CRD Application
2003 Round 2 CRD Application Procedures
Your project must satisfy all IRS eligibility requirements then be approved by the CRD Authority.
In 2003, Chattanooga will divide its $12 million in Commercial Revitalization Deductions into 2 pools:
a. "Standard CRD Application"
b. "CRD Incentive Application"
When you make your CRD application in 2003, you must indicate which pool you are applying for.
- Standard CRD Application: These deductions are reserved for eligible projects in the RC Zone that will take place regardless of whether a CRD award is granted. These awards are mostly aimed at enhancing or benefiting existing businesses (some exceptions are possible). The CRD award in these cases is most likely considered "non-essential" to making the project happen, but would make a significant difference to the success and business growth of the applicant.
- CRD Incentive Application: These deductions are to be used as part of a recruitment package for new industry to Chattanooga or for projects by existing businesses that would not happen otherwise without the benefit of a CRD award. The CRD Incentive Fund is reserved primarily as a recruitment incentive for new companies locating in Chattanooga who would invest both through the addition of new jobs and capital construction.
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Chattanooga has already awarded $5,644,316 in Commercial Revitalization Deductions during its 2003 Round 1 Allocation Process.
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Total Fund Amount Available in 2003 Round 2 for Standard and Incentive CRD Applications: $6,355,684
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Applications for 2003 Round 2 consideration are due October 31, 2003.
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All applicants should pay strong attention to the CRD Authority's priorities for funding prior to application (number of new jobs created, high paying jobs, placing vacant buildings into service, project readiness).
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Round 2 awards will be announced December 15. |
