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