What Happened?
Many cities are experimenting with different investments and incentives to attract businesses to the local economy. In doing so, these municipalities expect a high return on investment.
St. Charles
St. Charles, Illinois, has designed a new grant program to help potential business owners save money by setting up shop locally. The city plans to offer businesses with up to $100,000 in total grants if they rent out workspace in downtown St. Charles, with special consideration made for companies to fill large retail spaces, The Daily Herald reported.
In the past, potential businesses expressed concern with the high costs associated with updating available office and retail spaces in need of new:
- Plumbing
- Electrical work
- Fire alarm systems
Under the proposed grant program, office-based businesses would be eligible for up to $10,000 in matching grants for money put into updating and renovating a workspace. Retail businesses would be eligible for up to $25,000 in matching funds, as these types of businesses drive sales tax to the city. The funding would come out of the city’s general coffers, The Daily Herald reported.
Birmingham
Birmingham, UK, is expanding its innovation campus in an effort to attract more tech startups to take advantage of its resources and the nearby Aston University. The Innovation Birmingham Campus will be adding four new buildings, one of which is accelerator to help entrepreneurs and startups translate their ideas into commercialized products, Tech World reported.
The highly anticipated expansion project is in high demand and there is a waiting list of tech startups eager to set up shop in Birmingham. The accelerator project is expected to create 400 skilled tech jobs within the startup community while generating just over $38 million, Tech World reported.
The accelerator project is being funded through a commercial loan to Birmingham City Council to cover the main building costs. The Greater Birmingham & Solihull Local Enterprise Partnership is fronting the money to create coworking space in the other new buildings, Tech World reported.
San Antonio
While some cities are offering grants or technology resources to businesses, San Antonio has made significant investment in renewable energies and solar technology to attract companies. The city’s local utility provider is diversifying its power sources to include more renewables and energy-efficiency programs. Currently these initiatives account for 10 percent of the provider’s power, but it will be doubled by 2020, San Antonio Business Journal reported.
Many large companies have located campuses to San Antonio to take advantage of a more cost-effective energy system in a key region. The city’s power grid is insulated from natural disasters, allowing companies to purchase reliable power for a lower cost. With plans to increase investment in renewables and solar power, the local utility offerings are expected to attract a new generation of energy companies and professionals, The San Antonio Business Journal reported.
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