Local Incentive Programs
Industrial Revenue Bonding (IRB)
Every county in Southwest Indiana has organized a group to enable low-cost IRB financing for industrial projects.
Tax Abatement
Cities and counties in Indiana are permitted to abate property taxes on manufacturing facilities (and manufacturing equipment) which locate in designated areas within their jurisdiction. This abatement can continue for as long as ten years. The average abatement over ten years is 49.5% on real property, and 66.5% on machinery and equipment. Every area of Gibson County has awarded abatement to deserving projects.
Private Industry Council Services (PIC)
Two Private Industry Councils (PICs) can assist employers in finding qualified, trained workers. These PICs (the Shawnee Trace PIC in Vincennes and the Southwest Indiana PIC in Evansville) are co-located with the state employment service offices in both cities, and have branch offices in many counties in the region.
Local Revolving Loan Funds
Several other Southwest Indiana communities control and administer "revolving loan funds". The purpose of these programs is to provide loans to companies interested in expanding employment. While the amount of funding available is limited, these funds can provide the "gap" financing necessary to close a deal.
Tax Incremental Financing (TIF) Districts
Redevelopment Commission/Tax Incremental Financing Redevelopment commissions are empowered to create Tax Incremental Financing (TIF) Districts. The commissions can acquire and improve land inside these districts for the benefit of tenant companies. TIF, which provides the funds for these improvements, relies completely on the additional tax revenues generated by the increased property values which result from development. This financing tool allows local government to provide many services for expanding industries that it would otherwise be unable to offer.
Non Profit Land Development Groups
There are non-profit land development groups in several counties of Southwest Indiana. These organizations develop Industrial Parks and the infrastructure needed to support industrial development. In some cases, these groups have built "spec" buildings to provide available space immediately to new or expading industry.