The purpose is to provide incentives in the form of matching grants to encourage the relocation of businesses to targeted areas within the city's redevelopment areas. The intent of the program is to increase the occupancy rates of commercial buildings within the redevelopment areas. The program assists retail merchants, restaurants and professional offices with costs related to improving interior spaces in leased buildings.
Any business relocating into targeted areas of the Redevelopment Areas is eligible to apply for assistance. The following are targeted areas:
Main Street Redevelopment Area: E-Zone
Downtown Redevelopment Area: Beach Street Shopping District
Midtown Redevelopment Area: MMB and MLK Corridor (neighborhood retail and restaurants)
Existing businesses may receive awards of up to 50% of the total project cost with no single grant exceeding $2,500.
New, expanded or relocated targeted businesses may receive awards of up to 75% of the total project cost with no single grant exceeding $6,000.
Individuals properties may receive multiple allocation of funds for new tenants. There is a two-year limit between tenants. Properties with multiple tenant space may apply for funding based on individual tenant spaces.