The City of Raleigh’s Building Up-fit Grant encourages growth and development by assisting property owners who want to activate their vacant or underutilized commercial building space in Raleigh to create new business use or new jobs.
Donor Name: City of Raleigh
State: North Carolina
City: Raleigh
Type of Grant: Grant
Deadline: 04/28/2024
Size of the Grant: $100,000 to $500,000
Grant Duration: Grant Duration Not Mentioned
Details:
Funding Information
- Grant amounts up to $15,000 outside Priority Areas for Economic Development.
- Grant amounts up to $25,000 inside Priority Areas for Economic Development.
- Grant funds are allocated $125,000 per quarter.
- Minimum grant request is $5,000.
Qualified improvements include
- Mechanical, electrical, and/or plumbing for build-out.
- HVAC, fire suppression, costs of bringing building up to code.
- Flooring.
- Lighting.
- Attached fixtures and/or installment of fixtures.
- Accessibility compliance.
- Restrooms.
- Utility upgrades.
- Construction of new walls/demolition of unnecessary existing walls.
- Support mechanisms (roofing, foundation, support beams, columns, trusses, etc.)
Eligibility Criteria
- The property must be located within the City of Raleigh.
- The property must be subject to City of Raleigh ad valorem taxes.
- The applicant must be the occupant of the improved property.
- If the applicant is a tenant, they must have a fully signed lease and written approval from the property owner supporting the improvements to be made and agree to the terms and conditions of the grant award. A lease term of a minimum of three (3) years is required.
- Funding must support capital investment (expenditures for improvements, renovations and/or interior additions to the property) and cannot be used for personal property located upon or used in connection with the property.
- The improvements, renovations and/ or interior additions must have been undertaken after appropriate permits from the City of Raleigh have been obtained.
- Improvements made must remain with the property for a minimum of three (3) years following the disbursement of grant funds.
- Only two Building Up-fit Grants are allowed per commercial property (includes multi-tenant business locations) in a one-year period. Additionally, business owners may only be awarded one award within a three (3)-year period.
- If the funded improvements are removed from the property or damaged and not repaired within the three-year occupancy period, funds shall be repaid to the city as follows:
- 100 percent of grant paid if within the first year following grant payment.
- 66.6 percent of grant paid if within the second year following grant payment.
- 33.3 percent of grant paid if within the third year following grant payment.
- If the grantee fails to pay taxes owed to the City of Raleigh during the threeyear occupancy period and continues to fail to pay such taxes within 10 business days of receiving notice of tax delinquency from the city, the entire grant amount must be repaid to the city.
- The tenant’s use must be an office, personal service, retailer, eating establishment, or industrial use space (as defined in the Unified Development Ordinance).
- Program excludes bars, night clubs, taverns, and lounges.
- Space or building can be new or existing
For more information, visit City of Raleigh.
