Grants & Loans

The City of Morganton offers grant/loan programs for the purposes of economic development and to stimulate economic activity.

• Development Incentive Grant
• Commercial Street Participation
• Residential Street Participation

Development Incentive Grant

The Development Incentive efGrant (DIG) program is designed to accomplish a combination of goals related to economic development and community development efforts identified within the adopted Mission 2030 Plan.  Economic vitality and sustainability is targeted in Morganton’s efforts to reverse 20 years of economic decline.

The DIG program provides local developers, financial institutions, investors, and landowners a unique opportunity to obtain financial support from a joint effort between the City of Morganton and Burke County. Capital investment is one of the methods required to advance community wide long range economic and community planning goals. For a period of time, financial incentives will be made available for both large and small economic development projects determined to meet the general and specific guidelines established.

DIG funds can only be made available to those projects determined otherwise unfeasible or unachievable “but for” the combined efforts of public and private participation. The City will designate Development Incentive Grant Zones (DIG Zones) within areas of the city that were determined key economic growth areas by the Mission 2030 Plan. The objective is to encourage unique projects within these zones. The projects must comply with community adopted standards and program guidelines established for that particular DIG Zone.

DIG: Program Guidelines

DIG: Zone Criteria

 DIG: Application Form

City of Morganton Commercial Street Participation for Economic Development Purposes

Policy Statement

The City of Morganton has long committed itself to promote sound growth within the community. It is acknowledged that with this commitment comes added responsibilities and increased costs. An important component of sound growth is the ability to forge public-private partnerships to bridge the commitment of the community with necessity to stimulate economic development. These partnerships promote common goals and reduce the tension often found between developers and regulating agencies. Research has shown time and time again where the public sector and private sector work in unison with one another the final product becomes much more sound for all parties involved. The City recognizes the importance of public-private participation in the development of the community, and for that reason hereby adopts the following policy on commercial street participation for economic development purposes.

Policy Guidelines

Effective immediately the City of Morganton will make $25,000 in funds available in the current fiscal year, and consider appropriating additional funds in subsequent years, for the purpose of constructing new commercial and industrial public streets where economic development projects are proposed. These new streets must provide appropriate ingress and egress according to all current City and State dimensional design standards including drainage and sidewalk accommodations. The funds will be available until the end of each fiscal year at which time all funds not appropriated will be used for other City purposes.

The funds will be distributed on a project by project basis. Each project application will be considered by the City Council during a regular scheduled City Council meeting. The funds available will be paid on a $25 per linear foot basis up to the maximum amount of funding available. Disbursement of funds will be as a final payment directly to the Street Construction Contractor.

All applications for funding must be made in the form of a written letter request to the City Manager. The letter of request must include the applicants name(s), project name, estimated project schedule, projected number of jobs to be created, total project costs and tax base created. The letter must also be accompanied with a preliminary design of the proposed street and a letter of commitment from all property owners whose property will be affected by the dedication of necessary street right-of-way(s)

Residential Street Participation To Stimulate Economic Activity

Policy Statement

The City of Morganton has long committed itself to promote, stimulate and maintain a strong economy within the community. It is acknowledged that this commitment sometimes requires added public responsibility and costs during times of economic downturn. One of the ways Morganton has found to engage the private sector and encourage investment is through public-private partnerships. These partnerships create a bridge to combine economic resources of the City and private development community. This generally results in a stimulation of economic activity and private investment during slow economic times. These partnerships also promote common goals of employment and new tax base. Another dividend of these partnerships would be reduction of tension often found between developers and local regulatory government. Research has shown time and time again where the public sector and private sector work in unison with one another the final product becomes much more sound for all parties involved. The City recognizes the importance of public-private participation in the development of the community, and for that reason hereby adopts the following policy on residential street participation to stimulate economic activity.

Policy Guidelines

Effective immediately the City of Morganton will make $25,000 in funds available in the current fiscal year, and consider appropriating additional funds in subsequent years, for the purpose of constructing new residential public streets where new residential development projects are proposed. These new streets must provide appropriate ingress and egress according to all current and or approved City and State dimensional design standards including drainage and sidewalk accommodations. The funds will be available until the end of fiscal year 2006-07 at which time all funds not appropriated will be used for other City purposes

The funds will be distributed on a project by project basis. Each project application will be considered by the City Council during a regularly scheduled City Council meeting. The funds will be made available on a $17.50 per centerline foot basis up to the maximum amount of funding available. Disbursement of funds will be as a final payment directly to the Street Construction Contractor or as a reimbursement to the developer upon evidence of a paid invoice.

All applications for funding must be made in the form of a written letter request to the City Manager. The letter of request must include the applicants name(s), project name, estimated project schedule, projected number of residential home sites to be created, total project costs and tax base created. The letter must also be accompanied with a preliminary design of the proposed street and a letter of commitment from all property owners whose property will be affected by the dedication of necessary street right-of-way(s).