Eligible application of ad valorem tax abatement is slated for new investment in land and building and property infrastructure.
Property Infrastructure Associated with New Investment
Storm Water Systems, Collection and Detention, Pumps, Sanitary Sewers and Lines
Water, Electricity, Gas/Sewer Lines
The concentrated application of economic development incentives in specific geographic areas of Minden allows the community to direct scare resources in a highly focused and impactful manner. Nevertheless, the application of the PILOT incentive is not limited to Economic Development Districts.
PILOTS granted by the Industrial Development Bond Board and City Council of Minden are not entitlements, but are reserved for projects that “but for” the incentive, the project would not be realized. No expenditures or commitments for expenditures on the project should be made prior to project approval for the PILOT incentive.
In order to benefit from the PILOT program, the subject property must be titled to a political subdivision such as the Industrial Development Board of the City of Minden. In that the Minden Industrial Development Bond Board is a tax exempt entity, there would be no ad valorem taxes due on the subject property. This frees up the Industrial Development Bond Board to negotiate a payment-in-lieu-of taxes with the effected company.
The PILOT can enable a company to substantially reduce its tax burden during the critical early phases of operation. Companies are eligible to take advantage of the PILOT by entering into a lease-back arrangement with The Industrial Development Board of the City of Minden.
A non-refundable $3,000 application fee must accompany all Sales & Use Tax PILOT applications submitted to the IDBM.
The PILOT beneficiary must pay the fees of all professionals, including special counsel to the IDBM and the City in connection with the negotiation and implementation of the PILOT, including the cost of any necessary feasibility reports, “But For” analyses and other required expenses. These costs will be estimated by the IDBM at the beginning of the PILOT approval process. The cost of these items can be recouped by including them in the project’s cost.
This district is comprised mainly of downtown properties. The district’s development focus is the following;
This district is an area that is motor vehicle friendly. Product distribution primarily via commercial trucking exists within the area. The district’s development focus is the following;
This district is an area that is primarily characterized as the community’s Interstate Road Frontage Property. This district is prime real estate positioned to attract new spending dollars to the community from commercial and noncommercial motor vehicle travelers. The district’s development focus is the following;
This district is the major Southeastern by-pass that separates the downtown commercial corridor from the northwest from the primarily residential area to the Southwestern part of the community. Once a site primarily known for mechanical/vehicle repair and warehousing, this district is now being targeted for new industries with the following: