iii) Transit Corridors*, and (iv) the
Arrowood-Westinghouse** industrial area. Locations that are
consistent with adopted land use policies and plans will also be
considered. Additional geographies are considered for projects that
meet the program’s definition of a “Large Economic Impact Project”
(see Attachment II for additional information).
Grants may also be considered for projects that convert or adaptively
reuse vacant retail “Big Box” sites, whether inside or outside the
development zone, provided that the planned use is consistent with
adopted plans for that area.
If an adopted Transit Station Area Plan exists, the development zone
will include the area defined for mixed-use in the plan. If an adopted
Plan does not exist, the development zones will extend ¼ mile from
transit stations identified in the Major Investment Study.
BIP, Page two
** Eligible Business Growth Clusters in the Arrowood-Westinghouse
industrial area are limit