1. What is an Urban Enterprise Zone?

The 1983 Indiana General Assembly passed legislation, which provides for the creation of Urban Enterprise Zones. The broad purpose of enterprise zones in Indiana is to stimulate local community development in distressed urban areas. The program seeks to improve the quality of life within the zone through economic incentives and by building public-private partnerships aimed at strengthening local capacity of human economic development. It is a comprehensive development program requiring the coordinated effort of business, government, and residents in a cooperative managing structure.

2. How does the BUEA exist?

The Association receives a percentage of the savings that zone industries receive from the various tax incentives. All credits to businesses must be reinvested in their business, with demonstrable proof by the business. Businesses in the Zone save 64% of monies normally paid from the businesses outside of the Zone. Of the other 36% paid: the local UEA offices receive 35% and 1% would be sent to the State if the savings to the business is greater than $1000.00. when filing the EZB-R Form no later than June 1 each year.

3. What kind of projects?

The individual projects and programs undertaken by the BUEA will reflect the needs of the community residents and businesses within the Zone. Our board of directors determine funding of specific projects. Enterprise Zones have offered: home improvement loans, security lighting programs, partnership grants, maintenance programs for the elderly or handicapped, scholarships, paint programs, roads, sidewalks, parks, specification buildings, and education programs. Individual enterprise zones have different needs, we want what is right for Bedford.

4. How were the boundaries of the zone decided on?

The Zone boundaries follow Census blocks: therefore, old railroad tracks, creeks beds, etc. are used in the Bedford zone. To gain zone authorization, you must meet strict criteria: 25% of zone resident households are below the poverty level established by the U.S. Census; or average rate of unemployment for the most recent 18-month period; at least 150% of the state wide rate of the same period; resident population greater than 2,000 but less than 8,000; an area greater than ¾ square miles with a continuous boundary; and property suitable for the development of a mix of commercial, industrial, and residential uses.