We want to offer even more reasons why it’s good business to locate your business in Fort Thomas’ Renaissance district.
Low-interest Rate Façade Loan Program
Fort Thomas Renaissance enlisted our local banking community to help fulfill our goal to provide property owners a compelling incentive to improve and preserve the building fabric of the Renaissance district. A more attractive and well-maintained central business district stimulates a stronger business economy in our community. The banks collaborated with Fort Thomas Renaissance to create the below Prime Façade Loan Program offering property owners low-interest rates and a streamlined loan process. If you are a property owner in the Renaissance District and are interested in making façade improvements to your building, please complete the pre-application attached or contact Debbie Buckley at 859-572-1225 for more information.
Will a fresh coat of paint help spruce up your building? If your building is located in the Renaissance District you can qualify for discount pricing on Porter Paints or Benjamin Moore paints. If you are interested lease contact Debbie Buckley at 859-572-1225 for more information.
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.
Preservation Tax Credits
Taxpayers investing in the rehabilitation of eligible buildings may qualify for federal and/or Kentucky tax credits.
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.
20 percent tax credit
For certified rehabilitation of certified historic buildings (listed in “National Register of Historic Places”). It is available for properties rehabilitated for office commercial, industrial, agricultural, or rental residential purposes (not exclusively owner’s private residence).
10 percent tax credit
For the rehabilitation of non-historic, non-residential buildings constructed before 1936, excluding rental housing.
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.