Incentives

Economic Development Incentives

City of Bristol

The City of Bristol has a number of economic development incentives to encourage the retention, expansion, relocation, or creation of new businesses within the City. The Bristol Development Authority (BDA) is excited to work with interested parties to coordinate applications for the programs. For more information, contact Justin Malley of the BDA at 860-584-6187

Grant Programs

  • Mayor’s Economic Development Fund
    The Mayor’s Economic Development Fund offers grants to companies that are expanding, locating, or relocating operations within the City. A primary point of evaluation is the investment being made by the company and the amount of new tax revenue generated by the project. Additional criteria include the strength of the company along with the likelihood that the company will continue to operate in Bristol for a period of at least ten (10) years. Job creation is another factor that is strongly considered. Historically, grant awards are capped at $150,000, but higher awards may be considered for extraordinary projects.
  • Mayor’s Manufacturing Equipment Fund
    The City offers Manufacturing Equipment Grants to manufacturers investing in equipment $50,000 and above that will result in a business expansion. The City established an award structure equaling 5% of the equipment cost, with no award greater than $100,000. Manufacturers are limited to one equipment grant for every 10-year period.
  • StartUP Bristol Program
    “StartUP Bristol” is a business plan competition to encourage small business owners and entrepreneurs to locate in Bristol. For purposes of this project, a business startup is defined as a company that is in the initial stages of operation (under three [3] years of operation) with the intent of growing in the near future. Ideally, the company is developing a product or service for which there is demand. Startups interested in applying for this competition may (A) be currently operating in Bristol or (B) be operating outside of Bristol but willing to relocate to Bristol following award, or (C) be in the concept stage with no formal operations, but must commit to locating in Bristol following award and legal business formation.

Tax Abatement Programs

  • Enterprise Zone
    The Enterprise Zone is a tax abatement program for companies constructing, purchasing, and/or expanding a building within the City/State-designated Enterprise Zone (for more information on zone boundaries contact the BDA). There are two program tracks: State sponsored or City sponsored:

    • State Sponsored Track: The company must be a manufacturer or be an eligible “service” business, as determined by SIC/NAICS code. Program benefits include a five-year, 80% abatement of local property taxes on qualifying real and personal property improvements, as well as exemption from real estate conveyance tax.
    • City Sponsored Track: Unlike the “State Sponsored Track,” the company need not be a manufacturer or eligible “service” business. To be eligible, commercial property must be improved to the extent of $175,000 or greater. Program benefits are structured as a 7-year abatement of qualifying real and personal property improvements according to the following schedule: 100% (Year 1), 100% (Year 2), 50% (Year 3), 40% (Year 4), 30% (Year 5), 20% (Year 6), and 10% (Year 7).
  • Bioscience Zone
    The Bioscience Zone is a tax abatement programs for businesses engaged in bioscience development or production, including the study of genes, cells, tissues, and chemical and physical structures of living organisms. Eligible companies located in the zone will benefit from the same incentives available to businesses located in the Enterprise Zone.
  • Urban Jobs Program for Manufacturers
    The Urban Jobs Tax Abatement Program has the same eligibility requirements and benefits as the State Sponsored Enterprise Zone Track, with the exception that the property in question does not need to be located within the City/State-designated Enterprise Zone.

This Week In Bristol

Events for week of October 15, 2018

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Mon 15th

N.A.A.C.P. Monthly Meeting

October 15 @ 7:00 pm - 8:00 pm
Bristol Library
Tue 16th
Wed 17th
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Thu 18th

Author Brunch with Martha Hall Kelly

October 18 @ 9:00 am - 12:30 pm
Double Tree by Hilton
Fri 19th

Friday Morning Tai Chi Classes @ Bristol Public Library

October 19 @ 9:00 am - 10:00 am
Bristol Public Library
Sat 20th

Bristol Farmer's Market, Saturdays from June 23 to October 27, 2018

October 20 @ 10:00 am - 1:00 pm
Centre Square at North Main St.
Sun 21st

49th Annual Bristol Mum-A-Thon 8K Road Race and Monster Mile

October 21 @ 8:45 am - 12:00 pm
St. Paul Catholic High School
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