Business Incentives
The City of Fayetteville prides itself on maintaining an extremely business-friendly environment. We offer a variety of competitive incentives to those projects which align with our strategic vision.
Overview
The City of Fayetteville may offer discretionary economic development incentives to attract, retain, or expand businesses located or locating within the limits of the City. Projects must be consistent with the City of Fayetteville's strategic plans, create measurable benefits for the city such as jobs and investment, and must be classified as one of the City's target sectors and locations.
Fayetteville Target Sectors (City-Wide)
- Regional and Corporate Headquarters
- Technology firms such as financial technology (fintech), health information technology (IT), and data centers
- Creative, Digital, and Gaming Media
Fayetteville Target Sectors (Downtown District)
- Tourism-related businesses or activities
- Cultural arts activities and associated businesses
- Local or Unique Boutique Restaurant and Retail
Eligibility Requirements
- Is classified in the city's target sectors/locations;
- Results in the location, expansion or retention of a business within the City; Creates at least 5 or more new full-time equivalent jobs with an annual salary above the average wage for Fayette County. Per the Quarterly Census of Employment and Wages (QCEW) for Q4 2018, the average weekly wage in Fayette County is $908. Thus, jobs must pay at or above $43,584 annually.
- Provides new capital investment for a business location or expansion in the City. Capital investment must be new construction, an addition to an existing facility, or capital improvements. "Capital improvements" means property improvements that will enhance property values or will increase the useful life of the property, excluding landscaping.
Other items that will be considered include economic, cultural, and/or social benefit to the City and total number of jobs, wages, benefits, and types of jobs created.
Fayetteville Incentive Process
- Business prospect/representative submits a letter and application to Brian Wismer, the City of Fayetteville Downtown Development Director.
- The City of Fayetteville's Economic Development Incentive Committee evaluates the project. The committee includes representatives from the City of Fayetteville (Downtown Development Director, Director of Finance, and City Manager) and Fayette County Development Authority staff.
- The City of Fayetteville responds in writing to the prospect company with the decision and details of the incentive package, or a request for additional information or analysis.
- The City prepares an Economic Development Incentive Agreement that is signed by the City Manager of Fayetteville and the prospect company.
- The project must annually confirm compliance with the terms of the agreement.
Compliance
In accordance with provisions of a written agreement, the recipient business will be required to meet the following performance criteria:
- Create jobs as agreed
- Comply with wage requirements
- Make capital investments as agreed
- Comply with all applicable governmental laws, rules and regulations
- Comply with any other terms and conditions imposed by the written agreement
Fayetteville Incentive Application - Existing Business (PDF)