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.