- Birmingham Business Development Loan
- Possible Sharing of New Revenues
- City Owned Property
- Improvements in the Public Right-of-Way
- Alabama Constitutional Amendment 772
- Federal Historic Tax Credits
- State Historic Tax Credits
- Foreign Trade Zones
- Fast Track Permitting Assistance
Birmingham Business Development Loan
Through a Birmingham Business Development Loan a borrower can receive a short term (12 to 24 months), low interest loan of $100K to $1M. These loans are excellent for acquisition and site or building preparation, with an interest rate that could be advantageous to the borrower. Business Development loans must be secured by an irrevocable letter of credit from a recognized bank so that the City has no risk in knowing the money will be paid pack at the end of the term. The payback of principal and interest is due in full at the end of the term. There are no payments required during the term.
- MSB-WU Properties, LLC Social Venture
- The Denechaud House, LLC
- Whitmire Building, LLCK-Lofts
- 1215 Parkside, LLC Tillman Levinson Annex Bldg
New Revenue Sharing
Historically, assuming the project would create new jobs and new revenues for the City of Birmingham, based on due diligence and upon Council approval, the City sometimes considers sharing a percentage of new revenues to the City in the form of a rebate to the business principals on an annual basis following the collection of the revenues by the City. The percentage of sharing and the number of years the revenue would be shared are included in a development agreement negotiated by the City Attorney’s office and the prospect’s legal counsel. Specific terms for this type of payment from future revenues are negotiated on a case-by-case basis with individual prospects. In the case of most business expansions, existing revenues are not usually considered new revenues, and are not subject to most revenue sharing agreements.
- Action Resources, Inc.,
If the property is owned by the City, depending on the scope and potential for new jobs and revenue generation, the City will sometimes convey the property to the prospect at a significantly reduced cost. This is a source of negotiation, but, if the parcel being considered by the prospect is City-owned, savings in land costs could be a major advantage for a start-up business.
- ABC Consultants
State Historic Tax Credits
State Historic Tax Credits were approved in the most recent session of the Alabama legislature, allowing for a 25% state income tax credit toward the rehabilitation costs of designated historic structures. This new Alabama law adds residences to the types of structures that would qualify. To qualify, a structure must be deemed historic by the United States Department of the Interior, or it must have been built prior to 1936 and certified by the Alabama Historical Commission as meeting certain federal standards. There are dollar limits on the amount of the credit and the new law includes those limits and other qualifying standards. REV Birmingham can provide further details.
- Brown Marx Tower
- Former Federal Reserve Bank of Atlanta, Birmingham Branch
- Redmont Hotel
- Cain Furniture Company Building
Birmingham Foreign Trade Zone #98
Birmingham Foreign Trade Zone #98 includes specifically designated areas, in, or in close proximity to a United States Customs Port of Entry. Birmingham FTZ #98 allows for a reduction of tariff rates, or delayed payment of tariffs, by companies that are importing component parts used in the production process.
- Mercedes Benz
Fast Track Permitting
Fast Track Permitting assistance is offered through the City’s Division of Economic Development, working in close coordination with the Department of Planning Engineering and Permits, giving the local developer, architect or contractor immediate assistance and/or information related to design review, inspections, permits, and other matters related to a project.
- SRA Meats
Small Business Administration/City of Birmingham Partnership
The City of Birmingham and the United States Small Business Administration (SBA) have partnered whereby the SBA and its resource partner (Service Corps of Retired Executives) are available to meet clients at Birmingham City Hall twice a week to provide individual one-hour business counseling sessions has been a success.
- More than 275 clients served over the past year-and-a-half through the highly successful workshops and seminars – Grow Your Business Using Google; Steps to Starting Your Own Business, as well as our extremely informative One-On-One Counseling Sessions.