OldTown

Why Open your Business in New Castle?

New Castle offers an inviting environment for business. At the top of the list is the natural environment. New Castle sits at the western edge of the Rocky Mountains. We have more temperate summers than the plateau country to the west, and our winters are milder than the high mountains to the east.

Our air and water are clean, and the town is vigilant to keep it that way. Approximately 300 days of sun each year makes western Colorado an ideal place for solar power installations. The nearby Flat Tops provide opportunities for camping, fishing, hunting, cross-country skiing and snowmobiling. Area skiers take advantage of Sunlight Mountain Resort, Aspen Mountain, Aspen Highlands, Snowmass and Buttermilk. Lakota Canyon Ranch is home to an award-winning mountain golf course.

The town has an educated workforce. According to the latest census figures, 91% of the population over 25 has a high school diploma and 32% hold a bachelor’s degree or higher. Colorado Mountain College’s West Garfield campus has been proactive in offering courses which meet the needs of local businesses.

New Castle is located on Interstate 70 and approximately 15 miles from the Rifle Garfield Airport and 75 miles from the Grand Junction regional airport, allowing easy access to major markets.

Retail space is available in downtown New Castle and at the New Castle Plaza. Additional new retail space is planned for the I-70 intersection. Mixed-use zoning in Castle Valley and Lakota Canyon Ranch allows commercial development in PUDs. The New Castle Comprehensive Plan identifies commercial locations in accessible areas to the east and west of town.

Until recently, New Castle was one of the fastest-growing communities in Colorado. Currently our available housing stock ranges from modestly-priced apartments and condos to luxurious golf course houses.

The town staff is prepared to work with businesses which are ready to explore possibilities in New Castle. Contact our Planning Department at (970) 984-2311.

Complete a Business Application

 

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New Castle Economic Advisory Committee
The New Castle Economic Advisory Committee was established to support the Town’s business community, to invite new businesses to New Castle and to encourage tourism.

The committee’s first priority is to help young businesses get established and to help established businesses grow. Any New Castle business that is seeking to expand, upgrade, relocate or solve a problem, can seek assistance from the committee. Economic Advisory Committee members can provide information, offer advice, help with planning and guide you through the Town’s permitting process.

The committee recognizes the importance of all sectors of our business community: Main Street businesses which create the heart of our small town identity; the I-70 intersection which attracts visitors from the highway; the industrial zone which provides jobs and markets New Castle products; and home businesses which provide a wide range of goods and services.

Demographics

Population in 2012: 4,551 (98% urban, 2% rural)

Population change since 2000: +129.4%

Elevation: 5573

Land Area: 2.33 Square Miles

Population Density: 1951 people per Square Mile

 

Median resident age:  31.2 years
Colorado median age: 40.6 years

Estimated median household income in 2011: $63,878 (it was $55,000 in 2000)

Estimated per capita income in 2011: $24,883

New Castle: $63,878
Colorado: $55,387

Estimated median house or condo value in 2011: $285,238 (it was $176,400 in 2000)

New Castle: $285,238
Colorado: $233,700

Mean prices in 2011: All housing units: $301,143; Detached houses: $312,277; Townhouses or other attached units: $279,370; In 3-to-4-unit structures: $2,148,996; In 5-or-more-unit structures: $111,748; Mobile homes: $99,735

Median gross rent in 2011: $1,323.

Recent home sales, real estate maps, and home value estimator for zip code 81647

Work and jobs in New Castle: detailed stats about occupations, industries, unemployment, workers, commute

Public High School in New Castle:

Private High School in New Castle:

Public Elementary/Middle Schools in New Castle:

See full list of schools located in New Castle, School District: GARFIELD RE-2.

