Economic Incentives

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The Bedford Main Street, Inc. Office is located at the Wachovia Building, 101 North Bridge Street, 3rd Floor, Suite 3

Architectural Design Services

The Virginia Main Street Program contracts with Frazier Associates of Staunton to provide exterior architectural renderings for property owners at no cost. Other design services are available at significantly reduced contract rates.

Architectural services are awarded by applying through
Bedford Main Street at 540-586-2148.

State & Federal Historic Tax Credits

The state tax credits are available for owner-occupied, as well as income-producing, buildings. If your property is income-producing, you may also be able to take advantage of the federal tax credits.

These programs are administered by the Virginia Department of Historic Resources. For more information, contact Michael Pulice in the Roanoke office at 540-857-7586.

Facade Improvement Matching Grants

The Design Committee of Bedford Main Street administers a matching grant program for exterior (facade) improvements including painting, awnings, storefronts, and structural work. Signage projects are not eligible for this grant program..

Before and after views of properties that have participated in the Facade Improvement Program

Click here to download a Facade Improvement Matching Grant Application in Adobe .pdf Format

Bedford Main Street, Inc., working in partnership with the City of Bedford and local banks, desires to promote the economic vitality of Bedford’s Centertown in an effort to provide new employment opportunities and capital investments. The financial institutions listed on this brochure have agreed to make below market rate loans to aid this economic vitality. For more information on this program, or to obtain application forms, contact Bedford Main Street, Inc. at 540-586-2148

Participating Financial Institutions

Terms and Conditions

540-586-2148

Most of the Centertown District is within the Bedford Enterprise Zone and eligible for a variety of state and local incentives. The State program provides grants for job creation and real property investment. The Real Property Investment Grant is for rehabilitation expenses over $50,000 or the assessed value of the building or new construction over $250,000. Projects with less than $5-million in investments are eligible for a grant based on 20% of the qualified investment, not to exceed $125,000 within a five-year period. Projects of $5-million or more are eligible for a grant based on 20% of the qualified investment up to $250,000. Job Creation Grants (not available for retail, local service or food/beverage businesses) are based on permanent full time job creation above 4 employees. Under this program, the amount of the grant will be based on the wages paid. Jobs paying at least 175% of minimum wage qualify for $500 per year for up to 5 years; jobs paying at least 200% of minimum wage qualify for $800 per year for 5 years. In addition those listed below, local Enterprise Zone incentives include partial rebate of business, occupational license fees; case-by-case utility infrastructure improvements; and waiving of zoning and sign permit fees. For additional information contact the City of Bedford at 540-587-6020.

Virginia Enterprise Zone Program

Most of the Centertown Business District is already a part of the Bedford National Historic District, which means that contributing structures (generally those that were greater than 50 years old at the time of application) are listed on the National Register of Historic Societies.

For more information on properties that are listed, or on having a property listed on the register, contact Bedford Main Street at 540-586-2148 or the Virginia Department of Historic Resources Office in Roanoke at 540-857-7585.

State & National Historic Registers

Rehabilitated Real Estate Tax Exemption

The City of Bedford offers a 5-year, tax exemption from the increased portion in assessed property value resulting from rehabilitation of commercial or industrial real estate. The real estate must be no less than 25 years of age and the assessed value of the improvement must show an increase after rehabilitation by 60% or more of the previous assessed value. No property will be eligible for the exemption unless the appropriate permits have been acquired and the Commissioner of the Revenue has verified that the rehabilitation indicated on the application has been completed. For more information, contact the Commissioner of the Revenue at 540-587-6051.

Low Interest Loan Pool

Bedford Main Street, Inc., in partnership with the City of Bedford and local banks, has established a low-interest loan pool to promote the economic vitality of Centertown and to provide new employment opportunities and capital investments. The financial institutions listed have agreed to make below market rate loans for Centertown businesses. For more information on this program, or to obtain application forms, contact Bedford Main Street, Inc. at 540-586-2148