Fort Thomas Renaissance proudly introduces GROW, a grant for the revitalization of your business facade. You may choose a smaller grant up to $10,000, or more money in the amount of $10,000 to $20,000. GROW a little or a lot! You
will be responsible for paying 25% of the cost of your project. Please read this brochure for the requirements. The application is also attached. For this first round, we will need your application by June 1. The next round begins July 1 (fiscal year).
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 Debbie Buckley at 859-572-1225.
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.
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.