The City of Toledo Department of Economic Development announces the availability of approximately $500,000 of American Rescue Plan Act funds to support the renovation of vacant, first-floor commercial spaces.
Donor Name: City of Toledo
State: Ohio
City: Toledo
Type of Grant: Grant
Deadline: 09/01/2022
Size of the Grant: $25,000 to $75,000
Details:
The program will help property owners bring these spaces into compliance with state and local building code, fire safety code, and the Americans with Disabilities Act, returning them to productive use.
Building owners are required to provide a 30% match and must either occupy the space as a business owner or actively market the space for lease at no more than the current average per square foot rate for similar condition properties in the area.
The program is subject to a three-year period of compliance, reporting, and annual inspection by the City of Toledo. The grant is collateralized by a springing personal guaranty and a promissory note, that will only be binding if the property owner sells the property without approval from the City of Toledo three years after the effective date.
Funding Information
Awardees will receive a matching grant of $25,000 to $75,000 for first-floor, interior renovation expenses to meet current codes required to receive a certificate of occupancy, as demonstrated by stamped architectural or engineering drawings
Eligibility Criteria
- Eligible applicants, whether an individual or organization, must meet the following criteria:
- Applicant is in good standing with applicable governmental entities (i.e. current on federal, state and local income tax, property tax, utilities, code violations, fees);
- Applicant owns the building for which they are applying.
Eligible Buildings
- A building may be eligible for more than one grant if the building contains multiple vacant commercial spaces, each to be occupied by separate businesses. Eligible buildings must:
- Be located in a low-to-moderate income census tract within the city of Toledo;
- Have no code violation citations;
- Contain a first-floor commercial vacant space.
- A building’s eligibility is determined by actual use, not zoning codes. Eligible uses include:
- Commercial use (non-residential);
- Industrial use;
- Mixed-use (integrated first-floor commercial and upper floor residential uses).
- Buildings with an exclusively single-family residential or multi-family residential use are not eligible.
For more information, visit City of Toledo.
