Commercial property owners planning to implement changes during construction are encouraged to apply for grants and low interest loans offered by the EDA/City. Projects such as adding fire suppression connections, adding new service lines, relocating restrooms, improving electrical service, and installing building/access code improvements may qualify. Several programs are available some with grant components. Available programs include:
- Commercial Building Revitalization Program: This is a grant structured as a forgivable loan. Interior and exterior projects may qualify. Buildings must be at least 50% occupied based on square footage. A $1:$1 match is required. Minimum project value is $2,000. Grant requests under $2,500 are approved administratively. Grants over that amount require Council authorization. The City has allocated a total of $20,000 to this program.
- Rental Housing Revitalization Program: This is a grant structured as a forgivable loan. Interior and exterior projects may qualify. Buildings must be at least 50% occupied based on square footage. A $1:$1 match is suggested. Grant requests under $2,500 are approved administratively. Grants over that amount require Council authorization. The City has allocated a total of $30,000 to this program
- City Revolving Loan Fund: This is a loan program with a potential grant for large projects. Minimum loan request amount is $5,000. Interior or exterior improvements are eligible. A 10% owner stake in the project is required. Terms are set by the Council but interest must cover city costs and term can't exceed 15 years. Loan security is required. No lead lender is required. The City RLF balance is $30,000 at this time.
- CDBG Revolving Loan Fund: This is a true loan (not a grant) program. Minimum loan request is $5,000. Loans are for machinery or equipment. Terms are 2.5% - 3% interest with a 7-10 year payback. A lead lender is required. This program can fund up to 40% of a project or 25% of cost of machinery/equipment. Jobs must be created or preserved. Loan security most often is a junior mortgage. The CDBG RLF balance at this time is nearly $300,000.
- ROSE Façade Forgivable Loan: This is a grant structured as a forgivable loan. Maximum grant is lesser of $1,500 or 50% of the project cost. Most exterior projects are eligible, some projects are eligible at a $1:$1 match, others at a $1(grant) to $5 (property owner). Signage not eligible. This program requires EDA & Council approval.
For more information contact Cynthia Smith Strack.