The Portsmouth Economic Development is seeking applications for its Real Property Investment Program to assist new or relocating businesses, expanding businesses, and commercial property owners in the City of Portsmouth.
Donor Name: Portsmouth Economic Development
State: Virginia
City: Portsmouth
Type of Grant: Grant
Deadline: 10/31/2022
Size of the Grant: $25,000
Details:
The Real Property Investment Program is designed to assist new or relocating businesses, expanding businesses, and commercial property owners with the rehabilitation and redevelopment of interior and exterior spaces to visually enhance the local streetscape, and increase interest in the City of Portsmouth.
Funding Information
Maximum grant award: $25,000
Eligibility Criteria
- Eligible applicants: Properties within City of Portsmouth limits that are commercial, industrial, office, or mixed-usage.
- Property owners, who are not the subject business owner, must improve vacant space to:
- Create a vanilla shell in order to market the property, or
- Complete tenant improvements for an under-contract new tenant entering into a lease
- Applicants who are new leaseholders and applying for grant funding for tenant improvements prior to occupying the space must have documentation in the lease that the tenant is responsible for improvements
- Existing business owners expanding more than 30% of their current square footage
- Entities of local, state, or federal government, religious organizations, and/or properties used strictly for residential use are prohibited from applying.
- Property owners, who are not the subject business owner, must improve vacant space to:
Additional Guidelines
- The Real Property Investment Program is a matching, reimbursement program that requires the applicant to make the initial investment for the full project costs; half of the eligible costs will be paid as a reimbursement, up to the maximum grant award amount
- Improvements made and/or paid for prior to an issued Grant Agreement will not be reimbursed
- Applicant and/or property may not have outstanding City of Portsmouth taxes, fees, or code violations (unless the grant funding is to be used to rectify code violations)
- Applicants are required to submit proof of funds to complete project, documentation of required City of Portsmouth Approvals and Permits, and an outline of project costs with a timeline for completion and/or two quotes from contractors for project costs.
Eligible Improvement
- Eligible improvements must be permanent and can include any combination of eligible interior, exterior, signage, and/or security modifications or enhancements.
- Interior Improvements
- ADA accessibility modifications
- Fire suppression and protection Improvements
- Flooring
- HVAC systems
- Interior electrical/lighting
- Interior plumbing
- Interior walls
- Permanent fixtures and equipment (i.e. exhaust hoods, ductwork, built-in freezer, etc)
- Repair or restoration of architectural detailing
- Security improvements including entry hardware, access control, cameras, etc (max$2,500)
- Structural improvements
- Exterior Improvement
- ADA accessibility modifications
- Decorative fencing
- Exterior lighting
- Exterior painting
- Improvements correcting code violations
- Landscaping and plants (max $2,500 *)
- Masonry repairs
- Permanent hardscape improvements *
- Railings or juliet balconies
- Removal/replacement of incomplete exterior finishes and materials
- Restoration of architectural details or removal of materials that cover architectural details
- Roofing *
- Screening of service and maintenance areas when visible from adjacent public areas
- Security improvements to include entry hardware, access control, cameras, etc. (max $2,500)
- Signage (max $2,500)
- Utility improvements *
- Window and cornice flashing and repair *
- Interior Improvements
*in conjunction with other improvements only
For more information, visit PED.
