The Town of Bennett is committed to targeting new opportunities and expand existing growing businesses that diversify our economic base and continue to provide for the fiscal health of our community while respecting our environment and our unique small town feel. The Town of Bennett Economic Development Assistance (EDA) policy is created to:
- Attract and retain a variety of employment opportunities for Bennett residents.
- Encourage and support a high level of diverse, quality retail and services, with an emphasis on local businesses that contribute to Bennett’s sales and property tax base so that needed infrastructure, physical amenities, services and expansion of such services are provided.
- Attract manufacturing and light industry companies that will provide long-term direct and indirect economic benefits to the community, Adams and Arapahoe Counties and the Eastern I-70 Corridor.
- Create a vibrant, unique downtown as a “destination” for Bennett.
- Encourage and support tourism, entertainment, arts and culture as an important contributor to our overall economic health and small Town feel.
- Sustain the long-term economic well-being of the Town and its citizens through development, redevelopment and revitalization efforts.
This policy does not commit the Town to provide economic assistance. The policy is intended to customize economic development assistance, based upon the need of the project, and meeting long term community goals by the creation of a vibrant economically healthy community.
ELIGIBILITY REQUIREMENTS AND CRITERIA
The Town of Bennett, at its sole discretion, may provide certain economic development assistance based upon meeting the goals and objectives of the Town and its community. Participation in an EDA shall be based upon approval by the Town Board of Trustees, exercising its legislative discretion in good faith. Any owner or applicant of a newly established or proposed business, or the owner or applicant of an existing business which wishes to expand substantially, may apply to the Town provided that the new or expanded business is reasonably likely to generate enhanced or increased sales and/or use taxes, and/or permit fees. Applicants shall meet goals and objectives, established in the agreement, to achieve assistance. A majority of the members of the Town Board of Trustees must approve an application for assistance at a public meeting. Approvals shall be based upon meeting a majority of the following criteria:
- Brings high quality development
- Retains basic jobs to the Town
- Retains existing sales tax to the Town
- Creates new sales tax to the Town
- Utilizes an existing building(s)
- Complements existing Town businesses (i.e. a buyer or supplier that serves an existing business in the City)
- Creates new basic jobs to the Town
- Represents redevelopment to an area or building in the Town
- Represents job diversity in industry sectors and is part of a growing industry
- Represents retail diversity
- Brings a value added result to the Town or a development within the Town (i.e. moves the company’s corporate headquarters to Bennett)
- The amount of the business assistance is based on a percentage of new revenue created by the relocation of this company to the Town of Bennett or the expansion of an existing business
- The conformance of the applicant's property or project with the comprehensive plan, zoning ordinances and building codes of the Town
The Town offers a variety of economic development assistance options for projects. The specific type of assistance will depend upon the needs of the business as well as the benefits created by the proposed business. Examples of the type of incentives and assistance available for a specific project are as follows:
- Rebate or reduction of Town Land Development Application fees (Town portion only).
- Rebate of Town collected property tax • Rebate of Town collected sales tax
- Rebate or reduction in Water and Sewer Taps Fees
- Rebate in Water Acquisition Fees
- Rebate of Town impact fees
- Rebate of the monthly Town water and sewer rate for a period of time
Read more about the application process and the targeted businesses in the PDF below or download the printable version here.