Opelika Main Street Incentives

Discover Why

Why downtown? During the past several years, Opelika's downtown has experienced growth and beautification. Opelika Main Street is dedicated to continuing this positive trend by providing you with information and incentives offered only to businesses in the downtown district. In addition to local incentives, the Federal Government and the Alabama Historical Commission also offer benefits for historic properties.

Incentives to Member of Oeplika Main Street

  Loans and Grants

• Bill Robert's Façade Enhancement Grant Program - The Community Development Block Grant (CDBG) program of the City of Opelika primarily funds this program. Property owners and tenants can apply for a 50% match for a façade enhancement up to $5,000.00 per property. Approval must be received by the City Historical Commission and the Opelika Main Street Design Committee prior to commencement.
  
  
• Low Interest Loan Improvement Program - Eight areas banks offer a 1% below prime interest rate for loans to be used for improvements to a building located in the downtown district. A listing of participating banks and additional information can be obtained at the Main Street office.

Tax Credits

• 10% Tax Credit - Administered by the National Park Service, the 10% tax credit applies to the rehabilitation of non-historic buildings built before 1936, which are used for non-residential, income producing purposes.
  
  
• 20% Tax Credit - Preservation tax incentives are a credit that can be taken on your federal income tax amounting to 20% of the cost of the work to renovate historic buildings.
  www.nps.gov (Choose "Links to Past" and then "Grants & Assistance")
  
  
• 50% Disabled Access Tax Credit - A tax credit for eligible small businesses that incur expenses to provide access to persons with disabilities. The expenses must be to enable the small business to comply with the Americans with Disabilities Act of 1990. www.irs.gov (Form 8826-IRS)
  
  
• Property Tax Reductions for Income - Producing Historic Buildings - The Wallace Property Relief Constitutional Amendment allows commercial, rental or industrial property to be assessed at the residential rate if the property is deemed historical. This equals a 50% property tax reduction.

• Gas Deposit Waiver - Alabama Gas Company supports downtown by offering this incentive. Your gas deposit can be waived if your property is located in the downtown district. You must apply through the Main Street Office.
  
  
• Paint & Hardware Program - Local businesses offer discounts on paint and paint supplies and hardware items. These discounts are for Main Street members only. Contact Main Street for a listing of participating businesses.
  
  
• Advertising Discounts - Many local media outlets offer a discount to downtown businesses. Additional discounts are available for new Main Street members.
  
  
• Bank Discounts - Receive discounts on business checks, loan application fees and safe deposit boxes. Contact Main Street for a listing of participating banks and additional details.
  

Services

• Rehab Directory - This directory lists contractors, engineers and architects who are encouraged to follow work standards established in Opelika's Downtown District Guidelines. These professionals have expressed their interest in supporting Opelika Main Street's redevelopment efforts. They have experience in historic rehabilitation and will offer you a discount for their services for a property that is in the downtown district.
  
  
• Design Assistance - Properties in the district are eligible for free design assistance through the Alabama Historical Commission. A local architect firm, Field's Company Architects, will also provide design assistance.
  

For membership information, contact Opelika Main Street. 334-745-0466.