The City of Albemarle is seeking applications for the second-year grant program to assist businesses in the downtown Municipal Service District (MSD).
Donor Name: City of Albemarle
State: North Carolina
City: Albemarle
Type of Grant: Grant
Deadline: 04/30/2023
Size of the Grant: up to $50,000
Details:
Purpose
Building appearance and interior improvements that allow for increased occupancy or productivity play an important role in creating the image of downtown and a successful business venture. Funding for commercial building improvements (“Grant”) made to properties will encourage reuse of vacant or underutilized properties, improve the appearance of existing buildings, improve seating and productivity, and support the long-term viability of Downtown Albemarle. Over time, the taxable valuation of the improved properties will increase, thus increasing the amount of funds available to revitalize Downtown Albemarle.
The City of Albemarle’s Downtown Catalyst Grant program represents a unique public/private partnership. The City of Albemarle will provide $50,000 for the program. Uwharrie Bank has pledged $20,000 and the Albemarle Downtown Development Corporation (ADDC) has also pledged $20,000.
Criteria
Applications for Grants shall meet the criteria outlined below:
- The amount of the grant award may not exceed 50% of the approved project cost
- Buildings must be located within the City of Albemarle Municipal Service District (MSD)
- Funding shall only be for properties that contribute through the payment of ad valorem taxes. The CGPC at its discretion may agree to approve funding for not-for-profit businesses provided the business located in the building does collect and pay sales taxes under North Carolina business laws and guidelines.
- Grant funds are for Internal or external building improvements that may also include repair or purchase of furniture, fixtures and equipment (FF&E).
- Businesses are allowed only one (1) Grant per property owner or tenant per fiscal year. When an entity or individual owns multiple properties that are adjacent, the Grant funding may be shared between these properties for a unified improvement plan. When an entity owns multiple properties that are not adjacent, only one (1) property may receive funding in that grant period.
- All proposed improvements must meet the requirements of all applicable building codes. And ordinances as well as any requirements of the Historic Resource Committee (HRC). Approvals or certificates issued by the state, county or City entities do not guarantee approval of a Catalyst Grant Program award.
Eligible Improvements
Property owners and/or tenants may apply for CGPC program funding. Tenants applying for funding shall provide written permission from the property owner in addition to the signed Owner’s Affidavit. The entire building façade and/or internal improvements, stabilization or FF&E plan of a subject application must be included in the renovation/restoration plans. Eligible costs for Grant participation include, but are not limited to:
- Façade Rehabilitation
- Building Stabilization
- Interior Improvements and/or Furniture, Fixture and Equipment Installation
For more information, visit Downtown Catalyst Grant Program.
