The Town of Rising Sun held a meeting on February 27, 2024, to discuss the implementation of a new workforce enterprise zone program aimed at stimulating local economic growth. The meeting focused on the proposed tax incentives and benefits designed to attract businesses to the area, particularly those that would create jobs for residents.

The discussion began with an overview of the proposed program, which includes a ten-year tax forgiveness plan and fast-tracked permitting for businesses that establish themselves in designated enterprise zones. The program aims to provide incentives for businesses that meet specific criteria, including a minimum number of employees and salary thresholds.

Key points highlighted during the meeting included the eligibility criteria for businesses located in both employment center zones and central commercial zoning areas. The proposal allows businesses on at least 15 acres of central commercial land to qualify for the same benefits as those in employment zones. This approach is intended to ensure that the incentives are accessible and beneficial to a broader range of businesses.

The financial implications of the proposed incentives were also discussed. For instance, a business valued at $10 million that meets the workforce criteria could receive significant tax savings, including a 10% discount on real estate taxes, which translates to approximately $4,600 in savings. Additionally, the town would still benefit from substantial revenue, including $68,120 from utility bills and taxes, even after providing these incentives.

Further proposals included allocating a portion of the commercial real estate tax revenue to create a revolving loan fund for small businesses, allowing them to improve their facilities and compete effectively. This initiative aims to support local "mom and pop" businesses, ensuring they are not overshadowed by larger enterprises.

The meeting concluded with a motion to forward the proposed ordinance to the planning commission for further consideration. The council expressed optimism about the potential impact of these initiatives on the town's economy, emphasizing the importance of balancing development with community interests and landowners' rights.

Overall, the meeting underscored Rising Sun's commitment to fostering a business-friendly environment while ensuring that the benefits of economic growth are shared with the community. The next steps will involve further discussions with the planning commission to refine and implement the proposed programs.