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Economic Development
The City Manager's Office oversees all Economic Development in the City of Newport. Several innovative business and development incentive programs exist for new and existing businesses facilitated by the Development Services Department and the Historic Preservation Office. As a point of introduction, many incentive programs are listed below. If interested or have any questions, please email John Willis, Economic Development Coordinator.
Business & Development Incentives
The City offers up to a 40% reduction in occupational license fees for certain projects locating in the community. Download the Job Development Incentive Program Application (PDF) or email John Willis, Economic Development Coordinator.
The City has created the local City Center Tax Increment Financing (TIF) District. View a map of the Tax Increment Financing District (PDF).
Fore more information about the benefits through TIF in Kentucky, view the TIF Fact Sheet (PDF). Email John Willis, Economic Development Coordinator, with any questions related to TIF.
Business and property owners can defer the added value of improvements from the taxable assessment of their property for a period of five years. A structure must be 25 years old or older and must undergo substantial rehabilitation to qualify. Download the Property Assessment Moratorium Application (PDF) or email Brian Steffen, Assistant City Manager.
A 20% investment tax credit is available for substantial rehabilitation of certified historic buildings that are income-producing. Project must comply with the Secretary of the Interior's Standards for Rehabilitation. A 10% credit is available for buildings built before 1936 that are not certified as historic. (A map will soon be added showing Newport Tax Credit Eligibility Areas.)
For more information on the Commonwealth's program, visit the Kentucky Heritage Council's Historic Rehab Tax Credits page visit the or email Jennifer Williams, the City's Historic Preservation Officer.
The City has created an Energy Project Assessment District to facilitate Property Assessed Clean Energy (PACE) Projects. Energize Kentucky is the Program Administrator for a program available to commercial, industrial, and multi-family (5 units or more) property owners across the Commonwealth. PACE Financing provides access to low-cost, extended term capital to finance energy efficiency and water efficiency projects. For more information click here.
- Energize Kentucky Initial Eligibility Form (PDF)
- Energize Kentucky Success Story: Ivy Knoll Senior Community Center (PDF)
- Process for Energize Kentucky: PACE Financing (PDF)
- Traditional Loans vs. PACE Financing
Related Documents
- Assessment Moratorium Certificate Application (PDF)
- City Center Tax Increment Financing District Map (PDF)
- Energize Kentucky Brochure (PDF)
- Energize Kentucky Case Study - Ivy Knoll Retirement Community (PDF)
- Energize Kentucky Initial Eligibility Form (PDF)
- Facade Improvement Program Guidelines - Revised Central Business District (PDF)
Emergency Business Assistance Program
- CDBG State Program Eligible Activities (PDF)
- COVID-19 Financial Assistance Program (PDF)
- Emergency Business Assistance Application (PDF)
- Emergency Business Assistance Program Guidelines (PDF)
- Newport CDBG Program Income Public Hearing Notice (PDF)
- Project Information - Request for Use Application (PDF)