The City of Salisbury is seeking applications for its Downtown Revitalization Incentive Grant Program.
Donor Name: City of Salisbury
State: North Carolina
City: Salisbury
Type of Grant: Grant
Deadline: 05/01/2024
Size of the Grant: $100,000 to $500,000
Grant Duration: Grant Duration Not Mentioned
Details:
The Downtown Revitalization Incentives Program was established by City Council in 2014 to promote economic growth within the Downtown Municipal Service District. The incentives are designed to promote both new development and historic rehabilitation, with an emphasis on those projects that create new residential opportunities.
Program Goals
- Increase the tax base, create jobs, and grow tourism opportunities.
- Enhance, upgrade and stabilize vacant or underutilized properties;
- Promote rehabilitation and preservation of historic buildings;
- Promote redevelopment and reuse of upper floors for apartments, lofts, condominiums, and other compatible uses;
- Increase downtown living opportunities in order to expand the market base for restaurants and retail establishments, and to attract new businesses to downtown.
- Encourage private investment that enhances the character and authenticity of the downtown through the reuse of existing buildings; and
- Provide desirable tenant space for new and existing retail, restaurants and commercial businesses to locate in downtown.
Funding Information
The maximum grant award is $150,000.00. No grant shall exceed 25% of the total project cost.
Eligible Improvements
Examples of eligible improvements include, but are not limited to:
- Window repair or replacement
- Floors and flooring
- Façade repairs/rehabilitation
- Improvements to structural integrity
- Roof repairs or replacement
- Sprinkler systems
- Storefront repairs or replacement
- Interior walls, doors and trim details
- ADA improvements
- Building systems – HVAC, plumbing, electrical
- Energy efficiency improvements.
Qualifying for the Grant
- The property must be located in the Salisbury Downtown Mixed Use District (DMX).
- New construction or building rehabilitation projects are eligible.
- Projects with a substantial investment of greater than $200,000.00 into real property improvements are eligible.
- Eligible projects will include either market rate or affordable housing for long-term lease or purchase. Short term rentals, such as Airbnb, are not the intent.
- Projects intended to restore, revitalize, or repair private individuals’ residences are ineligible. If residential units are created as part of the project, the applicant may reside in one of the units if at least one more unit is created for separate lease/purchase.
- Applicants shall be or have the endorsement of the legal owner of the property (appropriate documentation required). If a purchase is pending, proof of a sale contract to the applicant or Option to Purchase are acceptable.
- Eligible projects may include renovations to existing, abandoned units that have been unoccupied for more than ten (10) years. Renovations must be substantial to the extent that the completed units are of a finished quality and ready for occupancy.
- Buildings that have previously received Downtown Revitalization Incentives are not eligible to reapply.
- Projects that receive a Downtown Revitalization Incentive grant will be ineligible for other grants offered by the City, including the Municipal Service District Grant or the Innes Street grant, for a period of at least 5 years.
- Buildings or sites designated as a Local Historic Landmark not eligible for Downtown Revitalization Incentive grants.
- Buildings that have received a Downtown Revitalization Incentive grant will not be eligible for Local Landmark designation for a period of at least 10 years.
- The applicant and the property owner must not owe any back taxes, civil penalties, or delinquent fees.
For more information, visit City of Salisbury.
