The City of Melrose welcomes partnerships with business owners and developers on projects in the City. The Melrose Area Development Authority is looking for opportunities to work with individuals and businesses to pursue the goals of job retention, job creation, and housing. We are committed to working with you whether you have an existing business in the city or are thinking of relocating and joining us here. The City has developed tools for economic development, including:
Revolving Loan Fund
A revolving loan fund was established by the City of Melrose to assist businesses. The City partners with a business's primary lender and offers a low-interest loan in order to financially assist a business. It provides gap financing to eligible businesses for expansion or modernization of existing facilities or for the construction of new ones.
Tax Increment Financing
Tax increment financing (TIF) is a tool which allows the City of Melrose / Melrose Area Development Authority (MADA) to reimburse the business a portion of the new property taxes which are generated as a result of a project. The amount of financial assistance (TIF) available is dependent on a number of factors including but not limited to the assessed market value of the project and the financial need of the business. Several types of TIF districts are authorized by state law. The City of Melrose has utilized TIF for industrial expansions, housing, and projects along our I-94 corridor. Examples include Warrior Boats, Jennie-O Foods, Arce Auto, and Riverside Flats (multi-family project) which began in June 2023.
Commercial Rehab Deferred Loan (CRDL) Program
The intent of this fund is to improve the economic vitality of Melrose businesses helping them to improve:
1. The exterior of their building
2. Energy efficiency of exterior features (excluding flat roofs)
3. Their exterior site and signs
4. Make necessary code improvements
This is a deferred loan program, and the loans will be forgiven after the end of the term. Contact the Community Development Director for details.
We have several businesses on Main Street who recently have utilized this tool to promote redevelopment, rehabilitation, and renovation.
Do you have an idea, or a question? We would like to hear about it and see how we can help.
Contact us for business development assistance, including business expansion and relocation financing resources, and information about the city's permit process.