Financial assistance is considered on a project-by-project basis and can include various incentives.
FACTORS ESTABLISHING LEVEL OF FINANCIAL ASSISTANCE
- Real estate investment (new construction or leasehold value)
- Machinery & tools investment
- Personal property investment
- Total payroll/number of jobs
- Investment plan for worker skill training & retraining
- Type of employment (basic vs. non-basic)
EXAMPLES OF POSSIBLE INCENTIVES
- Performance grants
- Reduction in site/building purchase costs
- Reduction in site development costs
- Extension of utilities
- Assistance in basic utility infrastructure
- Roadways
- Purchase of right-of-way
- Parking
Should a project qualify, the elected officials of either the City of Winchester or the County of Frederick make a determination for each proposal as to the level of public fund investment. Other factors which enhance the proposal include how the company meets the identified targets in the community’s Economic Development Strategy, how the project helps to meet a specific economic goal of the Strategy, and how the project meets a specific existing business need (supplier, service, etc.).
Once the level of participation is agreed to, a contract of understanding is executed which details the company’s and community’s investments and expectations. The advantage of this process is making the best use of public dollars toward meeting the company’s needs rather than a one-solution-fits-all approach.
