While the City of Geneseo has many potential commercial property options available, many of these fall into three categories:
We welcome new businesses to Geneseo!
Below is a list of incentives for businesses new to Geneseo.
TIF District Benefits -- Potential to share in property tax increment. Detail at City Hall.
County Revolving Loan -- $7,500 per employee job created at 2.5% interest. Detail at Henry County Courthouse.
Geneseo Revolving Loan --$7,500 per employee job created at 2.5% interest. Details at City Hall.
Sales Tax Abatement -- City's portion for two years ($200,000 in sales would result in rebate of $2,000). Bring in receipts quarterly for payback.
Sales Tax Refund -- City's portion, for construction materials (concrete, lumber, floor coverings, wall coverings, paint, furniture) for first six months. Must be purchased in Geneseo. ($50,000 in purchase would result in $500 refund). Bring in receipts at end of first six months for refund.
Abatement of Real Estate Taxes* -- On newly purchased property, the city's portion, for 2 years. (Business property assessed at $100,000 would generate $173 refund). Bring in paid tax bill for refund.
Water/Sewer Discount -- 20% discount for first two years. Pay in person for discount to be deducted.
Electricity Discount -- 10% discount for first two years. Pay in person for discount to be deducted.
*State Law prohibits abatement of real estate taxes if in a TIF District.
