Central City has a number of opportunities for businesses, entrepreneurs, and developers including a start-up space program and several tax credits and incentives. Our building inventory and list of historic downtown businesses and buildings for sale offer details on current business and development opportunities.
In 2016, Main Street Central City worked with a consultant funded through the Colorado Main Street Program to complete a business and building inventory. The results revealed 7 sales between 2014 to 2017 and 6 commercial listings – a bed & breakfast, former casino, a current casino and brewery, a retail location and two development opportunities – with properties ranging from $73.65/sq. ft. to $581.61/sq. ft. and two casino development opportunities.
View the complete Building and Business Inventory Deliverables with the below links:
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.
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 will this accomplish?
- Enhance the retail core of the downtown, increasing the number of merchants and products available to our residents and visitors.
- Reduce the amount of vacant building space.
- Generate more pedestrian traffic and shopping opportunities downtown.
- Offer a low-cost option for local businesses to expand and reach new customers.
- Provide an opportunity to establish a business in town, introducing you to other business and property owners, and allowing you to discover and expand on the vast possibilities in Central City.
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?
Can I alter the space I am using?
Improvements or alterations of any kind must receive prior written approval from the City, and conform to the terms and conditions of the licensing agreement. Licensees are responsible for general upkeep of the space including but not limited to regular cleaning, replacing light bulbs, etc.
When do I access my space?
A licensee may access the space in accordance with the dates and times established in the agreement, and after fulfilling all other prerequisites.
When should I be open for business?
All participants should be ready for business no later than one month after executing the licensing agreement. Preparation of the space for main operations must be done while the Visitor Center is closed.
Required Hours of Operation:
The goal of this program is to drive shoppers to Central City. To maximize pedestrian traffic, weekend shoppers, etc., the business must be open for business and in operation at least 20 hours per week, within the Visitor Center’s hours of operation [Sunday – Saturday, 10 am – 4 pm (off-season) and 10 am – 6 pm (summer season)].
- Ideal applicants are either currently operating a local home-based business or a business wishing to open a second location. Priority is given to local businesses with an economic generator component within its business plan, including but not limited to sales of goods and/or services where a sale or use tax is collected.
- Applications will be reviewed on a rolling-basis by the City.
- Selection is open to the discretion of the City.
- Evaluation will consider product mix, store concept and design, marketing approach, operations strategy, planned events, experience, references, long-term business plan, and other elements the City may deem appropriate.
- A wait-list will be created if or when multiple businesses submit interest.
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:
- Program Overview (Exhibit A)
- Application - Coming soon
- Rebate Calculation Sheet - Coming soon
Please contact the Community Development Department if you have any questions at (303) 582-5251.