Incentives to Locate Your Business in Downtown Henderson
Federal Tax Credits
Most buildings within the Central Business District are contributing buildings in the Historic District. As part of a registered National Historic District, these properties may be eligible for Federal income tax credits ranging from 10 to 20 percent of their restoration costs. These properties will also be eligible for a Kentucky state tax credit. Tax credit information is available in the Downtown Henderson Project office.
Free Design Assistance
The DHP provides individual businesses or property owners with design assistance including paint colors, signs, exterior changes, windows and awnings specifications. Assistance is provided based on the needs and budget constraints of the business/property owner overseeing the project. In addition, the Design Committee has compiled technical material complete with slides and a variety of information to assist downtown businesses with building improvements. The DHP, as a Kentucky Main Street program, has access to design assistance through the Kentucky Heritage Council.
Paint Partnership Program
DHP, with the assistance of Henderson Paint & Glass and Pittsburgh Paints, and Homecrafters and Porter Paint, have created a Paint Partnership Program. This program offers exterior paint at a discount to any commercial building in the Central Business District, contributing properties in the four residential Historic Districts, and properties listed individually on the National Register of Historic Places.
Preferred Rate Loan Program
This program is a joint effort between DHP, 5/3 Bank, The Bank of Henderson, Independence Bank, Ohio Valley Financial Group and Old National Bank. Each bank has pledged $100,000 to the program, and the City of Henderson $50,000 to establish a total of $550,000.
Loans may be approved for amounts ranging from $5,000 to $75,000. Interest rates will be 75% of prime as quoted in the Wall Street Journal at the time of closing. At no time will the rate fall below 3.75%.
The loans will provide for either physical property improvements or business improvements in the Central Business District (i.e. the funding of relocation and/or expansion of a business), excluding purchasing inventory or working capital. The primary use of a qualified property shall be commercial such as apartments, professional offices, restaurants, retail stores, etc. Loans are designed with the intent to aid in promoting the economic and historic revitalization of Henderson's downtown Central Business District through improvements which will be visible within the community.
Property Referral
The DHP maintains a Vacant Building Survey that lists properties for lease or sale within the Central Business District. Information is available concerning prices, square footage & contact persons. For specific information, go to the Commercial Properties or Apartments pages on our website. Market information concerning city and county demographics is also available at the DHP office.
Tax Abatement Program
The City of Henderson has established a program for the granting of property assessment or reassessment moratoriums for qualifying property located in the Central Business District. Those eligible are residential buildings and commercial buildings older than 25 years. The moratorium will be for a period of five years. The application for the moratorium is available at the Property Valuation Office, in the Henderson County Court House, 222 First Street, within the Finance Office. The application must be filed 30 days prior to beginning rehabilitation of property
For More Information
Contact Julie Turnipseed, Executive Director of the Downtown Henderson Project at 270-827-0016 or julie@downtownhenderson.org
