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Opportunities and Incentives

Central City has a number of opportunities for businesses, entrepreneurs, and developers including a start-up space program, rebate program and several tax credits and incentives. The Start-Up Space Program, Water Tap Incentive Program, and Parking Fee in Lieu Program are administered through the City. 

As an accredited Main Street community, we are able to work with you and the Colorado Main Street (COMS) Program's professional architect to provide historic preservation and design services. This service is funded through a generous grant from History Colorado's State Historical Fund. The Colorado Main Street architect provides technical assistance in the following areas:

  • Preservation research, drawings, and written recommendations in accordance with the Secretary of the Interior's Standards. 
  • Technical preservation guidance, such as site visits, research, recommendations, facilitating connections with programs and consultants, and other means of supporting Main Street historic preservation. 
  • Assist Main Street programs with community engagement, report writing, and in emergency situations.
  • Conduct on-site services including property inspections and building/business owner consultations.
  • Collaborate to provide the best direction for long-term preservation efforts.

If you have questions about this service, please contact Joe Loyet to get connected with COMS. 

Central City is open for innovative development and looking for passionate, creative people like you to build on our foundation of innovation. We have the optimal redevelopment opportunity – the front door and entrance to our City known as the Bridge Gateway Area (BGA), all of which is permitted for gaming or related uses. This includes the city-owned Belvidere Theater, the Scarlets Building, and the Big T Lot (a surface parking lot). Collectively this area creates a bold opportunity for a public-private-partnership in the heart of the downtown, to make an impactful destination creating project.

The City of Central (“City”), is seeking an experienced organization or collection of organizations (“Partner”) to redevelop the BGA and associated public and private property within our historic district.  The City is open and receptive to creative ideas for the properties, and will accept proposals for the properties individually or collectively, though an implementable vision encompassing the entire area will be given our highest priority. There are economic development incentives available, including the City’s Water Tap Incentive Program, C-PACE financing, and Enterprise Zone tax credits amongst others. The BGA opportunities include three City owned properties described below, and other privately-owned properties may be suitable for redevelopment:

1. Through a public-private-partnership, the Belvidere Theater, 139 Nevada Street, may be revitalized as a community and event space, restaurant, retail, and a theater. The City has recently secured a Department of Local Affairs (DOLA) grant for $1 million to assist with restoration of the 15,520 square foot property. The City must retain ownership of this property as there is a community use component, but long-term leases and priority arrangements will be entertained.

2. In 2022, the City sold Scarlets through adoption of Ordinance 22-10.   

3. The Big T Lot (1.54 acres) is a vacant lot located at a prominent intersection at the entry to Central City’s downtown.  The site is ready for mixed-use development. Potential uses for the space include a hotel, parking garage, and commercial/retail space. The City is receptive to considering reconfiguring roadways in the area to further the right development, so as to better capture regional market traffic. The property is prohibited from gaming, unless a covenant payment is made or the restriction is renegotiated.  That covenant remains in place until 2051. 

This property is currently listed with Fuller Real Estate.  

The Clear Creek Economic Development Corporation (CCEDC) has been in existence since 1985 and has loaned approximately $7.4M in business loans and leveraged $17.6M in the communities it serves. The CCEDC administers five types of loan programs to meet the needs of most small to medium size businesses in Clear Creek and Gilpin Counties. 

  • CDBG Loans draw down new funds from the State and are loaned out starting at the prime rate. The lending limit is $100,000 and the funds are tied directly to job creation - with one job credited for every $20,000 borrowed. Loans above $100,000 require State approval. These funds can be used to purchase real estate, for working capital, furniture, fixtures and equipment and inventory. 
  • Loans from CCEDC’s Revolved Funds have more flexibility in terms of uses, terms and rates as the funds have been released from most of the federal guidelines. The terms are set by the Loan Committee and do not always have to meet the job creation requirements. The lending limit is generally $100,000, but a higher request will be considered on a case by case basis.
  • The CCEDC administers a Micro-Enterprise Loan Fund for small businesses with capital needs of less than $100,000. Specific qualifying criteria include five or fewer employees at the time of application, and the owner(s) must qualify as low-to-moderate income. Funding for technical assistance is also available to develop solid business skills and improve the chance for success moving forward.
  • Focused on enhancing the appearance of businesses, the Micro Business Loan has a lending limit up to $10,000, a 4-5.5 percent interest rate, a term of up to two years, and must be used to enhance the business facade, signage, or the visual appearance of a business. 

