162 W. Lincolnway, Valparaiso, IN 46383

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Valparaiso Economic Development > Incentives

Incentives

Local Incentives (Valparaiso)

Tax Abatement

A tool that allows taxes on real/and or personal property to be phased in over a period of time, usually three to 10 years. Tax abatements usually provide an almost immediate increase in the assessed value of property due to its upgraded use, resulting in an increase in the taxes collected.

Tax Increment Financing (TIF)

A method of facilitating development or redevelopment for a business by utilizing future tax revenues to pay for necessary improvements. This technique is often used for financing a capital project from the stream of revenue that will ultimately be generated by the project, to promote business development and job creation.

Downtown Alcoholic Beverage License

Objectives and Criteria for License Allocation

The Indiana state legislature enacted Senate Enrolled Act m 282 (Act) which will be codified under the Indiana alcoholic beverage laws. The Act permits the Indiana Alcoholic Beverage Commission (ABC) to issue up to ten additional liquor licenses (one, two, or threeway)(Downtown Licenses) in historic downtown Valparaiso. The Valparaiso City Council (Council) may recommend to the Indiana ABC sites in the downtown where permits may be issued.

The Mayor has appointed a four-member committee (Committee) to recommend to the Council those sites that meet the qualifications of this Policy and are appropriate for Downtown Licenses.

Purposes and Goals

The purpose behind the Act is to further a key component of the city’s downtown strategic plan by encouraging the location and operation of upscale restaurants in the historic downtown area. The goal is to provide the finest dining environment in Northwest Indiana in a single downtown district. The Act also assists small business owners. These business owners invest not only in their business but also in our community. They are often active within the business community, sit on local boards, and participate in the local community. The City, through implementation of the Act and this Policy, seeks to achieve the following:

A. Increase the number and variety of distinctive and unique restaurants that operate in Valparaiso's downtown to a degree that distinguishes it as the best dining environment in Northwest Indiana.

B. Assist local, talented restaurant owners to achieve success by providing them the ability to offer a full line of beverages to their clientele.

C. Use the license allocation program to encourage recipients to make improvements to their buildings, support the downtown Business Improvement District (BID), participate in unified marketing efforts, encourage a healthy and fun atmosphere in the downtown, and to generally improve the downtown commerce activity and the City of Valparaiso.

State Grants & Incentives (Indiana)

21st Century Research and Technology Fund

The fund stimulates the process of diversifying the state's economy by developing and commercializing advanced technologies in Indiana, and it emphasizes the creation of academic-sector/commercial-sector partnerships. More information: www.21fund.org    

Certified Technology Park Program

The Certified Technology Parks program was created as a tool to support the attraction and growth of high-technology business in Indiana and promote technology transfer opportunities. Designation as a Certified Tech Park allows for the local recapture of certain state and local tax revenue which can be invested in the development of the park. More information: http://iedc.in.gov/entrepreneurship/indiana-certified-technology-parks

Clean Energy

Tax credit program to support Indiana's advanced agricultural industry and provide an incentive for development of renewable energy. More information: www.in.gov/idem/4134.htm

Economic Development for a Growing Economy (EDGE)

Economic Development for a Growing Economy (EDGE) is a refundable tax credit that can be offered in situations where Indiana is competing against another state or country for a company's site location investment. EDGE credits are calculated as a percentage of payroll tax withholding for net new Indiana jobs. The company must commit to maintaining operations in Indiana for at least two years beyond the term of its EDGE award. More information: http://iedc.in.gov/tax-credits-exemptions/tax-credits/economic-development-for-a-growing-economy-tax-credit

Hoosier Business Investment Tax Credit (HBITC)

The Hoosier Business Investment Tax Credit (HBITC) program encourages capital investment in Indiana by providing a credit against a company’s Indiana tax liability. The credit amount is based on a company’s qualified capital investment with the final credit amount determined by the Indiana Economic Development Corporation (IEDC), based on an analysis of the economic benefits of the proposed investment. More information: http://iedc.in.gov/tax-credits-exemptions/tax-credits/hoosier-business-investment-tax-credit

Industrial Development Grant Fund

The Industrial Development Grant provides money to local governments for off-site infrastructure projects associated with an expansion of an existing Indiana company or the location of a new facility in Indiana. State funding through the IDGF program must be matched by a combination of local government and company financial support. More information: http://iedc.in.gov/programs-initiatives/industrial-development-grant-fund

Industrial Recovery Tax Credit (Dinosaur Building)

The Industrial Recovery Tax Credit provides an incentive for companies to invest in facilities requiring significant rehabilitation or remodeling expense. After a building has been designated as an industrial recovery site, companies may be eligible for a tax credit calculated as a percentage of qualified rehabilitation expense. More information: http://iedc.in.gov/tax-credits-exemptions/tax-credits/industrial-recovery-tax-credit

Training - Skills Enhancement Fund

The Skills Enhancement Fund (SEF) provides financial assistance to businesses committed to training their workforce. Trainees must be Indiana residents. SEF reimburses eligible training expenses over a two-year term. Companies may reapply for additional SEF funds after their initial two-year term. IEDC typically does not provide reimbursement for training that is required by law. More information: http://iedc.in.gov/programs-initiatives/skills-enhancement-fund

Technology Enhancement Certification for Hoosiers Fund (Tech Fund)

The Indiana Department of Commerce, in partnership with the Indiana Department of Workforce Development, created the Technology Enhancement Certifications for Hoosiers (TECH) Fund to help Indiana businesses train their existing information technology professionals.  The training must result in a fun-time employee receiving a portable certification in systems administration, systems engineering or software development; a professional certification; or other certification is advanced e-business enabling applications. More information: www.indiana.org.tw/downdata/TECH.pdf

Venture Capital Tax Credit

The Venture Capital Investment Tax Credit improves access to capital to fast growing Indiana companies by providing individual and corporate investors an additional incentive to invest in early stage firms. Investors who provide qualified debt or equity capital to Indiana companies receive a credit against their Indiana income tax liability. More information: http://iedc.in.gov/entrepreneurship/venture-capital-investment-tax-credit; additional information can be found at: http://iedc.in.gov/

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