City of Windsor Heights Incentives
The City of Windsor Heights offers grants, forgivable loans, tax abatement and tax increments financing for economic development projects that provide new job and commercial tax base to the community.
Economic Development Grant Program
Windsor Heights acknowledges the importance of the success of local businesses to the promotion of economic development in the City. The Economic Development Local Business Support Program is designed to provide public support to the development and improvement of local businesses in the Urban Renewal Area.
The City will provide fiscal support to the Program through the provision of economic development forgivable loans and/or grants to local businesses. The grants will be targeted to assist local business owners with (i) façade improvement projects; (ii) building or land acquisition costs; (iii) capital improvements; (iv) job creation or training; (v) grease interceptor improvements; (vi) accessibility improvements; (vii) utility upgrades; (viii) site development; (ix) other projects approved by the City staff.
Tax Increment Financing (TIF)
Tax Increment Financing is determined according to the level of investment, the number of jobs created and the wage levels of those jobs.
In general, the City Administrator will provide guidance on development agreement drafting and City Council may approve tax rebates for five years.
Windsor Heights’ Loan Program
Bankers Trust has set aside $2,000,000 to promote business development and inner city growth within the City of Windsor Heights. The program is restricted to the business districts on University Ave. from 63rd St. west to 73th St. and between 63rd St. and 73rd St. on Hickman Rd. in Windsor Heights.
The Bank’s regular underwriting will be followed to minimize the risk. To obtain the discounted rate, the business must move their primary relationship (including checking, savings, and the opportunity to present 100 Great Reasons) to Bankers Trust. A committee would be formed to determine eligibility, and as good faith effort, a city council person would be allowed to have a voice on which businesses would be preferred in the area. Learn more about the program.