Incentives

Local Incentives
Land Purchasing Assistance Program: The price of industrial park real estate will vary between $1/acre and $17,500/acre based upon the following land price formula. Credit is allowed for project costs exceeding $150,000.

Base land price = $17,500/acre.
Less 10% of base land price for qualified graduates of the Platteville Business Incubator
Less $1,000 for each $10,000 cost of improvements to the land in excess of $150,000 within 24 months of the date of closing
Less $200 for each Level 1 job (less than $10/hr. including cost of benefits) created within 24 months of the date of closing
Less $800 for each Level 2 job ($10-$15/hr. including cost of benefits) created within 24 months of the date of closing
Less $1,500 for each Level 3 job ($15-$20 hr. including cost of benefits) created within 24 months of the date of closing
Less $2,000 for each level 4 job ($20/hr. or more including the cost of benefits) created within 24 months of the date of closing
The final land price shall be based on the above criteria, and in no event shall the final land price be below $1/acre. The Platteville Industrial Development Corp. will be responsible for determining whether a job, that is created, is to be classified as Level 1, 2, 3 or 4 based upon information to be provided by the buyer.

TIF: The Platteville Industrial Park is located in a TIF district and some expenses related to site preparation and infrastructure may be eligible for TIF financial support. All TIF decisions are ultimately approved by the Platteville City Council and must be in compliance with State of Wisconsin TIF regulations.

City of Platteville Revolving Loan Fund: The City of Platteville has a revolving loan fund that may be available.

Local Sales Taxes Credits for Construction Materials or Machinery and Equipment: None.

Local tax on inventory: None.

Community Job Training: Community works with UW-Platteville and Southwest Wisconsin Technical College to develop customized labor training programs.

Business Finance Programs
Customize Labor Training Fund – Provides training grants to businesses that are implementing new technology or production processes. The program can provide up to 50 percent of the cost of customized training. Fax Form 802

Community Development Block Grant (CDBG-ED) Economic Development Program – Provides grants to communities to loan to businesses for start-up, retention, and expansion projects based on the number of jobs created or retained. Fax Form 806

Dairy 2020 Initiative – Awards grants for businesses and feasibility planning to dairy producers and processors considering a modernization or expansion project. Fax Form 820

Employee Ownership Assistance Loan Program – Can help a group of employees purchase a business by providing individual awards up to $15,000 for feasibility studies or professional assistance. The business under consideration must have expressed its intent to downsize or close. Fax Form 804

Major Economic Development Program – Offers low-interest loans for business development projects that create a significant economic impact. Fax Form 801

Early Planning Grant (EPG) Program – Makes individual awards to help individual entrepreneurs and small businesses throughout Wisconsin obtain the professional services necessary to evaluate the feasibility of a proposed star up or expansion. Fax Form 809

Economic Diversification Load (EDL) Program – Provides low-interest loans to existing businesses interested in establishing or expanding operations in Wisconsin. Applicants must provide a comprehensive business plan that describes the proposed project. Applicant can receive up to 75 percent of eligible costs. The actual award is based on the project’s viability, the number of jobs created or retained, and the extent to which the project will help diversify the local economy. Fax Form 823

Economic Impact Early Planning Grant (EI-EPG) Program – Offers matching grants that can cover up 75 percent of project costs – up to $3,000 – to help entrepreneurs and small businesses obtain professional services to develop a comprehensive business plan. A business plan is necessary to receive funding for either the EDL or EIL programs, as well as to attract private financing. A Special Opportunity Grant provides up to $15,000 for projects that will have a statewide impact. Fax Form 816

Industrial Revenue Bonds (IRB) – A means of financing the construction and equipping of manufacturing plans and a limited number of non-manufacturing facilities. The municipality is not responsible for debt service on IRBs, nor is it liable in the case of default. IRBs are also exempt from federal income tax. Fax Form 814

Rural Economic Development (RML) Micro Loan Program – Designed to provide working capital or fixed asset financing for rural businesses with fewer than 50 employees. Fax Form 822

Technology Development Fund (TDF) Program – Helps Wisconsin businesses research and develop technological innovations that have the potential to provide significant economic benefit to the state. Fax Form 803

Tax Incremental Financing (TIF) – Helps cities in Wisconsin attract industrial and commercial growth in underdeveloped and blighted areas. A city or village can designate a specific area within its boundaries as a TIF district and develop a plan to improve its property values. Taxes generated by the increased property values pay for land acquisition or needed public works. Fax Form 815

Additional Business Finance Programs (with Contact Information)
ACE-NET (Access to Capital Electronic Network) – A nationwide Internet-based listing service that provides information to angel investors on small, dynamic, growing businesses seeking $250,000 to $5 million in equity financing. ACE-NET is sponsored by the Office of Advocacy of the U.S. Small Business Administration and is operated in Wisconsin by the Wisconsin Department of Commerce (COMMERCE). Fax Form 826

Agribusiness Guarantee Program – Administered by Wisconsin Housing and Economic Development Authority (WHEDA). This program provides loan guarantees for projects developing products, markets, method of processing or marketing for a Wisconsin-grown commodity. The maximum guarantee of 80 percent on loans up to $750,000 can be used for equipment, land, buildings, working capital, inventory and marketing expenses. Contact WHEDA at 1.800.334.6873.

Business Employees’ Skill Training (BEST) Program – Helps small businesses in industries that are facing severe labor shortages upgrade the skills of their workforce. Under the BEST program, COMMERCE can provide applicants with a tuition reimbursement grant to help cover a portion of the costs. Fax Form 819

Enterprise Development Zone Program – Promotes a business expansion on a particular site in any area of the state that suffers from high unemployment, declining income and property values, and other indicators of economic distress. The program offers tax credits for creating new, full-time jobs, hiring disadvantages workers and undertaking environmental remediation. Tax credits can be taken only on income generated by business activity in the zone. The maximum amount of tax credits per zone is $3 million. Call 608.267.3895. Fax Form 805

State Incentives
Infrastructure Funding: A combination of Wisconsin’s Tax Increment Finance (TIF) Program and other infrastructure grant programs typically offset the estimated cost of infrastructure improvements (sewer, water, roads) to the site. Visit the WI Department of Commerce website for more information

Maximum Amount: Based on WI Department of Commerce budget availability.

Credits for State Income: State income tax credits are available through the County Development Zone tax credit program.

Inventory Tax: Inventories are exempt from property tax.

Job Training Programs/Funds: The state’s Customized Labor training can provide up to 50% of the costs of classroom and other non-production, equipment training. Wisconsin’s Incentive Offer Letter often includes an estimate of funds available from this program, if the project is eligible.

Job Tax Credits: There are both locally administered federal credits and Wisconsin’s Enterprise Development Zone (EDZ). The EDZ provides a state income tax credit of up to $4,000 per employee ($6,500 for targeted employees). Wisconsin’s Incentive Offer Letter often includes an estimate of the funds available from this program, if the project is eligible.

Special Economic Development Programs via Department of Commerce: These programs are usually a mix of tax credits, infrastructure grants, 4% loans, and training grants. They are customized to address the needs of your specific project. Wisconsin’s Incentive Offer Letter often includes an estimate of funds available from these programs, if the project is eligible.