Provides grant awards to projects that improve established business districts by redeveloping properties, decreasing vacancy rates, adding to the tax base, creating jobs, leveraging private sector investment, and improving the quality of life for surrounding neighborhoods through removal of blight .
Maximum Award Thresholds
❶ $25,000 Reimbursement –
Minimum capital investment $50,000
❷ $50,000 Reimbursement –
Minimum capital investment $100,000 and located in Census Tract eligible for New Markets Tax Credits areas or within other designated eligible districts or zones (see map).
❸ $100,000 Reimbursement –
Minimum Capital Investment of $300,000, meets criteria of $50,000 Reimbursement threshold and creates or retains at least 5 jobs.
The Commercial Revitalization Program will provide funding for future projects on the city’s commercial corridors, outside of the downtown core, that provide visible improvements to a building or site, decrease vacancy rate of the area, provide missing retail or service opportunities, retain or create jobs, and/or create new commercial space.