The Tioga fund was started in 1990’s. Tioga collects 2.5% sales tax 1% of which is put into the Tioga Fund. For each penny collected it is split the following ways

• 50% economic development
• 25% property tax relief 
• 5% recreation 
• 5% parks 
• 15% community improvement 

The Tioga Fund advisory board meets the second Tuesday of each month at 6:00 pm at the commission hall if there are applications submitted that month

ECONOMIC DEVELOPMENT LOAN

he primary purpose of Economic Development is to provide financial incentives for business retention, expansion, and recruitment thereby creating new jobs, saving existing jobs, expanding the local tax base, increasing capital investments, improvement of the local entrepreneurial climate, and expanding the primary sector financial base of the area.

Primary sector businesses are the main focus of the fund. The primary sector is composed of industries producing goods or services mainly sold outside the area, there by importing dollars into the community.

The Economic Development funding is intended to be a revolving loan fund providing secondary or “gap” funding. The Tioga Fund Committee will have substantial flexibility in the types of financing tools available to them. Examples include loans, equity positions, equipment and building purchase, lease buy backs, interest write downs, grants and other financial vehicles as necessary and appropriate.

ECONOMIC DEVELOPMENT APPLICATION PROCESS

1. The applicant will obtain an application form at the Tioga City Hall
2. The completed application, with attachments, will be returned to the Tioga City Hall. Incomplete applications may cause the decision on the project to be delayed until the application is completed.
3. The completed application, with attachments, will be distributed to the members of the Tioga Fund Committee.
4. A meeting of the Tioga Fund Committee will be held to discuss the application. At that time the applicant may give a presentation to the committee.
5. If the Tioga Fund Committee recommends approval, the application will be forwarded to the Tioga City Commission. The applicant will be advised of the date and time of the commission meeting that will consider the committee’s recommendation.
6. If the Tioga Fund Committee recommends disapproval, the application will be returned to the applicant with written comments concerning the recommendation.
7. The Tioga Fund Committee may table a decision pending further information or assistance from an outside consultant.

Loan Usage and Application

ELIGIBLE USES

Funds may be provided for:

• The expansion of an existing business 
• The startup of a new business 
• The relocation of a business into the area

Funds may be provided for marketing activities aimed at economic development.

INELIGIBLE USES

No business will be funded that will allow it to unfairly compete with an existing local firm. The Tioga Fund Committee will make such determination.

Restructuring of existing debt is generally not considered.

In general, retail ventures do not create new wealth but recirculate existing dollars within the community. For this reason retail projects will not be considered for funding unless the applicant can demonstrate that the project halts an export of wealth or the business is predominately in sales outside the local market.