The City of Salina and Salina 2020 recognize that improving or relocating a business to downtown Salina requires additional capital. We encourage eligible new and existing downtown Salina businesses to apply for Community Improvement District financing (CID) or Tax Increment Financing (TIF) funds that have been made available as part of the downtown revitalization project. Downtown Salina has also been established as a Qualified Opportunity Zone, which provides for additional federal income tax incentives in certain qualifying cases.
Prior to applying for CID funds, we welcome the opportunity to meet with you. Contact Larry Britegam with Salina 2020 at (785) 309-5510 or lbritegam@asbt.bank or Margy Clem with the City of Salina at (785) 309-5715 or margy.clem@salina.org to schedule a meeting.
Tax Increment Financing (TIF) is a real estate development tool used to reimburse certain eligible costs for commercial development projects. TIF uses the increases in real estate tax revenues within a TIF district to reimburse the developer on a “pay-as-you-go” basis (in other words, as such revenues are generated over time). The City of Salina has created a TIF district and approved a TIF project plan in order to allow for application of these revenues to incentivize new commercial and infrastructure development within the TIF district.
Prior to applying for TIF funds, we welcome the opportunity to meet with you. Contact Larry Britegam with Salina 2020 at (785) 309-5510 or lbritegam@asbt.bank or Krystal Norris with the City of Salina at (785) 833-8117 (direct), (785) 309-5715 (department) or krystal.norris@salina.com to schedule a meeting.
Opportunity Zones, established by Congress in December 2017 as part of the Tax Cuts and Job Act, promote long-term investments in certain census tracts, with the goal of stimulating development in these economically distressed communities. This program allows taxpayers to re-invest private capital gains and postpone or decrease federal capital gains taxes in communities designated as “Qualified Opportunity Zones.”
Downtown Salina has been designated as a Qualified Opportunity Zone to attract investment and provide economic growth to our community.
In addition to the incentives mentioned here, Salina Downtown Inc. is providing mini-grants and forgivable loans, new business recruitment loans and cluster marketing grants
