BUSINESS ALLY

ECONOMIC DEVELOPMENT

BELOIT INDUSTRIAL DEVELOPMENT COMMITTEE

The Beloit Industrial Development (B.I.D.) Committee and the Beloit Area Chamber of Commerce work together for industrial development in the community. B.I.D. was established in 1959 when leaders in Beloit created an ad hoc group to develop a plan for area wide development. The goals of B.I.D. are to stimulate economic growth with an emphasis on attracting industries which will process our products before shipping out of the area, attracting industries to employ our citizens to allow them to continue living in this area, and to attract retail and service businesses to maintain the quality of life currently available in Beloit. B.I.D. is conscious of all aspects of the local environment that help make the area a desirable place to live and work. Human services, transportation, education, recreation, finance and solid community infrastructure as well as "small town friendliness" are all key ingredients to the implementation of the economic development plan.

B.I.D. is a non-profit corporation funded by private contributions. B.I.D. works closely with the State of Kansas Department of Commerce Industrial Development Division and the North Central Kansas Regional Planning Agency and utilizes all of the information available to assist new and growing business within the area.

The Beloit Area Chamber of Commerce is staffed by a full-time director and two part-time staff members. The Chamber works closely with the business community, B.I.D., the Kansas Department of Commerce, potential businesses and area citizens in developing industry and tourism in Beloit.

Mitchell County Work Force

Average Hourly Wage rates in selected manufacturing occupations

Major Manufacturers/Employers

(see other list)

Major Non-Manufacturing Employers

Government, Nursing homes, Juvenile Correctional Facility, Public and Private Education systems, Farming supplies and services, Financial institutions, City, and Restaurants.

Pre-Employment Training

Industrial Buildings available up to 20,000 square feet; industrial sites are also available.

ECONOMIC DEVELOPMENT INCENTIVES

There are many reasons for a business to locate in Beloit. Beloit is responsive to the needs of business and offers attractive incentives to companies. Some of these are on a state level, while others are on a local level.

Job Expansion and Investment Credit Act

The State of Kansas grants an income tax credit to encourage new business facilities. The Job Expansion and Investment Credit Act allows for a qualifying business to receive the tax credit for a period of up to ten years. Many businesses qualify. The tax credit allows for a credit of $350 for each new employee and for each $100,000 of new capital investment. The credit can amount to as much as 50% of the total income tax liability for the year the credit is taken. (KSA 79-32,153)

Tax Abatement

Under Kansas law, ad valorem (real property), taxes can be abated for up to ten years by resolution of the City or County Commission for businesses meeting certain criteria set by either commission. The City of Beloit and Mitchell County have a tax abatement policy and has granted tax abatement to qualifying businesses.

Freeport Law

The Kansas Freeport Law is designed to provide tax relief to interstate businesses. In order to qualify for Freeport Law exemption, a business must show that the final destination of at least 30% of the previous year's sales or shipments from the storage area was to a point outside the State of Kansas. (KSA 79-201F)

Enterprise Zone

The Governing Body of the City of Beloit will make available the following financial incentives for any industry or business to locate or expand within our designated Enterprise Zones.