Content
Community Redevelopment Area properties only.
Objective
The Building Renovation Grant Program is designed to provide commercial or retail building renovation funding assistance for existing businesses within the KingSoutel Crossing Community Redevelopment Area (CRA). In this defined area, the insufficient infrastructure coupled with degrading structures has become an obstacle to business location and expansion. The collateral/equity in the buildings in these areas do not translate into enough to get traditional financing/loans to make improvements and thus the buildings continue to degrade. The public investment in the structures in strategic areas not only will provide the gap in equity to get traditional financing for upgrades; it will stabilize the real estate and has the potential to translate into enhanced sales and/or customers for many of the businesses in this area. Furthermore, these renovations can help in reducing blight and creating positive momentum toward community redevelopment.
Criteria
- The business/property must be located within KingSoutel Crossing Community Redevelopment Area (CRA) (Exhibit A).
- The business/property must meet all required zoning restrictions.
- The property must be in good standing with the City and have no outstanding liens or violations.
- The program matches one dollar of City funding for every one dollar of eligible capital investment cost (including contributions of materials with documented receipts) borne by the owner/tenant up to a maximum of $50,000.
- The funds reimburse the property owner/business owner upon the completion of the project.
- Funds may be used for capital investments to exterior of existing buildings (including permanent minor additions, painting, staining, masonry repairs, repairing or replacing cornices, entrances, doors, windows, decorative details and awning, signage, roofing, fixed equipment) as well as decorative fencing (not chain-link), landscaping elements required by City Code – Ch. 656 Zoning Code-Part 12 and permanently affixed exterior lighting. Funds may not be used for residential property, building permits, acquisition of property, tangible personal property, working capital, inventory or refinancing of existing debt.
- Businesses eligible for the Building Renovation Grant Program must strive to utilize City approved JSEB’s for renovation work associated with this grant.
- Business structures receiving Building Renovation Grant funds must be in compliance with all existing city, state, and federal building codes and regulations and permitting requirements as a prerequisite to the receipt of funds.
- Grant eligibility is limited to one address per year.
More Information:
Contact:
For more information about the program, please contact Karen Nasrallah with the Office of Economic Development at renewarlingtongrant@coj.net or (904) 255-5449.
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