Business Development District (BDD)
What is a Business Development District?
A Business Development District or BDD is an area designated by ordinance that increases the sales tax for most sales tax producing purchases within the area by increments of .25% up to a maximum of 1%. The Village of Heyworth utilizes this sales tax to provide grants and assistance to its existing sales tax producing businesses within the BDD area, help incentivize new businesses, and help improve the BDD area.
Business Development District Program
To potentially utilize Heyworth's BDD program, complete the application found here and submit the completed application to the Heyworth Village Hall.
New Business Program
The New Business Program of the Heyworth BDD Reimbursement Program is intended to incentivize new sales tax/retail producing businesses wanting to locate within the Village of Heyworth in the BDD area. Per the program, the Village may provide up to 75% of the BDD sales tax produced from the business from the previous year annually until all approved cost eligible expenses are reimbursed. To apply for the New Business BDD Program of the Village, complete the application and turn it into Heyworth Village Hall.
Existing Business Program
There are three (3) types of Existing Business Programs of the Heyworth BDD Reimbursement Program. With this program, the Village may provide a sales tax producing businesses located within the BDD area up to a $50,000 grant, which the grant amount shall not exceed 75% of the cost of the improvements. The amount of the grant is dependent upon the type of business, the improvements intended and performed, and how much the business itself pays for the improvements. To apply for the Existing Business BDD Program of the Village, complete the application and turn it into the Heyworth Village Hall.
For more information about the Heyworth Business Development Program, contact Heyworth Village Hall at 309-473-2811.