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 Lisa Roemhildt to get connected with COMS.
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.
- 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.
FEMA Funeral Assistance
FEMA is providing financial assistance for COVID-19 related funeral expenses incurred after January 20, 2020. For more information, find their flier here.
Economic Disaster Loans - SBA
The U.S. Small Business Administration announced that the deadline to apply for the Economic Injury Disaster Loan (EIDL) program for the COVID-19 Pandemic disaster declaration is extended to Dec. 31, 2021. The SBA Express Bridge Loan and SBA Debt Relief programs are still providing funds/relief as well.
Energize CO Gap Fund - Applications are currently closed.
The Energize Colorado Gap Fund will provide more than $25M in small business loans and grants to boost small business enterprises that are the economic engines throughout the state. Sole proprietors, businesses and nonprofits with less than 25 full-time employees can apply for up to a $15,000 grant and a $20,000 loan for a possible combined total of $35,000 in financial assistance.
The Office of Economic Development and International Trade has developed the following list for alternative funding sources beyond the common Economic Disaster Loans and Paycheck Protection Program.
SBA Prioritizes Smallest of Small Businesses in the Paycheck Protection Program.
With the $284 billion Congressional appropriation for small business relief, the federal Paycheck Protection Program reopened the week of January 11 to community financial institutions and nonprofit lenders. OEDIT is providing updates to the PPP loans here.
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).
- Northwest Enterprise Zone Information
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.
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.
Preservation Tax Credit Infographic Brochure
Preservation Tax Credit Fact Sheet
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.
Residential Properties Brochure
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.
Commercial Properties Brochure
Qualified expenditures on the rehabilitation of historic, income-producing properties will receive a 20% tax credit.
Federal Tax Credit Information
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.
Start Up Space Program
Located in the heart of historic Central City, the approximate 700 square foot Central City Start-up Space provides space for entrepreneurs, artists, and start-up businesses to make ideas and concepts come to life. The city-supported space offers a professional environment to foster creativity and help entrepreneurs grow and sustain their business. The program provides a unique workspace for participants to develop their business and become an integral part of the Central City community. This program is offered in support of the City’s economic development goals (See Resolution 19-19).
Participants enter a fifteen-month service agreement for the second-floor space above the Central City Visitor Center located at 103 Eureka St, Central City, CO 80427. Participants will be offered a maximum of a fifteen-month licensing agreement. Four-percent of net revenues generated from the business will go to the City in lieu of rent to cover administrative and maintenance costs, and a $2,000 refundable security deposit will be required. No other monthly costs will be charged.
What are the dates of program?
Applications will be accepted on a rolling-basis and will be dependent on the available space. The licensing agreement will run for a maximum of fifteen months and a calendar of availability may be found here.
What businesses will this program attract?
The City would like to attract local establishments that will feature gifts, home goods and decor, apparel and accessories, specialty food, sporting goods, pet supplies, boutique items, art items, locally-made goods, children's books and toys, etc. Businesses should be complementary to other offerings and should be planned with intent to increase pedestrian traffic and drive shoppers to Central City, and importantly, have a plan to develop a permanent establishment within Central City following the licensing agreement.
What are the legal requirements?
Click here to download the application and the flyer.
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:
Please contact the Community Development Department if you have any questions at (303) 582-5251.