New year brings new Broomfield business-support programs

Businesses in Broomfield, both large and small, will get an extra boost in 2016 thanks to two new incentive programs that began Jan. 1.

“The city and county of Broomfield’s Economic Development Department worked hard in 2015 to identify and create new incentive programs that our businesses can take advantage of for new investments and jobs created that take place in certain areas of our community” said Bo Martinez, Broomfield’s director of economic development.

In mid-2015, Broomfield’s City Council approved creation and funding of a new building-improvement fund called “Enhance Broomfield,” a program designed to help businesses in Broomfield with fewer than 50 employees that are looking to make exterior improvements to their building or property pay for such improvements. Assistance is available for a multitude of improvements with a ceiling of $25,000 per applicant.

SPONSORED CONTENT

Empowering communities

Rocky Mountain Health Plans (RMHP), part of the UnitedHealthcare family, has pledged its commitment to uplift these communities through substantial investments in organizations addressing the distinct needs of our communities.

The goal of the program is to help improve the appearance of some of Broomfield’s older and more tired-looking commercial and industrial buildings. Broomfield’s hope is that as the exteriors of some buildings start to get cleaned up, it will prompt other properties to make improvements as well.

Broomfield allocated $100,000 in 2016 to fund the Enhance Broomfield program for another year, hoping to help other businesses and building owners that are thinking about improving their properties pull the trigger. Funding is available to help pay for façade upgrades, landscaping, parking lot improvements, signage and a host of other needs.

Funding for Enhance Broomfield is competitive and requires applicants to commit to funding at least 50 percent of the projects costs. With our limited funding, we want to ensure that we get the greatest bang for our buck, so we look pretty critically at each project to make sure it meets the goals of the program and it produces a project that will make our community proud.

In addition to Enhance Broomfield, for the first time ever, certain areas of the city and county of Broomfield have been included in the state of Colorado’s Enterprise Zone program. The program was designed to promote a business-friendly environment in economically distressed areas by offering state income tax credits that incentivize businesses to locate and develop in — and nonprofit organizations to assist with the needs of — the community.

Broomfield never had the opportunity to participate in the Enterprise Program before, but that changed in 2015. The cities of Lafayette and Longmont partnered with Broomfield to propose a new zone to the Colorado Office of Economic Development and International Trade, which was approved at its August meeting last year.

Following approval by the state’s Economic Development Commission, Broomfield, Lafayette, and Longmont had access to an important tool that allowed businesses that made investments, hired new employees and undertook certain activities within the newly designated Enterprise Zone to qualify for state income tax credits. Tax credits are targeted to certain pre-designated areas within Broomfield, which are predominantly referred to as parts of Original Broomfield, the Warehouse District, parts of the 120th Avenue corridor and the Research and Industrial Park.

Businesses planning on making investments in property and new employees can apply for state income-tax credits that can range up to $500,000, depending upon the level and type of investment by a business.

To learn more about the Enterprise Zone program, the Enhance Broomfield program or any other business assistance services, visit investbroomfield.com or contact the Broomfield Economic Development Department at 303-464-6300. For specific information about Enhance Broomfield, visit enhancebroomfield.com. For specific information or to pre-certify for the enterprise-zone program, visit investbroomfied.com/ez or advancecolorado.com/ez.

Mike Van Den Bosch is a senior economic-development specialist for the city and county of Broomfield.