With commercial and industrial real estate markets showing signs of improvement in Mercer County, Trenton Urban Enterprise Zone Administrator Tom McGough is encouraging business owners looking to lease or purchase property to consider all that the Capital City has to offer.
Business property costs in Trenton remain at unprecedented lows, but all could be changing as the market continues to rebound. In fact, the National Association of Realtors reports that in first quarter 2013, vacancy rates fell slightly in the region, while rents moderately increased.
“Right now, conditions in Trenton couldn’t be better for business owners looking to lease or purchase property,” said McGough. “And for those that choose to locate within the city’s UEZ, the deal is even sweeter. The UEZ offers eligible businesses thousands of dollars of economic benefits including tax savings, networking opportunities and marketing assistance.”
Trenton’s UEZ, part of the state’s nationally acclaimed Urban Enterprise Zone program, encompasses a 2.5 square mile, commercial and industrial section of the city targeted for economic development. More than 900 Trenton businesses have taken advantage of the program’s financial benefits since the City received its UEZ designation in 1985.
Certification as a Trenton UEZ business is simpler than ever and there are no costs to apply or participate in the program. Eligibility is based upon location within the UEZ boundaries; the Trenton UEZ office can confirm the business address qualifies and guide through the application process. McGough can be reached at 609-989-3508. The State UEZ office now provides an online certification and re-certification system that is easy to navigate.
Here’s a snapshot of the benefits the Trenton UEZ offers to qualifying businesses:
Tax Savings: Customers shopping in the UEZ enjoy a 50 percent reduction in sales tax — from 7 percent to 3.5 percent on qualifying items. Not only does this reduced tax to customers give UEZ businesses a competitive edge, they also pay no or reduced state sales tax on purchasing, maintaining or repairing tangible personal property. That includes such items as office supplies, business equipment, office and store furnishings, cash registers, etc.
In addition, UEZ companies pay no or reduced sales tax on services to maintain or repair these items, as well as on any improvements to their business sites. Some manufacturers may even qualify for sales tax exemptions on their energy and utility consumption.
Networking Opportunities for Business Growth: The UEZ holds programs and networking opportunities throughout the year that give UEZ businesses the connections and education to grow their business.
“Griffith Electric is celebrating our 75th anniversary this year, after Bill and Meta Griffith started the business in 1938 in the historic flatiron building at Broad and Second Streets. Maintaining our flagship store in Trenton’s UEZ is a smart business move,” said William Goodwin, President of Griffith Electric. “Many customers tell me that they patronize our Trenton store because of the 3.5% sales tax savings we offer. The reduced tax rate drives customers, which drives our business success in this community. Trenton is an affordable and lucrative place to do business, particularly if you are located within the UEZ,” he concluded.
Free Marketing: The Trenton UEZ website (trentonuez.org) offers a UEZ business directory, giving shoppers an easy way to find out where to go in Trenton to enjoy just 3.5% sales tax on their qualified purchases. Customers can search UEZ companies by business or contact name, location and category. Each business profile on the site includes a link to Google maps for directions, so shoppers can easily find a business and pick up what they need for less.
The website also includes links to properties available for development, lease or purchase. There is a growing video library that includes a 60 second overview of the UEZ program and links to resources and news about doing business in the capital city.
