As delineated by City Ordinance, the Large Investment Incentive:
- Requires a minimum total project cost (private investment) of $750,000 into a commercial property that has been deemed to have significant economic, historical, and/or cultural value to the City of Abbeville and that without a substantial and immediate public/private investment would likely deteriorate beyond a usable condition not only rendering the commercial property in question nonviable and in a blighted condition, but also damaging the value and viability of surrounding properties as well.
- Incentive given on a reimbursement basis.
- Project must result in new housing or jobs.
- Submitted to Council for approval.
- Large Investment Incentive Recipients are not required to be Small Businesses and are not eligible for the Small Business Grants once the Large Investment Incentive Reimbursement has been distributed.