Business

TOWN OF NEW CASTLE BUSINESS INCENTIVE POLICY
Incentives will be targeted at business and industry which meet the Town’s goal of developing a long-term, sustainable economic base. To that end, all incentives are considered on a case by case basis depending on the economic impact. Factors which will be utilized in evaluating incentive requests will include the following:

  • Capital investment
  • Job creation
  • New goods / services offered to the community
  • Employee wages
  • Contributions toward the economic diversification of the town
  • Contributions toward the enhancement of Main Street, the New Castle entrance, the industrial zone or a mixed-use area

Municipal Incentives
The types of incentives the Town will consider vary depending upon the type of the project. The following potential City incentives may be available to companies making major contributions to the Town’s economy:

  1. Waiver of Permit Fees: Building Permit fees, plan review, street improvement and other City fees may be considered.
  2. Infrastructure Improvements: The Town may consider extending infrastructure to development sites.
  3. Private / Activity Industrial Revenue Bonds: Manufacturers can apply for tax-exempt industrial revenue bonds to help finance construction or relocation of qualifying manufacturing activities.
  4. Local Tax Rebates: The Town may consider partial rebate of sales taxes generated by business to assist with infrastructure. This rebate may also be awarded to businesses which are involved with projects that rehabilitate dilapidated structures.
  5.  Grant applications: The Town will assist qualifying businesses in identifying State/Federal grants, such as Community Development Block Grants.
  6. Tap Fee payment plan: Three-year payment period if more than one tap required by business.
  7. Public/Private Partnerships: The Town will consider entering into a Public/Private Partnership when the final product serves municipal needs as well as those of the business.
  8. Revolving Loan Fund: New Castle businesses are eligible to apply for funds from the Rifle Regional Economic Development Corporation loan fund.

 

REVIEW PROCESS
The Town will review applications for economic development assistance on a case by case basis. Criteria which may be considered in review of a project’s merits may include the following:

  1. Job Creation – The number of jobs created, type of job, and salaries will be reviewed. Business opportunities which provide employees a competitive “living wage” may receive greater consideration than businesses that pay minimum wages.
  2. Sales Potential – Retail businesses that have potential to significantly increase the Town’s sales tax base may receive favorable consideration. However, the Town will also promote diversification of the business community, and to that end, will encourage development of small businesses as well as larger businesses.
  3. Services and Products – The Town will promote and support businesses which offer unique goods and services not presently available to the community.
  4. Capital Investment – In granting incentives, the Town will take into consideration the amount of capital investment a business brings into the local economy.
  5. Enhancement to Main Street – The Town promotes development of new or expansion of existing businesses within the historic downtown area. To the extent possible, the Town will consider special incentives for development in this area.
  6. Compatibility with Long Range Plans – Business or industry that is in compliance with the Town’s Comprehensive Plans.
  7. Strategic Plans, or other Master Plans, will receive favorable consideration when requesting incentives.

This policy is intended to remain flexible and fluid. The Town may revise the policy as necessary, and may “blend” its application with other components of the development process.

In Addition to Town of New Castle Incentives, Businesses may also be Eligible for County, State and Enterprise Zone Incentives

County Incentives

Garfield County offers incentives that qualifying businesses or industry may obtain. These incentives include the following:

  1.  Up to 50% rebate on personal property taxes for equipment and machinery for 10 years.
  2.  Airport benefits may be available if hangar usage is required.
  3.  North West Revolving Loan Fund

State Incentives

The State of Colorado offers incentives for entrepreneurs and businesses of all sizes. Colorado has low taxes and business costs, provides performance-based incentives to qualifying companies that create new jobs, and offers customized training grants. For full details about state support for business, consult http://www.advancecolorado.com/.

  1. Job Growth Tax Incentive – The Job Growth Incentive Tax Credit provides a state income tax credit to businesses undertaking job creation projects that would not occur in Colorado without this program.
  2. Strategic Cash Fund Incentive – The Strategic Fund Cash Incentive program supports and encourages new business development, business expansions and relocations that have generated new jobs throughout the state. In some cases, the Strategic Cash Fund may also be able to provide support for initiatives led by non-profit entities pertaining to key industries or regional development.
  3. Enterprise Zone Tax Credits – Colorado’s Enterprise Zone (EZ) program provides tax incentives to encourage businesses to locate and expand in designated economically distressed areas of the state.
  4. Job Training Grant Programs – The Colorado First and Existing Industry grants are jointly administered by OEDIT and the Colorado Community College System. The state may be able to provide specific support to retain jobs or offers business-friendly tools that assist in retaining jobs (such as the Enterprise Zone Program) for this grant.
  5. Public Infrastructure Grants – The Infrastructure Assistance program is designed to create new permanent jobs and retain existing jobs, primarily for low – and moderate – income persons. The state may be able to provide specific support to retain jobs or offers business-friendly tools that assist in retaining jobs (such as the Enterprise Zone Program) for this grant.
  6. Biotechnology Sales and Use Tax Refund – Colorado promotes its biotechnology industries by providing them with a taxpayer-friendly means to recover the sales and use previously-paid tax expenses on equipment and supplies used for research and development.
  7. Manufacturing Sales and Use Tax Exemption – Colorado encourages manufacturers to locate their manufacturing operations in Colorado recognizing their importance in Colorado’s economy. Colorado provides an exemption from state sales and use tax on purchases of manufacturing machinery, machine tools and parts.
  8. Colorado Aviation Development Zone Tax Credit – Aircraft manufacturers located in a Colorado aviation development zone may qualify for a state income tax credit of $1,200 per new employee.

