Financial Incentives
Marinette stands ready to assist your business in obtaining the financial assistance you need to build or expand your business here.
For example: With the assistance of the City of Marinette, substantial state funds were obtained which enabled Marinette Fuel and Dock to do major reconstruction of their dock wall.
Below is a list of exciting incentive programs facilited by the City of Marinette and other government and private organizations at the local, state, and national levels.
Business Development Loan Program
The loan program encourages commercial revitalization, business expansion, and industrial development within the City of Marinette for the purpose of job creation and job retention.
At lease one full-time permanent position or full-time equivalent must be created for every $20,000 of program funds requested.
All loans are fixed rate financing at 4% interest, amortized over ten years. No minimum or maximum loan amount requirement. Loan amounts will be based on availability of local program funds.
Eligible activities include: acquisition of land, buildings, fixed equipment and working capital.
MAEDC Grant Program
MAEDC will provide grants up to $20,000.00 to small businesses (employ 15 or less FTEs) expanding or locating in the City of Marinette. Preference will be given to industry or manufacturing. The business must create new jobs to qualify. Matching funds are required.
Community Development Zone Program
The State of Wisconsin designated Marinette as a Community Development Zone. The Wisconsin Community Development Zone Program businesses expand, start-up, or relocate. The Program is a tax benefit initiative designed to encourage private investment and to improve both the quality and quantity of employment opportunities.
Program Benefits:
The development zone tax credits include:
a) A non-refundable jobs credit of up to $8,000 for new full-time jobs being created and filled by members of target group. Eligible target groups include W2 participants, dislocated workers, federal Enterprise Community residents, vocational rehabilitation program referrals and Vietnam-era veterans, ex-felons and youth from low-income families.
b) A non-refundable jobs credit of up to $6,000 for new full-time jobs being created and filled by Wisconsin residents who are not members of target groups.
c) A non-refundable environmental remediation credit of 50% of all remediation costs affected by environmental pollution in a brownfield and investigation. "Brownfield " means an industrial or commercial facility the expansion or redevelopment of which is complicated by environmental contamination.
Twenty-five percent (25%) of all credits allocated to a business must be for creating full-time jobs. The actual amount of job credits is dependent upon wages and benefits; wages must be at least 150% of federal minimum wage; full-time job means regular, non-seasonal, and scheduled to work 2,080 hours per year; and one-third of the allocated job credits must be claimed for jobs that are filled by target group members.
All tax credits have a carry forward provision for up to 15 years.
Facade Improvement Program
The City of Marinette will provide financial assistance, in the form of a grant, to property owners to enhance the historical character of the downtown area. The rehabilitation plans must seek to restore some of the historic character of their properties. Grants shall be limited to 50% of the rehabilitation costs, up to a maximum of $5,000.00 per project.
Eligible activities include: Repair to building exterior facades including front, rear, and side facades; masonry repair and tuckpointing; cleaning of building exteriors; exterior painting; repairing or replacing cornices, entrances, doors, windows, decorative detail, and awnings; signage removal, repair, or replacement when included as part of a comprehensive facade improvement project; other repairs that may improve the aesthetic quality of the building.
Industrial Revenue Bonds
Marinette will support your project through the issuance of IRBs. IRBs are tax-exempt bonds issued by a municipality or other government entity. The municipality passes the financing through to an industrial company. The net effect of the IRB is to provide the company with lower interest financing.
Tax Incremental Financing
In the past, Marinette has used TIF to accommodate and supported new industrial and commercial development projects.
Currently there are five (5) tax incremental finance districts in the City of Marinette: Tax Incremental District Number 3 (Ogden Street - Waupaca Foundry area); Tax Incremental Finance District Number 6 (Cleveland Avenue area/behind Curry's Foods); Tax Incremental Finance District Number 7 (Harbor Terrace Condominiums/Bay Shore Street area); Tax Incremental Financing District Number 8 (Country Inn & Suites/Old Peshtigo Road area); and Tax Incremental Financing District Number 9 (Hall Avenue/former Jenquins site).
Various Other Programs
The City of Marinette acts as facilitator between the Wisconsin Department of Commerce, Wisconsin Housing and Economic Development Authority, Wisconsin Department of Transportation, and other agencies to help businesses obtain financial assistance.
What follows is a small sampling of some of the assistance available:
Department of Commerce Community Development Block Grant Economic Development Program
(CDBG-ED), provides grants to communities to loan to businesses for start-up, retention, and expansion projects based on the number of jobs created or retained.
Department of Commerce Customized Labor Training Fund
provides training grants to businesses that are implementing new technology or production processes. The program can provide up to 50 percent of the cost of customized training.
Department of Commerce Brownfields Initiative
provides grants to persons, businesses, local development organizations, and municipalities for environmental remediation activities for brownfield sites where the owner is unknown, cannot be located or cannot meet the cleanup costs.
Department of Commerce Enterprise Development Zone Program
promotes a business start-up or expansion on a particular site in any area of the state that suffers from high unemployment, declining income and property values, and other indicators of economic distress. The program offers tax credits for hiring disadvantaged workers and undertaking environmental remediation. Tax credits can be taken only on income generated by business activity in the zone. The maximum amount of tax credits per zone is $3 million.
Wisconsin Housing and Economic Development Authority (WHEDA) Linked Deposit Loan Program
offers women and minority owned and operated businesses a two-year interest rate subsidy on the portion of a new bank loan of $10,000.00 to $99,000.00 that covers land, building, and equipment.
Wisconsin Housing and Economic Development Authority (WHEDA) Small Business Guarantee Program
can be used for expenses of land, buildings, equipment and inventory associated with the expansion or acquisition of a small business (50 or less full-time employees). The guarantee is limited to 80% or $200,000.00. This program can finance a mixed-use project if the business occupies at least half of the building. This program can also be used to start a day care business including cooperative ownership or nonprofit status.
Wisconsin Transportation Facilities Economic Assistance Program
(TEA) funds transportation facilities improvements (road, rail, harbor, airport) that are part of an economic development project.
Wisconsin Women's Business Initiative Corporation
(WWBIC) offers micro loans to businesses owned by women, minorities, and low-income individuals. WWBIC also offers training and technical assistance.