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Central City has a number of opportunities for businesses, entrepreneurs, and developers including a start-up space program and several tax credits and incentives. Our building inventory and list of historic downtown businesses and buildings for sale offer details on current business and development opportunities.
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.
The residential tax credit is calculated at 20% of Qualified Rehabilitation Expenditures, with a cap of $50,000 in credits per property. Starting on January 1, 2020, an additional 10% “bonus credit” will be available because Central City is in a rural area. History Colorado reviews the work, and the property owner will need to complete the State application to start the review process.
• EXAMPLE: $50,000 project x 30% Colorado Income Tax Credit = $15,000 credit which can be carried forward for up to ten years.
More information regarding historic preservation tax credits for residential properties may be found here.
The commercial tax credit is calculated at 25% of Qualified Rehabilitation Expenditures for projects of $2 million or less, and 20% of Qualified Rehabilitation Expenditures for projects of more than $2 million. In addition, starting on January 1, 2020, an additional 10% “bonus credit” will be available because Central City is in a rural area. The maximum amount of tax credit available to any commercial property is $1 million per year. History Colorado reviews the work, with the tax credits available on a first come-first serve basis.
• EXAMPLE: $2,000,000 project x 35% Colorado Income Tax Credit = $700,000 credit which can be carried forward for up to ten years, or transferred or sold to other taxpayers.
More information regarding historic preservation tax credits for commercial properties may be found here.
Federal Tax Incentives are also available. A 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.” Additional information regarding federal tax incentives may be found here.
On March 16, 2017 Central City was granted permission to be included into the Northwest Colorado Enterprise Zone. Any and all businesses within Central City can now pre-certify for Enterprise Zone Tax Credits. You may find more information on the specific benefits of this enterprise zone here.
In 2016, Main Street Central City worked with a consultant funded through the Colorado Main Street Program to complete a business and building inventory. The results revealed 7 sales between 2014 to 2017 and 6 commercial listings – a bed & breakfast, former casino, a current casino and brewery, a retail location and two development opportunities – with properties ranging from $73.65/sq. ft. to $581.61/sq. ft. and two casino development opportunities.
View the complete Building and Business Inventory Deliverables with the below links:
Please contact a local realtor for more information.
Historic Downtown Property
125 Main St
Contact 847.234.1499 for more information.