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City economic-development staff describe rent-rebate program: $500/month first year, $250 second year; $50,000 annual allocation
Summary
OECD officials told the council Taunton's rent-rebate program provides $500 monthly for a new business's first year and $250 monthly in year two, targets vacant storefronts in three focus areas and operates within an approximately $50,000 annual allocation; staff named participating businesses and said the program is continually adjusted.
City economic-development officials described the rent-rebate program and its role in recruiting and stabilizing small businesses. Jay Patekis, executive director of the Office of Economic and Community Development, said the program was created in March 2016 and has been adjusted over time. "The businesses ... secure $500 a month for the first year and $250 a month for the second year," Patekis said, and staff confirmed the city sets aside roughly $50,000 annually for the program.
Officials said program eligibility requires at least two full-time employees (or equivalent) and at least 40 hours of weekly operation; the program was originally downtown-focused and was expanded to cover Winton and Whittington areas. Staff listed participating businesses and recent graduates from the program — including Nantia's Soul Kitchen, Serendipity Bookshop and Jane and Adele supermarket — and said nearly all businesses shown on their slide between July 2022 and June 2024 remained in business except one.
Councilors asked whether staff had considered scaling the rebate as a percentage of rent; staff said they had not implemented that approach but might study it. Officials also described internal screening to confirm taxes, certificates of occupancy and other requirements before payments are authorized, and staff noted the program includes a reimbursement of up to $2,500 for new business signs in limited cases.
What happens next: OECD will continue administering and refining the program and report changes as needed; councilors asked staff to keep the program in mind as the administration develops business guides and marketing outreach.
