Hopkinsville city staff spotlight development incentive programs

Business and residential developers in Hopkinsville have a variety of building incentives that they can apply for to support their projects, and city staff highlighted those programs at Tuesday’s Mayoral Town Hall.

Hopkinsville Mayor J.R. Knight welcomed attendees and described the inventive programs as tools to help fuel economic growth in the city.

Holly Boggess from Community and Development Services shared the eligibility standards, purpose and requirements for multiple downtown development incentive programs. The Mayor’s 24/7 Downtown Initiative is one of the newest programs, and Boggess says its goal is to establish a residential population downtown to attract more retail opportunities.

The program invites developers to convert vacant upper-story spaces to housing. For each residence established through the program, Boggess says developers can receive up to $15,000.

In the downtown area, Boggess also spotlighted The 50/50 Matching Grant Inventive Program, Let’s Paint Downtown Hoptown, The Collaterized Loan Incentive Program, The Preservation-In-Lieu-Of-Taxes (PILOT) Program and The Downtown Development Incentive Program.

Each program either offers reimbursements, tax freezes or tax rebates for residential and business developments, as well as other improvement projects in the downtown area.

Then, Boggess spotlighted some incentive programs that are available in Legacy Hopkinsville Neighborhoods surrounding downtown Hopkinsville. Through the Rental Rehabilitation Program, property owners can make energy efficiency and structural improvements to homes, and if they pass a code inspection they can receive up to a $10,000 reimbursement.

Housing developers can also receive rebates through the Legacy Hopkinsville Single-Family and Multi-Family New Construction Programs.

Then, City Financial Officer Melissa Clayton spotlighted city-wide incentives. Clayton shared that the standardized economic development incentive policy, recently passed by the city council, allows new industries coming to Hopkinsville to get up to a 50% payroll tax rebate and up to a 50% property tax rebate for up to 10 years depending on new job growth. Clayton says the incentive was designed to attract businesses, create jobs and expand Hopkinsville’s tax base.

Clayton also spotlighted housing incentives and The Energy Project Assessment District. The full town hall is available on YouTube, and those interested in learning more about local incentive programs can visit comdev-services.com.