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Located in the heart of historic Central City, the approximate 700 square foot Central City Start-up Space provides space for entrepreneurs, artists, and start-up businesses to make ideas and concepts come to life. The city-supported space offers a professional environment to foster creativity and help entrepreneurs grow and sustain their business. The program provides a unique workspace for participants to develop their business and become an integral part of the Central City community. This program is offered in support of the City’s economic development goals (See Resolution 19-19).
Participants enter a fifteen-month service agreement for the second-floor space above the Central City Visitor Center located at 103 Eureka St, Central City, CO 80427. Participants will be offered a maximum of a fifteen-month licensing agreement. Four-percent of net revenues generated from the business will go to the City in lieu of rent to cover administrative and maintenance costs, and a $2,000 refundable security deposit will be required. No other monthly costs will be charged.
What will this accomplish?
What are the dates of program?
Applications will be accepted on a rolling-basis and will be dependent on the available space. The licensing agreement will run for a maximum of fifteen months and a calendar of availability may be found here.
What businesses will this program attract?
The City would like to attract local establishments that will feature gifts, home goods and decor, apparel and accessories, specialty food, sporting goods, pet supplies, boutique items, art items, locally-made goods, children's books and toys, etc. Businesses should be complementary to other offerings and should be planned with intent to increase pedestrian traffic and drive shoppers to Central City, and importantly, have a plan to develop a permeant establishment within Central City following the licensing agreement.
What are the legal requirements?
Can I alter the space I am using?
Improvements or alterations of any kind must receive prior written approval from the City, and conform to the terms and conditions of the licensing agreement. Licensees are responsible for general upkeep of the space including but not limited to regular cleaning, replacing light bulbs, etc.
When do I access my space?
A licensee may access the space in accordance with the dates and times established in the agreement, and after fulfilling all other prerequisites.
When should I be open for business?
All participants should be ready for business no later than one month after executing the licensing agreement. Preparation of the space for main operations must be done while the Visitor Center is closed.
Required Hours of Operation:
The goal of this program is to drive shoppers to Central City. To maximize pedestrian traffic, weekend shoppers, etc., the business must be open for business and in operation at least 20 hours per week, within the Visitor Center’s hours of operation [Sunday – Saturday, 10 am – 4 pm (off-season) and 10 am – 6 pm (summer season)].
Click here to download the application and the flyer.
Colorado provides Historic Preservation Tax Credits for both residential and commercial properties.
Project cap is $50,000 (interior and exterior work), with the extent of the saving at 25% Qualified Restoration Expenses (QRE's). The City of Central / Historic Preservation Commission (HPC) as a Certified Local Government (CLG) will review the work, but you need to complete the State application to start the review process . You can find more details on the links below:
EXAMPLE: $50,000 project x 25% Colorado Income Tax Credit = $12,500 credit in which you could use over the course of 10 years or sell.
Extent of Savings
30% of QRE’s for projects less than $2,000,000 25% for projects greater than
Max credit $1,000,000
State Office of Archaeology and Historic Preservation (OAHP) reviews the request, must reserve credit – first come/first serve basis ($5M Max each calendar year). You can find more details about the program within the links below:
EXAMPLE: $2,000,000 project (regardless of where the funds come from) with a 30% Colorado Income Tax Credit = $600,000 credit in which you could use over the course of 10 years or sell.
20% income tax credit is also available for the rehabilitation of historic, income-producing buildings that are determined by the Secretary of the Interior, through the National Park Service, to be "certified historic structures".
Visit Main Street Casinos' website for a future vision and features of current available properties.
On March 16, 2017, Central City was granted permission to be included into the Northwest Colorado Enterprise Zone. Any and all businesses within the City can now pre-certify for Enterprise Zone tax credits. You can find more information on the specific benefits of this enterprise zone on their website within the below link.
A workshop introducing the program to the public, businesses and civic leaders will be held this spring. The date of which will be announced soon.
Please contact a local realtor for more information.
Historic Downtown Property
125 Main St
Contact 847.234.1499 for more information.