Enhanced Enterprise ZoneUtility Rate DiscountLand – Industrial Park Enhanced Enterprise ZoneLocal and State Benefits for New and Expanding Businesses! Purpose:
To provide a stimulus for new business development or expansion that results in creating sustainable jobs in targeted industries in Salem and Dent County. Local property tax abatement is available and eligible businesses may also be able to take advantage of the Missouri Works
Local property tax abatement may only be applied to new construction for either a new facility/building or purchase of new capital equipment; or for new construction that is expansion of an existing building. Not eligible are the purchase of property or costs to remodel an existing building/facility.
Boundaries: Boundaries of the Enhanced Enterprise Zone are for all of Dent County and Salem, MO with the exception of census tract 9604, Big Code 3 in Sinkin Township, the City of Bunker.
Benefits are offered locally at three levels:
- A 50% tax abatement on real property for a qualifying business creating 5 *FTE for 10 years with an investment of $200,000.
- A 62.5% tax abatement on real property for a qualifying business creating 12 *FTE for 15 years with an investment of $480,000.
- A 75% tax abatement on real property for a qualifying business creating 25 *FTE for 20 years with an investment of $1,000,000.
An *FTE or Full Time Equivalent is defined for Dent County as 36 hours or more per week on a regular basis with a minimum of 50% of the cost of the health insurance provided by the employer
(Back To Top
) Utility Employment Incentive Rate
Available to all eligible commercial electric customers of the City of Salem.
Provides up to twenty-four (24) months of discounted electric utility billing rates.
The Employment Incentive Electric Rate is $0.0683 per kwh and five dollars ($5.00) per kwd, compared to the current commercial electrical rate of $0.1051 per kwh.
The commercial utility customer must create and maintain twenty-five (25) new full-time (forty (40) hours per week) jobs (employees working in Salem facilities) following application. The employment incentive rate will be effective in each month for up to twenty-four (24) total months in which the commercial utility customer maintains the twenty-five (25) newly created full-time jobs. Verification of new jobs shall be made in accordance with the policies and procedures adopted and put in use by the City Utility Department.
Economic Development Director
400 N Iron St.
Salem, MO 65560
(Back To Top
) Free Land In Industrial Park
Land in the Masters Industrial Park
is free to qualifying businesses in exchange for job creation with an approximate ratio of 10 jobs per acre, with a maximum of 5 acres.
(Back To Top