New Silverthorne biz first to partner with town under new tax incentive program
Last week the Silverthorne Town Council helped celebrate the grand opening of Which Wich? at The Outlets at Silverthorne.
Although it’s always exciting to celebrate the opening of a new business, this one was special because owners Seth and Kelsey Lyons, who also own the Rocky Mountain Chocolate Factory, were the first to take advantage of the town’s expanded Enhanced Sales Tax Incentive Program.
“Since we opened the Rocky Mountain Chocolate Factory four years ago, we’ve watched the town steadily grow the number of programs that can assist businesses in Silverthorne,” Seth Lyons said. “It’s clear that they understand that we are all in this together and our success is theirs, and vice versa.”
In early 2012 the Silverthorne council expanded its tax incentive program to help smaller businesses qualify for sales tax rebates. New or expanding businesses anticipating new annual sales of at least $180,000 are eligible for the rebate program. Prior to the expansion, the qualifying threshold was $900,000 in new sales.
“This threshold really limited the number of businesses that were eligible (for the tax incentive program),” said Silverthorne Councilwoman Ann-Marie Sandquist. “Dropping the minimum sales threshold down to $180,000 has opened the door to smaller existing businesses who are looking to expand as well as to new businesses who are considering opening a Silverthorne location.”
The Economic Development Advisory Council first recommended town council members consider restructuring its sales tax incentive program.
The Which Wich? opening proves the success of that restructuring because the shop is now occupying a storefront that stood vacant for several years, said EDAC chairman Eddie O’Brien.
“We are very pleased to have Which Wich? participating in the program, bringing in new sales tax revenues to the town, and in turn receiving back some of those new revenues,” he said. “It’s a win-win program.”
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