Financing + Incentives in Livingston County
Livingston County Economic Development offers a variety of financial programs to encourage or assist with business attraction and recruitment, business retention and expansion, small business and entrepreneurship, and tourism and quality-of-life promotion. From small business loans and grants to business retention and large expansion projects, Grow LivCo is experienced in supporting the wonderfully diverse wants and needs of Livingston County.
Real Property Tax Law
Livingston County Economic Development is continually working to adopt and implement forward-looking policies to support community revitalization efforts. Livingston County is one of only two counties in the state of New York that offers a tax exemption for mixed-use properties through section 485-N of the Real Property Tax Law. This tax law authorizes the governing body of any town or village in Livingston County to adopt a local law offering a partial tax exemption from town taxes or village taxes to properties that are converted, created, modernized, rehabilitated, expanded, or otherwise improved for commercial and mixed uses.
If you are in a designated downtown district with a commercial or mixed-use property, you may be eligible. This tax abatement law stipulates years 1-8 at 100% with ratchets down 20% per year until year 12, and applies to properties that have been converted, created, modernized, rehabilitated, expanded, or otherwise improved. Not every designated downtown district in Livingston County has adopted 485N, so we recommend you inquire with your village assessor before applying.
Tax Exemptions
Livingston County Economic Development works to encourage and strengthen business development by providing incentives to qualifying businesses that make significant capital investments and create and retain jobs within Livingston County. These incentives include:
State and local sales tax exemptions
Mortgage recording tax exemptions
Real property tax abatements (PILOT program)
Bonds
Livingston County Economic Development has the ability to issue the following types of bonds:
Tax exempt industrial revenue bonds
Civic facilities bonds
Taxable bonds
Revolving Loan Fund
Livingston County Economic Development offers loans to new or expanding businesses. Revolving loan funds may be used for any justifiable business purpose including, but not limited to startup costs, working capital, expansion costs, and fixed assets including furniture, fixtures, and equipment. Loan terms vary based on the size and use of the loan but generally have a five-year term. A business plan detailing current operations and/or future plans will be required with a loan application.
Grants
The Livingston County Economic Development office applies for and administers a variety of grants to assist with Economic and Community Development projects. All of our entities are eligible to apply for and receive grants. The majority of grant activity in the office runs through the Livingston County Development Corporation.
First Impressions Grant
As a business, you never get a second chance to make a first impression. Whether your viewer is online, on the sidewalk, or on the other side of the street, the impression your business makes will create a lasting impact on your customer’s purchasing and returning habits. You want to make a strong, well-branded, cohesive impression on every person who steps through the door to ensure they leave happy and come back through your door again and again.
Our First Impressions Program funds projects that promote a lasting and genuine first impression of Livingston County’s businesses and communities. This program contributes to creating a sense of place for locals, businesses, and visitors while driving the economy for future success. The First Impressions Program will provide reimbursement of up to 50% for signage, interior or exterior lighting, facade improvements, public art installations, or streetscape enhancements, and digital-first impressions. The reimbursement shall not exceed $3,000 for any individual project. This program replaces the Sign + Facade Program.
New York Main Street Grant
Livingston County Economic Development assists communities in applying to the New York Main Street (NYMS) Program and has completed more than 15 projects to date. NYMS provides financial resources and technical assistance to communities to strengthen the economic vitality of the State's traditional Main Streets and neighborhoods. Administered by the Office of Community Renewal (OCR) within New York State Homes and Community Renewal (NYS HCR), it offers grants for architectural planning, building improvements, and streetscape enhancements.
If you are interested in learning more about this program, email info@growlivco.com. This state grant has an annual cadence, with the annual deadline usually towards the end of July.
Restore NY Grant
The Restore New York Communities Initiative (“Restore NY”) provides municipalities with financial assistance for the revitalization of commercial and residential properties. The program encourages community development and neighborhood growth through the elimination and redevelopment of blighted structures. Restore New York funding is available for projects involving the demolition, deconstruction, rehabilitation, and/or reconstruction of vacant, abandoned, condemned, and surplus properties. Note: The Restore NY Grant was not offered by the state last year.
Community Development Block Grant
The NYS Community Development Block Grant (CDBG) Program is administered by the Housing Trust Fund Corporation’s (HTFC) Office of Community Renewal (OCR) and funds a variety of activities across the State to develop viable communities. CDBG Program funds are allocated to New York State by the U.S. Department of Housing and Urban Development (HUD). The CDBG Program supports community development activities to build stronger and more resilient communities. To support community development, activities are identified through an ongoing process.
Livingston County Tourism:
Livingston County Tourism (also known as Visit LivCo) offers additional funding opportunities for businesses and event organizers in Livingston County that aim to drive economic growth through travel and increase the annual visitors and number of overnights in the county.