Downtown Incentives

As one of the fastest growing cities in Texas, the City of Georgetown has seen a recent increase in suburban commercial and residential development. With this increase in suburban development comes the need to ensure that historic downtown Georgetown remains a functional and vital part of the city. With the adoption of the Downtown Master Plan in June 2003, the City of Georgetown made clear its belief that an integral component of preserving this history lies in the economic development of downtown Georgetown. By reinvesting in current properties and businesses and working to attract new ones the city believes that downtown Georgetown can continue to thrive amidst ongoing suburban development.

The City of Georgetown believes in implementing a healthy mix of commercial, entertainment, and residential development within the downtown area. As the number of services downtown expand, so too will the number of residents, creating a 24 hour environment downtown. In order to facilitate the economic development of downtown, the City of Georgetown is prepared to offer a variety of incentives that will serve to improve existing properties and businesses in addition to encouraging new development within the district.

If required, all projects must meet current building standards, codes, and permitting requirements and have received a certificate of design compliance from the Historic and Architectural Review Commission (HARC).

City of Georgetown Incentives for Downtown

• Property Tax Abatements

  Description and Terms: Chapter 312 of the Texas Tax Code - Property Tax Abatements empower the City of Georgetown to encourage investment within the district by abating portions of property taxes. This incentive allows the City of Georgetown to abate a certain percentage of property taxes within the designated area for a duration of no more than ten years.
  
  Eligibility: Property/Business compatible with Downtown Master Plan; Ensured Return on Investment; Regulated Hours of Operation (Retail, Restaurant, or Entertainment Business Only).

• Historic Property Tax Exemption

  Description and Terms: The City of Georgetown recognizes the importance of historic properties within the district and makes a special effort to keep these properties fully functional. The Historic Property Tax Exemption entails the City of Georgetown implementing a partial property tax exemption for properties that meet the necessary qualifications.
  
  Eligibility: Registered Historic Landmark; Comply with Historic Property Maintenance Program; Regulated Hours of Operation (Retail, Restaurant, or Entertainment Business Only).

• Tax Increment Financing

  Description and Terms: Chapter 311 of the Texas Tax Code Tax Increment Financing provides funding for improvements to infrastructure within a designated area. This initiative helps to improve the area's appearance in order to allow current businesses to continue to progress while attracting prospective businesses. This incentive entails the City of Georgetown taking the amount of increased revenue from the pre-determined base year in district taxes and reinvesting it in the district in order to make improvements.
  
  Eligibility: Within District's Boundaries; Be part of Approved Reinvestment Zone Project Plan; All Projects must be Approved by Downtown TIRZ Board of Directors; Regulated Hours of Operation (Retail, Restaurant, or Entertainment Business Only). To view the reinvestment project plan: Click here to view this document.. There is a map illustrating the boundaries of the Downtown Georgetown Reinvestment Zone. Click here to view this document.

• Downtown Utility Rate Class

  Description and Terms: A Utility Rate Class allows for the creation of a Utility Rate unique to the defined district in order to aid current businesses and attract future ones. The Utility Rate Class entails the City of Georgetown instituting a separate rate for utilities within the designated area.
  
  Eligibility: Regulated Hours of Operation (Retail, Restaurant, or Entertainment Business Only).

• Fee Waivers

  Description and Terms: The City of Georgetown reserves the right to waive certain fees for both residential and commercial developments including: fire services review, site plan review, demolition fees, construction permit, plan reviews, water meters, engineering & inspection, impact fees, sewer taps, electrical, regional detention/water quality facility, HARC certificate of design compliance, sign permit, inspection fees
  
  Eligibility: Property/Business compatible with Downtown Master Plan; Ensured Return on Investment; Need-based fee waivers; No retroactive fee waivers; Regulated Hours of Operation (Retail, Restaurant, or Entertainment Business Only).

• Sales Tax Refund : Chapter 380 LGC or Chapter 378 LGC

  Description and Terms: A Sales Tax Refund allows for the return of a portion of the sales tax revenue within the district in order to encourage businesses to make needed improvements. This incentive entails the City of Georgetown refunding a percentage of the sales tax revenue brought in within the designated area.
  
  Eligibility: Business must generate a certain amount of sales tax revenue; Ensured Return on Investment; Refund constitutes percentage of return on investment in certain timeframe; Regulated Hours of Operation (Retail, Restaurant, or Entertainment Business Only).

• 4A Sales Tax

  Description and Terms: The 4A sales tax is an economic development tax that uses tax revenue to help finance land and building acquisition, equipment, facilities, expenditures, and targeted infrastructure improvement.
  
  Eligibility: Property/Business compatible with Downtown Master Plan; Ensured Return on Investment; Need-based financing; Proposal's submitted by Businesses subject to review by Economic Development Commission; Regulated Hours of Operation (Retail, Restaurant, or Entertainment Business Only).

• 4B Sales Tax

  Description and Terms: The 4B sales tax is an economic development tax that uses tax revenue to help finance improvements directly related to transportation issues (including, but not limited to, streets, drainage improvements, etc.)
  
  Eligibility: Property/Business compatible with Downtown Master Plan; Ensured Return on Investment; Need-based financing; Emphasis on heavily trafficked areas; Where improvement and repairs are most needed; Compliant with Goals of the Transportation Improvement Program; Regulated Hours of Operation (Retail, Restaurant, or Entertainment Business Only).

Federal Tax Incentives

http://www.preservationnation.org/issues/rehabilitation-tax-credits

http://www.nps.gov/history/hps/tps/tax/committee.htm