Locust Grove's historic "Strip Style" downtown is home to a number of restaurants, boutique retailers, and various neighborhood goods and services. Since beginning the revitalization of the historic commercial district in 2006, Locust Grove has invested significant public resources to create today's beautiful and economically sustainable downtown. Historic Downtown Locust Grove seen the completion of many successful historic rehabilitation projects and significant private investment.
Downtown Locust Grove was one of 9 GA communities to be designated as a "Rural Zone" in 2019. The Rural Zone Program was developed by the GA Dept. of Community Affairs and GA Dept. of Economic Development to spur job creation and private investment in smaller Georgia Cities. For 5 years (2019 – 2023), new businesses and investors within the district will be eligible for three types of state income tax credits:
- Job creation ($2000 per full-time-equivalent)
- Property investment (25% of property purchase price)
- Historic rehabilitation (30% of eligible expenses on structures 50 years or older)
For more information, email Anna Ogg at email@example.com.
Locust Grove Main Street Inc. (501c3) offers downtown businesses within the Rural Zone a 1:1 matching grant of up to $1000 per building facade for approved enhancements to the exterior of their historic building. The maximum award at this time is $2000. For application details, please email Anna Ogg, City of Locust Grove Main Street Manager at firstname.lastname@example.org.
Below-market financing for Downtown Devlopment Projects This incentive must be applied for through the Locust Grove Downtown Development Authority. All projects must demonstrate they have a viable downtown development project and clearly identify the proposed uses of loan proceeds. Please email Anna Ogg at email@example.com for application assistance.
Loan amounts up to $250,000, which can be used in conjunction with DDRLF This incentive must be applied for through the Locust Grove Downtown Development Authority. All projects must demonstrate they have a viable downtown development project and clearly identify the proposed uses of loan proceeds. Please email Anna Ogg at firstname.lastname@example.org for application assistance.
State Preferential Property Tax Assessment for Rehabilitated Historic Property Freezes the county property tax assessment for more than 8 years. Available for personal residences as well as income-producing properties. Owner must increase the fair market value of the building by 50 – 100%, depending on its new use. Properties must be eligible for listing on the National Register of Historic Places and the Georgia Historic Preservation Division must certify the project.
State Income Tax Credit for Rehabilitated Historic Properties allows eligible participants to apply for a state income tax credit equaling 25 percent of qualifying rehabilitation expenses capped at $100,000 for a personal residence, and $300,000, $5 million or $10 million for all other properties. Properties must be eligible for listing on the National Register of Historic Places and the Georgia Historic Preservation Division must certify the project.
The Federal Rehabilitation Investment Tax Credit (equal to 20% of qualified expenses) is available to owners of an income-producing historic property who carry out a substantial rehabilitation.