Downtown Peoria Revitalization
Downtown Peoria Redevelopment Area is bounded by Peoria Avenue to the north, Monroe Avenue to the south, Grand Avenue to the east, and 85th Avenue on the west.
Link to ordinance:
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Enterprise Zone
Enterprise
Zone Map (PDF)
Western Maricopa Enterprise Zone (WMEZ)
The Arizona Department of Commerce established an enterprise zone program to improve the economies of defined areas within the State of Arizona with high poverty or unemployment rates. The Enterprise Zone program provides enhancing opportunities for private investment within the defined zone district designated by the Department of Commerce for a period of up to 5 years. New job tax credits and property taxes benefits for manufactures are offered to provide incentives to companies that create jobs and do business within the enterprise zone.
New Job Income/Premium Tax Credits
Arizona statutes provide for an income and premium tax credits that may total up to $3,000 per new job position over a period of 3 years, with a maximum of 200 employees in any given tax year.
Company Eligibility
Any company located within the designated enterprise zone with less than 10% retail sales. The 10% retail activity is restricted to 3 designated categories: 1) Food and beverage for consumption on the premises solely by employees and occasional guests, 2) promotional products displaying the company logo or trademark, 3) products sold to company employees.
Qualifying companies create new jobs that:
• Are full-time and permanent (1,750 hours per week),
• Pays an hourly wage above the wage offered by the county,
• Pays at least 50% of health insurance costs for the employees,
• Must work at least 90 days in the first tax year and;
• Have 35% of the new employees on whom the credit is taken must be living within the same enterprise zone in the same county as the business on the date of hire.
Manufacturer Property Tax Benefits
Property reclassification is available within the zone for manufacturer or commercial printing businesses to become eligible for an assessment ratio of 5% on all personal and real property (for primary tax purposes only) for a period of 5 years.
Company Eligibility
Qualified manufacturing and commercial printing companies doing business within the zone, and are either:
• Minority-owned, woman-owned and small businesses (fewer than 100 employees or gross annual sales of $4 million or less), and
• Are Independently owned and operated (under general circumstances, 50% of the company cannot be owned by different business or it becomes ineligible), and;
• Makes an investment of fixed assets (depending on location) of $500,000, $1,000,000 or $2,000,000. The investment can be aggregated from 1/1/2001 as long as the zone was in place during that time.
**For further detailed information, contact the Arizona Department of Commerce Zone Administrator (602) 771-1100 or their website –
www.azcommerce.com**
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