Enterprise Zone Tax Incentives
Colorado’s Enterprise Zone (EZ) program provides tax credits to encourage businesses to locate and expand in designated economically distressed areas of the state (high unemployment rate, low per capita income, and/or slower population growth rate). New Castle is included in an enterprise zone.

To be eligible for a tax credit, it is necessary to pre-certify with the Colorado Office of Economic Development and International Trade. This pre-certification can be done online at http://www.advancecolorado.com/funding-incentives/incentives/enterprise-zone-tax-credits.

 

Investment Tax Credit (ITC)
3% of equipment purchases
Application:  Online
FYI:  FYI Income 11
Regulation:  Reg. 39-30-104
Statute:  C.R.S. 39-30-104
Process:  Business Tax Credit Process

Job Training Tax Credit
10% of qualified training expenses
Application:  Online
FYI:  FYI Income 31
Regulation:  Reg. 39-30-104(4)
Statute:  C.R.S. 39-30-104(4)
Process:  Business Tax Credit Process

Jobs Credit
$500 per new job
Application:  Online
FYI:  FYI Income 10
Regulation:  Reg. 39-30-105
Statute:  C.R.S. 39-30-105
Process:  Business Tax Credit Process

Agricultural Processing Jobs Credit
$1,000 total per new a.p. job
Application:  Online
FYI:  FYI Income 10
Regulation:  Reg. 39-30-105
Statute:  C.R.S. 39-30-105
Process:  Business Tax Credit Process

Health Insurance Credit
$200 per insured job for first 2 years in EZ
Application:  Online
Statute:  C.R.S. 39-30-105
Regulation:  Reg. 39-30-105
FYI:  FYI Income 10
Process:  Business Tax Credit Process

R&D Increase Tax Credit
3% of increased R&D expenditures
Application:  Online
Statute:  C.R.S. 39-30-105.5
Regulation:  Reg. 39-30-105.5
FYI:  FYI Income 22
Process:  Business Tax Credit Process

Vacant Building Rehabilitation Tax Credit
25% of rehabilitation expenditures
Application:  Online
FYI:  FYI Income 24
Regulation:  Reg. 39-30-105.6
Statute:  C.R.S. 39-30-105.6
Process:  Business Tax Credit Process

Manufacturing/Mining Sales and Use Tax Exemption
Expanded S&U tax exemption in EZ
Application:  Form DR1191 or for 100+ Form DR1192
FYI:  FYI Sales 10 (statewide details)
FYI:  FYI Sales 69 (in EZ details)
Regulation:  Reg. 39-30-106
Statute:  C.R.S. 39-30-106
Process:  No Pre-cert. or Certification needed. See form.

Commercial Vehicle Investment Tax Credit
1.5% of comm. vehicle purchases
Application:  CVITC Application
FYI:  FYI Income 11
Regulation:  Reg. 39-30-104
Statute:  C.R.S. 39-30-104
Process:  CVITC Process

Contribution Tax Credit
1.5% of comm. vehicle purchases
Application:  DR0075 form provided by project. See list here.
FYI:  FYI Income 23
Regulation:  Reg. 39-30-103.5
Statute:  C.R.S. 39-30-103.5
Process:  Contribution Tax Credit Process

Financing

There are a variety of local and state resources that can either supply capital or help a business find capital.