The City of Cabot Economic Development Department facilitates strategic redevelopment and investment opportunities that align with the community's vision and that improve the economic vitality, appearance and function.
In September of 2021 the city council adopted legislation allowing the authorization of Economic Development Funds to new or existing commercial businesses with the aim to boost growth or development through financial incentives. This funding mechanism allows the city to support the private sector to purchase, assemble, revitalize and redevelop property for economic development purposes. Established by ordinance 35 of 2021, this fund is now called the Economic Incentive Program, or EIP.
The EIP program, was created to encourage commercial development within the city limits. The goal is to attract economic activity by transforming commercial areas into vibrant and attractive mixed-use centers, retail hubs or revitalization opportunities.
The program offers incentives to new or existing commercial projects that are consistent with the comprehensive plan and that meets certain standards including property consolidation, size, location and land use or development type. Financial disbursements will be considered on an individual bases and must meet certain standards.