![]() The grant may be provided to reimburse a portion (typically 50%) of eligible training costs over a period of two full calendar years. Skills Enhancement Fund: The Skills Enhancement Fund (SEF) provides assistance to businesses to support training and upgrading skills of employees required to support new capital investment. This fund is presently being developed and has, to date, not made any investments. At the discretion of the Angola Investment Fund, the investment may be converted into a low-interest loan or into equity in the company financed. No principle or interest is required to be repaid in the initial three years, however, no prepay penalty exists either. This fund is designed to provide investments limited to $100,000, as a convertible loan. Direct incentives are typically a negotiated process, which may be expedited as necessary.Īngola Investment Fund: The City of Angola has created an investment fund for the specific purpose of supporting entrepreneurs and innovation in and around the City. Typically and Area is created for the purpose of redevelopment of infrastructure or to provide direct incentives to a project involving substantial capital investment. Tax revenues generated from new assessed value is captured is a fund controlled by the Redevelopment Commission and may be used to benefit the Area or as direct incentives for businesses operating within the Area. The assessed value of an Economic Development Area is frozen at the time of creation, with tax revenues from the base assessed value continuing to be shared with the various taxing units (state, county, school, library, municipality, etc.). Tax Increment Financing (TIF): Tax Increment Finance or TIF is a financial tool available to local counties and municipalities that have created a Redevelopment Commission and an Economic Development Area. However, municipalities may expand uses to retail and commercial types of investment for area-specific redevelopment projects. Tax abatement programs are typically reserved for manufacturing, distribution/logistics, research and development and information technology type investments. ![]() The table below provides the available deduction schedules: ![]() The duration of the phase-in may span from one to 10 years, at the discretion of each local council. ![]() The Steuben County Council, Angola City Council and town councils in Ashley, Clear Lake, Hamilton, Hudson, Fremont, and Orland have been granted the authority to phase in new assessed value resulting from an investment in new machinery & equipment, building improvements and expansions, and new buildings. Property Tax Abatement: This program is the most commonly used local programs. Below is a brief summary of the available formal programs that can be used for existing and new companies. Home » Programs and Services » State and Local Incentives State and Local Incentives Business IncentivesĪ variety of incentives exist within the State of Indiana and Steuben County to assist local companies to grow existing operations and to assist new companies investing in Steuben County. ![]()
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