In an effort to encourage development of vacant building lots in downtown Clayton, the Clayton Town Council in May and, the Johnston County Commissioners this week, have adopted the Clayton Downtown Redevelopment Incentive Grant which grants back a portion of the property tax value of the project. The incentive is geared toward property owners who build new commercial buildings on empty lots or engage in major rehabilitation projects in downtown Clayton.
The incentive is a grant that is based on the difference between the appraised tax value of the site or building prior to construction or rehabilitation and the determined tax value following completion of the project. The property owner pays the full town and county property tax value by its due date. If all conditions are met, the property owner receives a grant based on that value for five years. Grants would be disbursed the first two years at 100%, year three at 75%, year four at 50% and year 5 at 25%.
Property owners interested in utilizing this program should contact Downtown Development Coordinator Bruce Naegelen at 553-1545 before starting a project. Information on the program is posted on the Town of Clayton website at www.townofclaytonnc.org under Downtown and Business Development.
The Clayton Downtown Development Association proposed this incentive grant to encourage and promote infill growth of vacant spaces with new commercial development and the major rehabilitation of older buildings within Clayton's downtown commercial district.
Projects that are already being planned would not be eligible, since the grant is for projects that would not have happened if not for the grant.
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