50/50, reimbursable matching grant for exterior storefront improvements on eligible buildings located within the designated Oil City Main Street District.
Maximum grant: $5000, subject to individual project limits.
Eligible projects include awnings, signs, cleaning, painting, architectural restoration, lighting, and professional design assistance.
Grants are subject to the availability of funding. All projects require approval by the OCMS Design Committee and Oil City Council.
Contact Kathy Bailey, Main Street Manager at 814-677-3152 ext. 101 orkbailey@oilregion.org
Oil City LERTA (Local Economic Revitalization Tax Assistance)
Tax exemption for pre-approved alteration or new construction on eligible deteriorated or underutilized industrial, commercial, or other business property.
Tax forgiveness on the assessed value of improvements for up to 10 years (100% year 1, sliding to 0% in year 10)
Must be filed with the City of Oil City at the time a building alteration permit is secured.
Contact the Oil City Department of Code Administration at 814-678-3003
Federal & State Rehabilitation Investment Tax Credits (RITC)
20% tax credit for rehabilitation of income-producing historic buildings
Must be "substantial rehabilitation" (amount of rehab is greater than the adjusted basis of the building or $5000; completed within a 24-month period
Must remain under same owner & income-producing for 5 years
10% credit may be available for non-historic buildings
For more info, contact the Pennsylvania Historical & Museum Commission (PHMC): Scott Doyle, 717-783-6012 midoyle@pa.gov or Karen Arnold, 717-783-9927 kaarnold@pa.gov or visit this website.
Oil City Qualified Federal Opportunity Zones
A federal tax incentive that encourages long-term investment of unrealized capital gains into certain low-income census tracts that have been designated by Governors as Qualified Opportunity Zones.
There are two zones in Oil City, including all of the North and South Side Business Districts and some surrounding residential areas.
Oil City, PA offers working artists a number of incentives for relocating, including:
Affordable housing and studio space
Possibility to work, display, and sell within your own home, as well as rent affordable studio space
Easy access to urban markets in Erie, Pittsburgh, Cleveland, and Buffalo, as well as a thriving community of local artists, galleries, and events
The beautiful natural setting that enjoys all four seasons
Low cost of living in a safe, low crime community
Oil Region Enterprise Zone
The Oil Region Enterprise Zone (OREZ) was established in 1994 as a way of addressing distressed manufacturing and industrial areas located in Venango County.
The Oil Region Enterprise Zone Revolving Loan Fund (OREZ-RLF) can provide financial assistance to any manufacturing and industrial operations, including start-ups, in the Enterprise Zone area.
To learn more about this program and how it may benefit your business, please visit: https://franklinpa.gov/epz
The City of Franklin is the acting agent to administer the program on behalf of all participating areas.
Commercial Incentives
The Main Street Program grants 50% of the cost of exterior improvements, contingent on an approval process and availability of funding.
The Main Street Program Mural Project provides funding for outdoor murals on commercial buildings in the downtown business district.
Commercial properties along Route 8 and Route 62 corridors may be eligible for state-funded rehab loans through a revolving loan fund administered by Oil Region Alliance. Funding is contingent upon the availability of funds.
LERTA tax abatement may be available for commercial property rehab.
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