Economic Incentive Program
The City of Cabot Economic Development Department facilitates strategic redevelopment and investment opportunities that align with the community's vision and that improve the economic vitality, appearance and function.
In September of 2021 the city council adopted legislation allowing the authorization of Economic Development Funds to new or existing commercial businesses with the aim to boost growth or development through financial incentives. This funding mechanism allows the city to support the private sector to purchase, assemble, revitalize and redevelop property for economic development purposes. Established by ordinance 35 of 2021, this fund is now called the Economic Incentive Program, or EIP.
The EIP program, was created to encourage commercial development within the city limits. The goal is to attract economic activity by transforming commercial areas into vibrant and attractive mixed-use centers, retail hubs or revitalization opportunities.
The program offers incentives to new or existing commercial projects that are consistent with the comprehensive plan and that meets certain standards including property consolidation, size, location and land use or development type. Financial disbursements will be considered on an individual bases and must meet certain standards.
The development proposal must:
-be located inside the city limits
-be commercial, industrial, and/or multi-family residential
-provide a business plan (new) or marketing plan (existing)
-provide a Pro-Forma (new) or Profit and Loss report (existing)
Move Cabot Forward Program
The City of Cabot Economic Development Department offers the Move Cabot Forward Program for existing businesses. Up to $25,000 has been dedicated to helping small businesses in the city limits of Cabot make needed improvements to the exterior of their buildings, to their parking lots, grounds, or for renovation or relocation. The goals of the program are to assist local businesses in making capital improvements to their buildings, to make businesses in Cabot more competitive by helping improve their access and signage and to assist in the beautification of the community.
The program will be up to a 50% matching amount, meaning that the business owner or the building owner will pay half of the cost of the improvements and the City of Cabot will reimburse the business for the other half of the cost. The maximum amount of a business is eligible to receive is $2,500, allowing businesses to receive 50% of up to a $5,000 project. This program can be used for any exterior renovations to a building or property that houses an active business or that will house an active business within 30 days of completion of the project.
Businesses will be considered on a first qualified application first funded basis with applications being accepted starting January 15. Funds are given solely at the discretion of the City of Cabot Mayor and City Council and require a vote to be approved.
Job Creation and Development Incentive
The City of Cabot Economic Development Department offers incentives based on job creation and future development to qualifying manufacturing, warehousing, distribution, commercial, developers and investors. The amount of incentive is based on a per project calculation that varies according to average wage, corporate investment, length of the contract and other factors.
Incentives will be considered on a first qualified application first funded basis with applications being accepted starting January 15. Incentives are given solely at the discretion of the City of Cabot Mayor and City Council and require a vote to be approved.
Download and complete the Economic Incentive Program Application along with all supporting documents. Please mail or hand deliver all required documents to the Physical Address listed to the right.