The List of Certifiable Mill Buildings should meet the
following criteria:
- Constructed prior to January 1, 1950.
- Minimum of two (2) floors excluding a basement.
- Used for manufacturing, wholesale trade or other commercial purpose.
- Conforms to the municipality's comprehensive plan and local land use
ordinances.
- Proposed for Substantial Rehabilitation of at least 20% of the
property's market value.
- At least 75% vacant for a minimum of twenty four months at the time
of submission.
- Designated by the Municipality for consideration as a "Certifiable
Mill Building".
- Meets other requirements established by the Council.
- Designated by the Council as a "Certifiable Mill Building".
Tax Credit Available to Certified Mill Building Owner(s)
- A specialized investment tax credit equal to 10% of the cost of the
substantial rehab. The rehab must occur within two (2) years following
certification.
- This credit will be granted in the year the substantial rehab is
first placed in service.
- Amounts of unused credit may be carried forward for a period not to
exceed the following seven (7) taxable years.
Tax Credits Available to Lenders
- A credit equal to 10% of the interest earned on loans to eligible
businesses. Maximum of $10,000 per taxable year.
- A credit equal to 100% of the interest on loans made solely and
exclusively for the purpose of substantial rehab of a Certified
Building. Maximum of $20,000 per taxable year.
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