C-PACE enables owners of eligible commercial and industrial buildings to finance up to 100% of energy efficiency, renewable energy and water conservation eligible improvements. Financing is provided by private capital providers at competitive rates with repayment terms up to 25 years.

On March 16, 2017 Central City was granted permission to be included into the Northwest Colorado Enterprise Zone. Any and all businesses within Central City can now pre-certify for Enterprise Zone Tax Credits. You may find more information on the specific benefits of this enterprise zone here, which is administered by the Associated Governments of Northwest Colorado (AGNC).

Some highlights include Vacant Commercial Building Rehabilitation credits, Job Training credits, New Employee credits, and Contribution Project credits (public-private partnerships). 

Federal and state laws provide tax incentives for historic preservation projects that follow the Secretary of Interior's Standards for Rehabilitation.

STATE

Colorado provides Historic Preservation Tax Credits for both residential and commercial properties.  All tax credits are now reviewed by Colorado's State Historic Preservation Office (SHPO), History Colorado.

Residential:

Since January 1, 2020, qualified expenditures on residential properties in Central City will receive at 35% tax credit.  Qualified expenditures must be at least $5,000, and the maximum credit available for each project is $50,000.

Commercial:

Qualified expenditures on commercial properties in Central City will receive a 35% tax credit for project expenditures of $2 million or less.

All qualified expenditures above $2 million will receive a 30% tax credit.

Credits must be reserved on a first come-first served basis.  The maximum credit available for each project is $1 million.

FEDERAL

Qualified expenditures on the rehabilitation of historic, income-producing properties will receive a 20% tax credit.

The parking Fee-in-Lieu program establishes a parking bank to facilitate new development within the Land Development Code (LDC). This fee would be paid to the City, within a special fund, which could be leveraged later to construct a structured parking garage. See Fees for the Parking Fee In Lieu Program details.

The Colorado Small Business Development Center Network (CSBDC) is dedicated to helping existing and new businesses grow and prosper in Colorado by providing free and confidential consulting and no- or low-cost training programs. Central City, Gilpin County is located within the Northwest SBDC. 

Water Tap Incentive Program 

What is the program?

The Water Tap Incentive Program (WTIP) was established to encourage new development and growth in Central City by supporting property owner and developer investment. The City Manager or his/her designee can approve rebates for water tap fees, provided the applicant submits an application that shows they meet the eligibility requirements and guidelines (See Resolution 20-16). 

The program is intended to advance Central City’s Economic Development Goals (outlined in the Comprehensive Plan 2017)  including, but not limited to:

  • Encourage retail, entertainment, and tour guide services to relocate into vacant commercial buildings.

  • Encourage development and expansion of commercial services within the community, including food stores, service stations, pharmacies, art studios/makerspaces, professional office spaces, specialty retail shops, entertainment, and restaurants or other food-based services.

  • Increase the number of historic buildings occupied with businesses, residents, and visitors.

  • Create more housing options to establish the critical mass needed for desired economic development.

  • Stimulate activation of underutilized upstair spaces in the Historic Commercial Core and other areas suitable for housing development.

What properties are eligible?

Most properties within the City are eligible for this program including:

  • Bridge Gateway Area - Bridge Gateway Properties include the Belvidere Theater at 139 Nevada Street, Scarlets at 130 Main Street, the Big T Lot as well as 126, 130, 132, and 220 Spring Street;
  • Commercial Development - Commercial development located within the HDG, GGG, LCC, TSL, GPC, and IND zoning districts; and 
  • Residential Infill - Infill within the Central City portion of the National Historic Landmark District Boundary. See Historic District for reference.

How is the amount of the rebate determined?

The base rebate is 30%, but several factors are considered in the review of a water tap rebate application, including the range of investment and integration of the City’s economic development goals. View the below Exhibit A for the full criteria. 

Important program information can be found in the below links:

Questions?

Please contact the Community Development Department if you have any questions at (303) 582-5251.