Martin City is in an Urban Renewal Area (URA)
The Chapter 353 Program assists in the removal of blight and blighting conditions by providing local property tax abatement to development projects located in Martin City. Assistance may be provided in the form of real property tax abatement on improvements. Contact the EDC to find out if your project qualifies.
Martin City is a HUBZone
Jackson County is a qualified HUBZone, which means Martin City is too! The HUBZone [Historically Underutilized Business Zone] Empowerment Contracting program provides federal contracting opportunities to qualified small businesses located in Martin City. To qualify for the HUBZone program in Martin City, your business must:
- Be a small business
- Be at least 51% owned and controlled by U.S. citizens, a Community Development Corporation, an agricultural cooperative, a Native Hawaiian organization, or an Indian tribe
- Have its principal office located in Martin City
- Have at least 35% of employees living in a HUBZone
Martin City is in an Enhanced Enterprise Zone
Enhanced Enterprise Zones (EEZ) encourage job creation and investment by providing state tax credits and local property tax abatement to new or expanding businesses that locate in a designated zone. Qualifying projects may receive property tax abatements for improvements made to real property. Learn more about the program at edckc.com.
Martin City is an Opportunity Zone
The City of Kansas City, Missouri was approved to designate 32 census tracts as eligible for the Opportunity Zones Program and Martin City is approved as one of those tracts. Below are the boundaries of our tract.
The Economic Development Corporation of KCMO is serving on the KC Opportunity Zones Coalition on behalf of the City of Kansas City, Missouri. For more information about the program in Martin City, CLICK HERE.
Additional incentives may be used in conjunction with the Opportunity Zones program. Please visit edckc.com to learn more.
Note: The U.S. Department of the Treasury has not completed its rulemaking on this program at this time. All maps and lists are for planning purposes only and may be subject to change based upon the Department of the Treasury’s final rule.
SBA 504 Small Business Loans
The EDC works with third-party lenders to provide SBA-approved 504 loans. As an SBA-approved Certified Development Company, all the EDC’s 504 loans are 100% guaranteed by the SBA and can be used for the acquisition of land or buildings, new construction, renovations, or to purchase machinery and equipment.
A typical 504 loan has three sources of funding, with the 504 loan making up 40% of the total project cost while outside lenders provide 50% and the borrower provides 10% as an equity injection. Once you’ve spoken with the EDCL to discuss your project, we can help you find outside lenders who would be happy to work with you to secure outside funding. The 504 loan itself has a low fixed interest rate for 10 or 20 years.
The 504 loans are designed for small businesses with a net worth of less than $15 million, and an average income for the last two years of less than $5 million, making them a perfect fit for startup businesses and small companies looking to expand their operations.
To qualify for a 504 loan, applicants must be a for-profit company doing business (or propose to) in the United States. View additional eligibility requirements
Kansas City Power and Light (KCP&L) offers a variety of energy-efficiency rebates and programs to align with what Martin City businesses need. You can even receive incentives when you reduce your business energy usage on peak days! Visit KCPL to learn more
Spire offers rebates on everything from HVAC, water heaters, and boiler systems to tune-ups, steam traps, and the latest foodservice equipment. Whether you own a family restaurant, operate a large factory or anything in between, Spire’s small and large commercial and industrial teams will help you take advantage of natural gas savings and opportunities. Visit Spire to learn more
New Market Tax Credits
The NMTC Program attracts private capital into low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax in exchange for making equity investments in specialized financial intermediaries called Community Development Entities (CDEs). A detailed overview of the NMTC Program, including information on eligible activities, can also be found in this Introduction to the NMTC Program presentation.
The EDC and KCMO staff make the final determination of appropriate local incentives for each business.
The Martin City Community Improvement District (MCCID) works with the Economic Development Corporation of Kansas City to provide businesses information about state and local incentives available to new or expanding businesses. If you have questions, please contact Steve Rinne at the EDC, to help you navigate what may be available to your business. [email protected] (816) 691-2129